cl2019

Thank you all!

I figured it out that when print, click on client's tab and the basis info will be print out. 

I read some thread that says guranteed payments do not impact partner's basis. 
But below is what IRS explains guaranteed payments:
"Guaranteed payments are those made by a partnership to a partner that are determined without regard to the partnership's income. A partnership treats guaranteed payments for services, or for the use of capital, as if they were made to a person who is not a partner. This treatment is for purposes of determining gross income and deductible business expenses only. For other tax purposes, guaranteed payments are treated as a partner's distributive share of ordinary income. Guaranteed payments are not subject to income tax withholding."

Based on this, 
shouldn't  we treat guaranteed payments as an increase in partner's basis if partner's basis calculation is "for other tax purposes", when "guaranteed payments are treated as a partner's distributive share of ordinary income".
Any thoughts?
Thank you!

Anyone here has the experience to print the stock and loan basis calculation? I found the stock and loan basis section on "input" tab of k-1 but can not print out the information. 
on "Global Info" tab, there is a checkbox to "print shareholder's basis statement", but I can not print the basis information even after checking the box. 
Thank you! 

Thank you all!

Thanks again!

2 minutes ago, cbslee said:

IRS processing of 1099s thru the old FIRE system is low priority at this time of year.

Don't expect to receive any acks for at least another week.

Thanks for the quick response. When I efiled, I was not asked for FIRE TCC code. It's normal, right?

Anyone experienced same issue? I submitted one client's 1099misc forms . It showed connected to EFC successfully on 27th, this Monday. But no receipt acknowledgement so far. I submitted another client's 1099misc forms today. Same problem. I called atx support and was told so long as connection to EFC is successful, I don't need to worry as forms have been successfully sent to IRS BEFORE due date. I want make sure I was told the right thing. Anyone can explain this? If atx explanation is wrong, I will paper file the forms before due date. Thanks. 

Thank you!

Just want to confirm this: payers do not need to mail 1099misc copies to those states who participate in combined state and federal 1099 filing if filed electronically to IRS, right? 

Thank you all for the help!

Can anyone let me know if I add form 3115 to 1120s, will the 481(a) adjustments of income amount flow to 1120s page 1? I tested it and it seems the number does not flow. Just want to get confirmation from experienced atx max users in case there is any trick. Also, if not flow, I will need to manually input the 481(a) adjustments onto 1120s page one as other income, right? 
Thank you!
 

if payee refuses to provide w9, what should payer do about issuing 1099 misc? Thanks.

client's s corp is a simple structured one shareholder s corp. client says all past years k-1s only have ordinary income/losses and other items that do not impact stock basis. 

If this is the case, can I use shareholder's initial capital contribution plus retained earnings on its 2018 year balance sheet as the stock basis as of 2018 and move forward?

for debt basis, the shareholder has personal funds in and out of business account and balance sheets have categorized net personal funds in as loan from shareholder and net perssonal fund out as loan to shareholders. Is it too simple minded if I use 2018 balance sheet's loan from shareholder as the debt basis of 2018 and move forward? 

I will put a note with the tax return when preparing 2019 1040  to say that these basis calculations may need to be revised when all historical data is available to generate accurate stock and debt basis. 

anyone can comment on this approach? Thank you so much!

a new client has never tracked his s corp. basis. the s corp. started in 2002 and it looks impossible for him to provide all past years' k-1s and debt information to retrieve the basis. How should I proceed? the s corp. has losses and will likely continue to have losses in the coming years. And schedule e of 1040 requires basis computation. How should I deal with this? Thank you!

21 hours ago, BulldogTom said:

This is normal.   CA returns appear about 2 days before the efile window opens in a normal year.   Then it is the waiting game for that one off beat or new form you need to complete the return one return that you want to get out fast.   But there is no issue with the information flowing to the forms in most cases.

Tom
Modesto, CA

Thank you!

Are 1120S,  1065 forms released on ATX MAX? Thanks. 

6 minutes ago, Abby Normal said:

Yes you can start and yes the info will flow.

Thank you!

Just want to get things done early. My state form has not been released. If I started to work on federal forms, will there be extra work to make federal info. flow to state form when later the state form is finally released? Or is it possible at all to make federal info. flows to unreleased state form and I have to start from beginning after state form is released?

Thank you!

1 hour ago, BulldogTom said:

If you post what your issue is, there may be an answer from one of the members.   Or they may tell you it requires a support call.   I have been on Max for 18 years.   We usually have to call support once a year for something related to the install.   The rest of the questions we get answered on this board.

Yes, support for ATX sucks.   There is no way around that fact.   But, I still like the program and I know enough to make it work for me because I have used it for so long.

Welcome to the group.

Tom
Modesto, CA

Thank you, Tom for your detailed response. It is great to join this group with!

19 hours ago, Abby Normal said:

I view it like this:

https://community.atxinc.com/forums/TopicsNotRead.aspx

But the main site would just be:

https://community.atxinc.com/forums/

Thank you so much!

Can you give me a link for the ATX offical forum? Thanks. 

Thank you for your suggestions!

Anyone here uses ATX MAX? I am a new user of the product and am frustrated with their support line! Anyone has suggestions what is a better way to get tax support from ATX  MAX? The support representatives are very unknowledgeable even for seemingly basic topics. Am I right here as I just started a couple of months using the software. Thank you!

Is there any tax conference held by ATX in coming days?Thanks.

Is there the option? Thanks.