Philip1117

You tell them they exchanged paying taxes with worthless inflated money in the future with real dollars today. If they had that much extra cash laying around they should have exchanged the paper for hard goods instead of more paper.

Phil

I was wondering if anyone could recommend any resources for someone to learn how to prepare Estate tax returns. Novice at estate taxes but have been doing 1040's for 11+ years.

Phil

The code w means employer paid so they shouldn't get a deduction. Don't ennter it on the worksheet. It supposed to show in box 9 on the first page. Couldn't get it to show there. But no deduction.

Hope that helps.

If im wrong someone enlighten us.

Phil

Anyone currently using myrealdata.com to host thier ATX software. We have been using an inhouse Citrix server for several years but its hard to maintain and occassionaly fails at the worst time.

Seems reasonable just wonder if there are any first hand users.

Thanks

Phil

Box labeled sch A awaiting efile. Put something in the box with their name on it. Have one for awaiting signed 8879, one for missing information and one for eiled returns.

phil

Are you entering the account info. on the 1040 efile worksheet under refund options?

That worked putting the information there instead of where we used to put it.

Are you entering the account info. on the 1040 efile worksheet under refund options?

No just on the filers info tab on the 1040

I checked the box to carry the prior years direct deposit information. When i get ready to efile it deletes the information from page 2 of the tax return and doesn't let me enter it. New to efile but this doesn't sound normal. I have created and efiled other returns this year without problem First one with direct deposit.

Thanks

Is there a way, like last year, to include list of the forms, schedules, worksheets on the "Invoice" and not have those forms go to a Forms Statement on another sheet. I just want the bill with a list of forms on one sheet of paper.

My method has been to complete the return, run the regular diagnostics, make any corrections needed then without putting in the date signed on Form 8879, create the efile. This will assign a DCN (declaration Control Number), run the diagnostics and give you the notice that the date of signature must be input. Then I create a pdf to send with a password to my clients (virtually no one does this in my home office) and instruct the client to review the returns, print out the 8879, sign and fax or mail to me. They could also scan and email but I always warn that it should be encrypted or protected somehow. They can also upload to my website if comfortable (it is secure but a bit more complicated than faxing).

When I receive the signed 8879, I input the date signed and recreate the efile and send. I also update several times daily for reasons stated earlier.

Fro 2009 tax year, I also stated with the emailed return that I would not be sending a paper return unless specifically requested. I do, however, send Form 9325 showing the date received by IRS and how to contact IRS with issues of delay, etc. I also send my bill at that time because, although my engagement letter states that payment is due upon receipt of the return, I bill when it is accepted. But that's me...

Very slick, I will try this as well. Most of my clients are over 60. So I'll see how many are computer savy.

Phil

In ATX (and all software, I believe) you will have to create the electronic version of the tax return. When you have finished the return, you click on create e-file. The software will then perform a diagnostic looking for anything in the tax return that will cause a rejection. If there is such an item, it will need to be fixed prior to send the electronic return.

Some of us have learned the hard way that you should always complete this step before you print out the client's copy, because if the client has left when you run this step, invariably you will find something that is wrong with the return and need to get the client back in to fix it.

Tom

Lodi, Ca

Thanks now its clear.

Phil

That doesn't work when you are a one-person office as many of us are. Although, with 1200 returns, I would imagine that the person who started this thread probably does have some help.

Some help not much. Has been hard to find reliable people.

Phil

In addition to the above, you MUST get the e-file authorization forms signed by the client, and you must hang on to those for 3 years (you sign them, too). I have one file folder per year kept (in a bright color, in the front of the closest file drawer), each year the rear-most gets pulled, shredded, and then put (empty) in front of the others.

Also, before you get the client copy printed, create (and then later delete if it's created) the e-file - doing that runs a whole second set of diagnostics looking specifically for nit-picky tidbits required or recommended for e-file. The federal e-file won't create without a "date signed" field filled in, but some of the states will, and you don't want to submit them by accident.

Thanks for the tips. Don't quite understand the last paragraph.

Phil

I do around 1200 1040 tax returns, have done returns for 10+ years. This will be the first tax season we will efile. How steep is the learning curve and what if anything should we watch out for?

Thanks

Phil

As regrettable as the error is remind the taxpayer that right under their signature on the 1040 is a statement that they reviewed their tax return prior to filing.

She had use of the money for the year so the tax and interest are her responsibility. If you feel obligated to pay the penalty if not abated then thats your choice.

Phil

Taxpayers owned a home for twenty plus years then in 7/1/08 bought a new home. Sold the new home in 9/1/09. Bought a new home and will close on 12/11/09.

So

1st home: 1/1/70 to 7/1/08 owned a home sold it and bought home 2.

2nd home: 7/1/08 to 9/1/09 owed a home sold it and bought home 3

3rd home: will be purchased on 12/11/09

Does home 3 qualify for 6500 credit. I say no since home 2 was the principle residence and it was not owned 5 out of the last eight years. Any thoughts on the subject.

Thanks

And the nice thing about that is that you can save the client list as an Excel file, then you can modify it any way you want to, ending up with a Birthday list, a Phone and Address list, etc. Then you can sort the Birthday list by month, the address list by zip code, etc.

How do you get the birth date to export from the program?

I would like to know if TRX will be able to offer this deal next year? I called TRX to find out and was told the person who could answer that wasnn't available. I don't see why CCH would allow it anyway. Get the same software at much lower price. How does that make any sense.

Well I'll enjoy my savingns this year. I see they are still selling taxwise for less money. So I'll wait and see.

The lesson is renew early.

Phil

I called the number from the Web Site and got fifth third bank. The person at fifth third did not have any understanding of the deal with atx. I decided to send the fax form that opens from the atx website since the person didn't really know the deal. The same person i spoke called back and said your fax was routed to me.

Does anyone use this service and if so please share you oponion.

Just got off the phone with them. TRX must have lost the ability to offer the software. We will be back to higher prices next year. Glad I got a one year savings.

For 2009 sale I need help figuring capital gains tax for sale of property. Propert is a 67 acre farm that has not been farmed by the seller for more than 10 years. Owner allows someone unrelated to work the land in exchange for property tax payment. No deprication ever taken on farm.

Sale Price 2,750,000 May of 2009

Purhcae Price 60,000.00 30 years ago

Improvements of 100,000.00

2008 AGI of 12,000.00

Given this information would the marrid taxpayer qualify for the $500,000.00 gain exclusion for sale of principal residence and at what rate is the 2009 capital gains tax caculated? Based on income it looks like in 2008 he would have qualified for less than 20%.

If you need more info let me know.

Thanks

Philip

Has anyone tried to network ATX across multiple sites via the internet? I will be having at least one person working from a home office this year and want to give them access to the same data files.

Thought of using a Terminal Server if there is no other way, but your thoughts would be appeciated.

Yes i have been doing it for 5 years. we use a citrix server. cost about 6k for hardware and install. All i know is it works buy not how it works.

phil

>>how do you challenge her filing<<

I'm assuming the uncle is your client, and if so I'm not sure how you know what the mother will do. You are considering a number of things that are, frankly, irrelevant. The agreement is probably unenforceable since someone can not legally avoid parental responsibilities that way; at any rate, it has no effect whatsoever on federal tax law. If "in his care" means they lived together, then the boy is the uncle's qualifying child. Support is not a factor. Not a factor. If the mother did not also live with the child for at least six months she is not eligible to claim a dependent, but if she DID live with the child the tie breaker rules will allow it. Support is not a factor, so I don't understand why you mention it multiple times.

Regardless of who "files first," if the same SSN shows up on two returns both taxpayers will get a letter from the IRS asking for an explanation, which should be simple enough to answer.

I mention support several times since I thought it was important. Thanks for letting me know its not. My practice is focused on Seniors 60+ so I don't keep up on the dependent rules since it doesn't come up much.

Uncle had 5 year old great nephew in his care from 1/1/2007 to 12/10/2007. Uncle recieved no support from childs mother or father for the entire year. Childs mother plans to claim child on her tax return. Mother and father signed an agreeemnt at the begining of 2007 stating Uncle was entitled to claim the child.

If she files first how do you challenge her filing since the uncle had the child for 11+ months and paid all cost to support the child.

Thanks

Phil