Oh Baby!

Client had a cost segregation study performed. The result, (obvious) reclassified a large amount of the company's "building" to 5, 7, and 15 year property.

Is this as simple as going into the fixed asset tab and reducing the value of the building and then adding three new groups of assets? or is there a formal election that I have to make with the IRS to notify them that I am making the change to the asset allocation?

I have a network going. ATX is on three computers, 1 host and 2 users. I have now lost a number of returns that were prepared on one computer. When I come back 3 days later to look at the return, I get a message saying "0 forms loaded".

What the #$@!##!!!!!!

I'm guessing I am not the only one that this has happened to yet.

bumping this to the top to see if any others have any idea on how this should be treated. Thanks for your advice.

Client who has a LP, which owns a single property, refinanced a mortgage. It would seem to me that the closing costs from the original loan, which were being amortized, could be written off in full, now that the original loan is has been re-financed. Can anyone confirm or tell me otherwise.

Thanks.

I am wondering if people would be willing to share what they experience each year in the way of client turnover as a percentage of their clients.

Thanks! That worked!

I am being asked for a username and password when I open ATX 2013. I don't remember ever setting one up. I try all of my regular username / passwords and none of them work. Does anyone else have a similar problem?

When I open the program, it starts to boot up. The dialog box opens. When it reaches "collecting forms information", the programs just shuts itself down.

I just downloaded the most recent program update and installed it. Nothing changed.

Anyone having problems with exporting and opening files?

The program has suddenly started exporting files under the name (SmithJackJill.atx) in place of the usual export name (name=Smith, Jack and Jill.id.....), and the files will not open.

Any help would be greatly appreciated.

I'm trying to renew my software with ATX. Been using them for 10 years +. Sales won't give me install codes. They say I have to talk to me rep. My Rep (Brandon Sims 800-495-4626 ex. 1233) does not return phone calls or e-mails. I know they want my rep to get his comission, but why should anyone get a comission for providing such lousy service?!

When a Church has a soup kitchen, the beneficiaries are not paying tax on that charitable gift that they receive. But how much of a gift can the Church give? if a church raises funds to pay for the emergency surgery needed by a member of the church would that be taxable? or to pay for the funeral costs of a poor member? anyone know the IRS publication where I can read up on this?

Is there somewhere in ATX that i can "click" to make the election to opt out or do i have to type up a memo myself? anyone know?

Here's an interesting scenario.

Taxpayer is a member of the clergy and received about $10K as a parsonage (housing allowance).

I enter the amount as a parsonage and the info flows to the clergy worksheet. On the clergy worksheet it asks for the actual cost of housing, since the parsonage exemption is the lesser of the allowance or the actual cost (or the market value). If the actual cost is less, then a portion of the parsonage is taxable.

Now in my case, I want the parsonage to be taxable, since with the additional income, the taxpayer can maximize the child tax credit.

Question: can I enter $0 for housing costs so that the entire parsonage will be taxable? or in other words, am I required to use the parsonage exemption?

Thanks in advance.

A husband and wife establish a retirement plan for a management company which they own 100% and are the only employees. The husband and wife also own 100% of multiple other companies, each of which has a number of employees. Does this plan meet the key employee tests, since all employees of the management company are covered? or do all the other employees of the other wholly owned companies also have be considered?

Individual sells property A for $100 (and let's for simplicity just say a $100 gain). Individual takes the proceeds and purchases property B for $300 together with a partner. The original individual contributes $200 for a 66% ownership of the Property B and the new partner contributes $100 for a 33% share of the new property.

Ordinarily, I would reduce the depreciable basis of the new property by the amount of the deferred gain. but I cannot do that here or else the new partner will show a much larger gain when the new property is sold. what i want to do is to reduce the equity basis of the original partner and make no adjustment to the value of the property.

Is this correct or is there a different way to do this?

As always....thanks in advance for your help!

Sorry. I meant to say "screwed by the AMT".

>>TP is getting hit with AMT when I throw in the NOL<<

I'm always uncomfortable about the term, "hit with AMT." AMT is a normal part of the system, somewhat more predictable than regular tax. And you shouldn't "throw in the NOL." That is something for which you have a number of planning options. Remember to calculate and apply the AMT NOL separately, for both the current and carryback years. It's a lot of work.

Although I have been doing taxes for 13 years, I've never had the distinct privilege of working with an NOL and so I need a quick education.

Client has NOL's for 2008 and 2007. I want to carry those losses back to 2006. Unfortunately, TP is getting hit with AMT when I throw in the NOL (carried back from 2008 and 2007)and actually owes more money because of the NOL. So I'd rather use the NOL in 2005, when the TP has real benefit. Is that allowed or do I first have to apply the NOL to 2006 and then use the remainder on 2005?

Does anyone know of an instance where amounts paid to students for research or for a religious stipend would not need to be reported on either a W2 or a 1099?

Repayment starts with the 2010 return:

http://www.irs.gov/taxtopics/tc611.html

taxbilly

Thanks!

The credit on the 2008 return for those who purchased a new home in 2008 was $7,500 whcih was to be repaid $500 each year for 15 years. where do I enter the $500 repayment on the TP's 2009 return?

Assuming the you hold on to the property, will the $8,000 credit from the IRS be taxable in later years? The $4,500 from the cash for junkers is going to be taxable. I am wondering if this is going to be treated in the same way. Anyone know?

I had a similar problem with Taxwise last year. I was running it on a 32 bit Vista machine. At first it worked fine. But by early February it would only print to my OLD HP and to its internal .pdf writer. (Rebooting didn't help.) No printing issues with any other software, either. I'm moving to a 32 bit Windows 7 machine this year. I hope I don't have printing issues - or any other compatibility issues. I'm not really looking forward to moving 11 years worth of software and tax files over to the new machine. I had several issues when I moved to Vista.

Now why would anyone keep records for 11 years? don;t you have a record retention policy and destroy or delete all documents once the statue of limitations passed?

I'm running Vista with a 64 bit processor and the program does not always print. In order to get it to print, I have to reboot my computer. Every other program works fine and I can print from any other program.....with one exception, ATX. you would think that they would have a fix for this by now, it's the second year that 64 bit has been fairly popular. but no luck.

I'm running Vista with a 64 bit processor and the program does not always print. in order to get it to print, i have to reboot my computer. every other program works fine and I can print from any other program.....with on exception, ATX. you would think that would have a fix for this by now, it's the third year that 64 bit has been fairly popular. but no luck.

Thanks. I called them and renewed, at a slightly lower negotiated price. For a second there I thought I was going to go to jail. Accountants are so much fun!