mcb39

I had one of these a few years ago and it was far from simple. I still have all of the paperwork and calculations. First of all get Pub 541. In our case, the departing partner wanted to be paid over and above his capital account and in order to get rid of him, an amount had to be agreed on. Also, we had inventory and real estate involvement. In the final analysis, though the purchasing partner increases his capital account. The selling partner has to report the Gain as Capital or Ordinary, whichever applies. That would only be on ANY GAIN. His Capital Account is return of his capital plus or minus any gains or losses; but that is the job of HIS accountant. Yours is simply to report the sale and that is done on the 1065 and Form 8308. You may also have to file two short year 1065's; one for before the split and one for after the split depending on when the change occurred. It isn't really as difficult as it sounds if you take it one step at a time or get some help from a colleague who is familiar with Partnership Returns.

JB....both answers are correct. The K-1 information will flow from the Partnership K-1 worksheet to Page 2 of the Sch E. The single member LLC 6 months will be reported on a Sch C and the Rental will go on Page 1 of the Sch E. It will all work out just fine.

Congratulations to Danielle and family......

ERC has been doing such an awesome and commendable job here for over 8 months and he can't be doing this without resources. Saying Thanks and giving him a big hand is not enough. I just clicked on "Donate" and urge others to do the same.....just a few dollars from each of us can help to keep us all together, and we need each other now as we never have before.....

No software has a 'lock' on it's customers. The programs are 'tools', and if the tool no longer does what you need it to do, or the cost of the tool increases beyond it's value, then you shop for a new tool, right? It will be sad if ATX goes under, after improving so much in the last few years, while keeping the price increases small. We all wish the Willets had stayed in the business. They had not only a great program, they had the right idea about listening to their customers and responding to our needs. That was what built the customer base. CCH seems to have a VERY DIFFERENT IDEA about how to treat customers. It is not an improvement.

I don't understand the panic mode either. Am still sending out organizers; doing end of year bookkeeping, payroll reports, etc. All of the resources I need are at my disposal NOW. I did prepare a simple tax return last evening for a client who didn't come in last year until April. I have the same feeling as the rest of you that it is going to be busy, but one step at a time is the way I have to travel in my one person office. Have a great season, all.

I got that message at that number this morning. Just held on for about 6 minutes and a very nice lady helped me out.

Good idea, John. The first time they emailed and told me that I needed to change the password. This time they did not. I have now printed all strictures regarding passwords, but am not relying on that being the "fix" in all cases. Just hope so.

David, if you run it from the 2007 Program, it will probably not contain the prior year information from 2006 which many clients depend on to help them organize their income, deductions, etc. If you run them from the 2006 Program, it will contain the prior year amounts from 2006. This has always been the case and one of the nicest features of ATX. (Other than the fact that we no longer have the mini-organizer.)

I got through to Tech Support very easily this AM. Support gal finally got me reconnected after a couple of tries. Seems you have to go way back to login with the Looooooooong # they gave you the first time you got set up. Even that didn't work so she gave me a NEW Loooooooong # to use to change my password and login. So far so good. The only thing I can say to any of you who are having login problems is to write down EVERYTHING they tell you. You might need it. Person I dealt with was extremely helpful, in no hurry and certainly was not going to give up any time soon. Luckily she got me through. In the process, I did receive 3 automated emails telling me that my password had been reset, just as I had yesterday. I guess the "secret" is to go back to the very first password that you ever had and then don't use any of the interim ones. This is the first time in all the years that I have used Saber or ATX that I have had to call support more than once in a one tax season; and these were not even tax questions. Both times were in regard to Login. And, yes, FWIW, I did document the calls.

BUT....immediately after I was on there trying to log on; I got an email from CCH telling me that my account had been "reset"; but I still cannot log on....."SCREAM!!!!!"

I cannot log on either....tells me my account is locked. Then it runs me through the steps to unlock it and when I get to "secret answer", it doesn't tell me what the secret question is. It must be REALLY SECRET....

In spite of all of the complaints and grumbles we seem to have; I do have to say that the downloading and updating is going very smoothly this year; even with dialup; which is still my only source of access. (We are trying very hard to get DSL into the area sometime soon)....

Printing 2 up doesn't work either (at least not for me). This organizer is a gross waste of toner, paper and postage. How can one whole page each for mortgage interest, property tax and charitable donations as well as other items, possibly be better? I know my clients aren't going to like this any more than I do, but they are used to seeing the prior year amounts they paid on the organizer as a guide for the new year.

Yes, IE 7...........

You can check it on the Website and I did just that after receiving an email from IRS a couple of months ago. You can even go so far as to print the last page of your application form which shows you as accepted; just in case you are nervous about it. They will no longer be sending out the yearly letter.

Which is all the more reason that those of us who use this forum should once again consider donating toward its support. Newbies, see "red" donate button above. Oldies already know what to do. This board has been invauleable and wil become even more so in the weeks to come. Thanks again, Eric.

BUT...many of my clients, and not just the elderly, do not even have computers, let alone email. Many returns are done without ever seeing the clients with the use of email, fax and postal mail. However, there are a lot of them and that cannot be handled by those means and that would include every one that called yesterday and today.

I agree with all of you. I like the money idea too. Have a Great and Happy New Year.

Picked up my car today too. Why do clients feel they have the right to call on New Years Day or, for that matter, any other Sunday or Holiday. Had 3 call and leave messages today; only one of which I answered because he is an elderly gentleman and was probably lonely and also wanted to wish me a Happy New Year. Went shopping with my sister-in-law; came home, had a beer and took your nap. Feeling great tonight and wishing everyone here a wonderful and prosperous 2008.

Oh, please, Eli.....don't start that one yet!!!!! Happy new Year to you and your lovely family.

Sounds like the story of my week. My problem is ISP provider. Hold my breath every time I dial up to internet. Have done all the Uninstalls; Reinstalls; Lose the Address Book, etc; that I can stand. Still holding my breath. Works about every other time. DON'T tell me to get cable or DSL as neither is available in the approximately 4 mile radius locale that I am sitting plumb in the middle of. DONT tell me to get Satellite. I have had this ISP for YEARS and very very few problems. WHY NOW? Also, my shredder makes the same noise as your copier and won't shut off so have it plugged into a power strip with a switch so I can turn off and shut off. No time to shop for new equipment now and anyway just bought a newer car which is also in the hospital. DUH! People are dropping things off. Anyone think there is some kind of curse on beginning of tax season. Am going to spend New Years Eve in bed with a good book. Hubby is already asleep on the couch....love you all.

As I have been printing Organizers for the past several days,; I can only despair of the waste of paper, toner, postage, etc that will be generated by the use of the regular Organizer which is the only option available this year for ATX. Yes, I know that I could create my own or send a generic one such as can be purchased from Tenetz; but my clients have come to depend on having their prior year information and amounts carried over to the new Organizer. I know this issue has been addressed before and many of us passed our concerns on to ATX through the Suggestion Box. We are stuck with what we have, but what a letdown after years of the so-called "Mini". I do, however, laud the fact that ATX is still giving us the ability of creating organizers from the prior year program and not forcing us to wait for the new program and updates to come. This is a wonderful heads up in allowing us to get an early start on getting them printed and out.....

Thanks Jack. The problem was that I didn't have my glasses on and misspelled "George". Every time I try to edit a post, I mess up.

Thanks, George...........