gfizer

I'm not sure the form is corrupted. All of my other returns with 4562 are working fine. It's just this one return that is having an issue.

Same here. Can't have two returns open at once because of "low resources." Also have one return with Form 4562 (the very first one I prepared and have been holding for e-file) that will not open. Software crashes everytime I try. I'm thinking I will probably end up having to delete it and start over from scratch. Anyone else having a similar experience or found a fix for it?

This year more than ever before I have had clients asking if they can wait until they receive their refunds to pay my fees. I've always done this for a couple of clients who are good friends but am uncomfortable doing it for people I barely know. I'm considering signing up for FeeCollect but was wondering how many of you use it and what your feelings are about it. Those of you who use it, do you pass the $15 charge on to your client or how do you handle that? Thanks for your input.

It's not available yet, but boy do I ever wish it was. Last I read this is one of the forms not expected to be ready until early March.

I have never prepaid and probably never will. Nothing to do with holding out to make sure the software is acceptable, though. It's just for me that the discount is not deep enough for me to part with my money that far in advance. I've been a loyal ATX customer since the days it was called Saber and barring some major catastrophic event will probably remain loyal. I will say that I have been fortunate this year. I've experienced very few issues other than an occasional crash, slow opening, and slow printing, and most of those issues have been resolved by the latest updates. I'm 70 returns in and have not had one rejected e-file. I will also have to admit that there are features in the new software that I really do like. That being said, I plan to weather the storm and trust that CCH will be able to resolve the problems.

Not even one night, Tom. In fact, another man now lives with her so it could make for a tense situation. LOL!

I've been checking pg. 4 from the beginning.

I think I'm right on this one but just wanted to see what you guys thought. I have a female taxpayer who has been separated from her husband for 2 years but never legally divorced. She has a teenage daughter from a previous marriage who lives with her. She paid more than 1/2 the cost of keeping up the home and is the only person entitled to claim her daughter. Do you agree that I am correct in saying that she meets the tests to be "considered unmarried" and can therefore file as HOH?

I checked all of my EIC refunds today. All of them except one have been processed and either already deposited or show an anticipated direct deposit date. The one that still only shows it has been received was the first one I e-filed on January 31st but it has a Form 8379 with it so I'm thinking that could be what is slowing it down.

I created and submitted several this evening. Worked like a charm!

I always remove forms from the previous year that are not going to be used in the current year's return. Don't like all those pesky form tabs taking up space and I despise wasting paper printing blank forms if I forget to uncheck the print boxes!

I don't know the answer but I hope someone gives us one soon. I, too, am tired of wasting paper and toner when I forget to uncheck the box. And like you, Janitor Bob, there are some features of the new program that are growing on me. I just wish it wasn't so slow sometimes. I ran out of small talk topics while waiting for a return to print yesterday.....1 page every 3 minutes or so. Aaarrgghhh!

Hmmm. I like that idea but when I try it I get a message that says Locked Field: This field may not be modified...

I've had mine for a couple of weeks

Form 706 is due 9 mos. from the exact date of death (i.e. for a decedent dying 1/12/12 Form 706 would be due on 10/12/12)

Closing the estate is not the problem. I file 1041 forms all the time for estates that have been finalized during the preceding year. There is nothing reported to the IRS to notify them when an estate is closed until they receive a 1041 marked "final return."

There is no way that I know of to check e-file status from the return manager. I always do exactly as you suggested. I print a client list and then cross-check it against the e-file manager. I would be interested to know if anyone else knows an easier way as well.

Do employee contributions to Kentucky Teachers Retiremement qualify for the retiremement savings credit? As you know, the instructions list a variety of plan types and voluntary employee contributions to a qualified retirement plan as defined in section 4974©. Kentucky Teachers Retirement System is a defined benefit plan qualified under Section 401(a) of the IRC. Section 4974©(1) says a 'qualifed retirement plan' means a plan described in section 401(a) which includes a trust exempt from tax uder section 501(a). I think this means that the contributions, which are reported in box 14 (not box 12) of the w-2 as "Retirement" qualify for the credit but this late in the game my brain is fried and I'm second guessing myself. What do you guys think? Thanks!

Yes, the fences are his. They will be depreciated and he will opt out of any bonus depreciation. This is a program made available to local farmers by application to the fiscal court for the purpose of providing funds for farm improvements. It is my understanding that the money is available on a first come-first serve basis to those who apply.

Client files Form 4835, Farm Rental. Received grant funds from local goverment entity to build agricultural fencing on his farm. The government entity has reported the grant funds to the taxpayer on 1099-MISC as nonemployee compensation. If I report this as "other income" on Form 4835 wil this trigger questions from the IRS about why SE tax was not paid?

I have a client who was leasing a farm to an individual. The original lease was for a sum certain each year and had an initial term of 5 years with an option to renew annually each year after the initial 5 years. The initial term expired many years ago and the lease had been renewed annually for several years. In 2011 my client's grandchildren convinced her that she was not getting a good price (which she wasn't) and talked her into leasing the farm to someone else instead on a cropshare agreement. The original lessee of course got mad and sued my client. I don't have all the specifics of the lawsuit, but in a nutshell rather than the expense and time involved to litigate the matter the parties agreed to go to mediation and as a result my client agreed to pay the original lessee a lump sum cash settlement which the Settlement Agreement says is for "settlement of his claim to an extension of the lease." Logically, in my mind at least, I would think that this payment should be deductible by my client, but where and how? Should it be amortized and if so how long? Is there anyone else out there who has had any experience in this area or who can offer a suggestion as to how the payment should be handled? Thanks!

Thanks. I think it is properly reported on 1065. The partnership, which is a multi-member LLC, is made of 3 siblings who inherited their grandmother's farm.

I'm having brain lock. I have a general partnership whose only activity is farm rental. Do I report this on Form 8825? I appreciate your help.

For the past 25 years I have prepared taxes at a local law firm. After last tax season I gave my notice and will be striking out on my own this year. I expect most of my clients will follow me and of course I hope to adverstise and pick up new clients as well. Currently, I do about 200 returns. Most are farm returns and trust/estate returns. I know I need E&O insurance coverage, but I have no idea how much coverage I need or where to start to get it. Can anyone give me some ideas about how to determine coverage amounts, expected cost of premiums, and maybe share the names/contact information for some reputable companies? Thanks for your help!

I have inherited several 990-PF returns for non-exempt charitable trusts filing 990-PF in lieu of Form 1041. These trusts are administered by one of our local banks. The trusts are very small in nature - most have less than $1,500 in annual investment income. Problem is this, the fiduciary spends/distributes only the income from the trust which in most cases is pursuant to the direction of the trust instrument. This was not a problem when interest rates were good, but now earnings rates are so low that they are not meeting their required 5% annual investment return and are starting to get creamed by the 30% excise tax for failure to distribute income. Does anyone know where I might start looking for information about converting these back to filing Form 1041, or if that's even possible, or have any other ideas or suggestions. This is becoming a vicious cycle and it's only going to get worse because most, and sometimes all, of the income is now being used to pay tax so no distributions are being made for charitable purposes. I'm sort of at a loss as to what to do.