rfassett

Not sure if there is a download only option. I had the option of downloading or installing from the disk that was sent to me. I do not recall the option of just download. But just the same, if I was that unhappy, my first call would be to the sales rep - and my first comment would be "get this fixed - you have 5 minutes to make me happy - if I am not happy in 5 minutes, refund my money - why are you still on the phone, the clock is ticking". Having had several years of experience in selling and having a degree in marketing as my first degree, I can tell you that you should never discount what a sales person can accomplish.

If you ordered 2016 and received 2015, call sales (preferably YOUR sales rep). That would have nothing to do with support.

I did not see it in the tax software, but it is in ATX's Payroll Compliance package.

No. But they can be the same if you set them up that way.

Just to be sure we all understand each other, I am well aware that fees differ somewhat from area to area. But I will state this - I am in Podunk USA - population 5,500, with the nearest "big" town (pop 20,000) twenty minutes away, and the next "bigger" town (pop 105,000) an hour away. My clients would have a lot of choices to go elsewhere. We have the big box places in town, other professional offices, etc. My point is - don't sell yourself short. And I also recognize that not all are in my position. I have been doing this for more years than I care to count. And my plate is always full. I would wish the same for all of us.

Musing: Nice uncle. PC should have disclaimed the inheritance and let the bank have the property - or the estate sell the property to pay off the loan. I may have asked him to set another appointment with me where I could do some educating. This guy probably would not have darkened my doorway because the fee you quoted is way below the minimum fee I charge just to walk though my door. So how stupid do these PC's think we are? PC accepted the property that was upside down with financing. A buyer is found that is OK with paying twice as much as the property is worth? The PC may be correct - that he is making "nothin' off the deal" (as presented), but that does not excuse the reporting requirement. The PC must realize there is some sort of reporting requirement - why else would he bring it up? Those are just my musing this early Tuesday morning.

I have not been having any issue. However, I just went and clicked on the rollover tab and it took an extraordinary amount of time to return a message that an error was encountered while communicating with the ATX Server. It did not bring up any returns to rollover. I clicked "try again" and the problem went away - all of the 2015 returns are there for selection. Sorry I could not duplicate your issue. You might want to check and make sure the ATX Server is started and/or make sure you have enough resources to do the job.

With all the updates that come, I believe it is prudent to just roll them when you are ready to work on them. That said, before the lightening speed of todays computers, one time I rolled them over all at once. After several hours of my computing time being tied up, I swore never to do that again.

Margaret - I think you are overthinking this . You state in your original post that the total cash flow will be $45,336. Or at least that is what the LLC is expecting. Installment sales are always a shot in the dark when it comes to the question of the sale running its full term. All you have to deal with is what you know today. It sounds like a three year term. You know the real estate taxes and insurance - that portion of the payment would go into an escrow account and the LLC will pay them for its own protection - but out of the escrow fund. What really makes this stink for me is the $795 per month rent on a property valued at $16,716. If your guy is getting that kind of rent on property of that value, I want in on some of the action. Give him my contact info. BTW - I agree with everything DANRVAN said also.

It sounds (and smells) like an installment sale. Irrespective of what they want and when, they have structured an installment sale. I would take the total cash flow and back into the sale price and the amount of interest that will be paid over the term. The options are meaningless and the seller would simply repossess the property in case of default. Understand that I am not a lawyer, but that is what I read into your description. I am with you, the client needs to take this to a contract and real estate attorney and get it fixed. I do not think I would do much with it until he does that.

I don't think a 1099-INT is necessary, but I would want some sort of communication between the two so their records match up. As the lender, I believe the seller should send the buyer some sort of statement showing the amount of interest expense the buyer paid to the seller during 2016 and the remaining balance on the note at 12/31/16. I do not believe the government needs to be involved in this. There is no requirement, to the best of my knowledge, that individuals must file 1099s.

I agree with Terry D. There are just too many unknowns here to make an informed decision - or even a WAG for that matter. I would put this whole thing aside until you have had a chance to review all of the parts. The path to go then will probably become abundantly clear.

As easy as they are to get, we are just asking for them again and scanning them into the digital file cabinet with the current year work papers. I do not need one more thing to keep track of - like THEIR expiration dates.

There was some confusion at the beginning of last tax season as to whether PA was requiring it. By the time the confusion was cleared up (PA is not yet requiring it), we were well in the habit of asking all of our clients for the info. We continue to do that. And now that Ohio is requiring it, we are ahead of the curve for a change. We have only had a couple of clients even question it. When we mention it is another effort to cut back on fraud -they are all for it.

I agree, Tom, about your treatment zeroing out the balance sheet, but a 1099-Div must be used to report this transaction to the shareholder and the government. A dividend has been paid and it needs to be reported.

I believe the $10,000 would be a non-dividend distribution. Distribution to extent of capital stock is basis to shareholder. Then distribution to extent of Retained Earning is dividend income. Remaining distribution is liquidating dividend.. That is how it would appear on the 1099-DIV and how I believe it would shake out on the 1120. So to answer your question - the liquidating distribution does not necessarily tie to the M-2.

Is this the result you want? Or are you trying to zero out the balance sheet? Methinks you over distributed the ordinary dividend. Part of the distribution would have been return of capital. That portion would not be included in the M-2 amount.

Double what I would charge for current year return and label it simply as "prior year return preparation". It isn't just about the software. The rules were different in prior years. You have to re-learn them for one client.

I have not e-filed any 1099's yet this year (just getting started on them now), but I remember last year, there was a different response time than for the returns. According to this, at least the availability to e-file 1099s is there: Tax Year 2016 Federal and State E-File Availability The data in this table represents ATX estimates of the dates on which we will receive approval to release forms for e-filing. Forms do not need to have paper-filing approval before they can be e-filed. A similar table exists for paper filing approval on the Download Center. Jurisdiction Status Date Approved Estimated Release Date Released Features W2 Federal & States Released 12/20/2016 12/27/2016 12/27/2016 1040 Federal Released 11/28/2016 1/23/2017 1/19/2017 1041 Federal Approved 11/16/2016 2/3/2017 7004 Federal Released 1/4/2017 1/6/2017 1/6/2017 NYC Uninc (NYC 202) Released 1/10/2017 1/23/2017 1/19/2017 1065 Federal Released 12/19/2016 1/6/2017 1/6/2017 1099 Federal & States Released 1/4/2017 1/17/2017 1/17/2017

Yep - time to just kick back and wait it out. There is no company in the world that will stay in business by beefing up man power to what would be the peak time of their business and have that manpower sitting around on non-peak times looking at each other. I agree with the other posts. If more folks would use the knowledge library, the ATX news and any of the other communications that are out there from ATX, the calls to support would drop off dramatically. And if a call is mandated, FDNY's approach is the best. While we are at it, let me take this opportunity to thank all of you first out of the gate users. We will not begin preparing returns for another couple of weeks. By that time, you all should have all (or at least most) of the bugs worked out. Thanks for that!

Well that is not entirely true. I was a sales rep for CCH back in the early 80s.

We use Crash Plan Pro at the office as well as at home. We are also happy with it.

Your original post asked about the equipment which I see no problem if it is being used in the catering business. I am not sold on the idea of separating the building into segments. How do you propose to accomplish that?

My initial thought was "it shouldn't". But then, with the same issue you have, I called the number on the letter and one of the questions asked was "what is your efin?" I do not understand why that was asked, but it was. So I am not sure how to respond to your question.

Are they using that equipment to prepare the catered food? And is the catering business in the same entity as the restaurant? If so and so, then yes to your question. Merry Christmas!