lsowers

You bring up a good point DevM. I haven't had any clients request check printing at this point. I have QB 2008 and checked and you're right about the MICR check printing. I submitted a request to QB to allow at least the Accountant's Edition the ability to print checks on blank check stock. I believe it is a great advantage to not have to maintain a client's check stock in the office.

Maybe if others reading this can submit a request, also. QB can update to include that feature. I will let you know if I get a response from them regarding the request.

I also tried the ATX writeup last year and was disappointed. Like RJM, so many clients use QB, I had to buy it anyway, so I went ahead and started using it for all of my write-up. I avoided doing so previously just because of the Intuit monster, but it makes financial sense for me to use it full-time now.

A couple of things I like about the Acct's edition: the fixed asset manager (IMO better than ATX), the financial statement designer (you can make the statements look much more professional than the canned reports in regular QB), the zoom feature on the reports (one thing I hated about ATX was fixing mistakes), you can import chart of accounts (this helps if you use the same numbering systems for all clients), the custom financials can be copied, too.

You can also purchase enhanced payroll for Acct's for $299 to do after-the-fact payroll. I am not crazy about the layout of the entry, but it is much faster than manually doing payroll in QB. I have e-filed a 941 in QB and it went well.

Where I used to work, they used EasyAcct by Intuit, it was a great write-up package except when it came to customizing financials, but the cost was too prohibitive for me (I believe over $1000).

I also tried the Drake write-up with the 2006 version and it had much left to be desired.

I am confident I made the right decision by converting all to QuickBooks.

I hope this helps with your decision.

lsowers- I too bought the useless CCH/ATX writeup package, and then later bought QB with the enhanced PR. I have been pleasantly surprised with this package.

I was under the impression that to e-file 941s thru QB it was necessary to file as the "Employer", with the longer efiling ID number. So I was planning on using the ATX package at least for this quarter, because I am registered as a "Reporting Agent" for these clients, with the shorter efile ID number. Did you find a way to efile the 941s as a reporting agent? or have you been using client ID numbers for these anyway?

Good luck with your fight on the 940 penalties. They are relatively small penalties, but if you are going to fight, have FUN, and let us know if CCH coughs up the penalty. -Bob

RJM-

I submitted the 941 with the employer #, not as reporting agent, so I can't help you there, but it must be somewhere. QB just walked me through the efile process, it was pretty straight forward.

I called the IRS today about my 940s. They were nice and waived the penalties since these clients have a good filing history. So now I don't have to fight CCH. I am strongly considering a very lengthy letter to CCH if only I could find the name of a board member or corporate officer.

Clark Howard has talked about it a few times on his radio show. He may have information on it on his site

www.clarkhoward.com

I too decided to go to QB for my write-up. I bought the ATX full tax & acctg package last year and was disappointed with the writeup. I also decided to buy the Enhanced PR for Accts from QB for the after the fact payroll. I efiled a 941 through it this quarter and received the ack within 2 hrs.

My 940s (sent thru ATX) from 4th qtr were finally accepted 4/3/08. Have not received any letters yet. I am going to fight if I do.

They have until 4/15/2009 (3 yrs from due date of return) to file the return to get the refund.

You don't give enough info for EIC, but it is a possibility.

I would do the amendment. Most clients understand we make mistakes, too. And they appreciate it when we can admit it.

New client received 1099 from investment guy. Client gets kickback for any referrals he makes to the investment guy. The income was put in box 7 (non-employee comp). I am thinking it should go in box 3 (other income). He is not working for this guy and is not in the investment business. Am I right? What do ya'll think?

Thanks

I called tech support about the very same thing. They told me we cannot do a like kind with a bulk disposition. What I had to do was go into each disposition and select do not calculate gain/loss and enter the disposition date. This will stop further depreciation. Then you will need to calculate the like kind exchange separately and enter the info on the 8824. Yes a PITA, but I guess this is the only way to do it, unless someone else has any other ideas.

Have you used the bottom of the 1099R input screen? I put in the information there, then the program calculates the taxable portion.

Am I correct in this?

Someone who did not have enough SS last year or other qualifying income, but will definitely have enough SS this year can file a return for 08 and get their $300, right?

Thanks

I am wondering if anyone else out there has gotten CP2000 notices for 2006 returns that were amended many months ago.

I did a 1040X in July 07 for a K1 that was received and the add'l tax was paid. Now (8 months later) client receives a CP2000 saying that the K1 was not included in their return. So I am sending a copy of the 1040X, with all of the attachments that were originally sent in July.

A few weeks ago, the same thing happened with another client, except this had to deal with taxable SS benefits and RR pension. The 1040X was done in Oct 07 and in Mar 08, he gets a CP2000. The strange thing about that one was it looked like they adjusted some of the numbers, but not all. I gave them the worksheets supporting my changes on the 1040X, there should not have been any problems. I even spelled out on page 2 what I was changing. So I resent them all the original info.

I am just wondering if I am jinxed or is there something going on up there in GA and causing me more work. I have done amended returns for a few years now and have not had any problems with them until now.

Thanks for letting me vent.

Lori

- 940s that were submitted in January and I am still not certain they are accepted even after several phone calls and emails

- ATX training seminar that was useless (trainer was TaxWise) and if not for the needed CPE I would have demanded a refund

If they got a CP2000, generally a copy of the Schedule D will work, I don't see the need to do an amended return. These are proposed changes.

No need to panic.

Well at least you get add'l copies of the 1099-G. In FL, we only get one, so if there's withholding I have to make a copy to return to the client.

My clerk also wonders why there are different formats for W2s, 1099s. Why can't those be uniform?

As I have started saying, that is the inefficiency of government.

1 - If house was personal residence for 2 out of last 5 years, then $500,000 (if MFJ) gain exclusion under Section 121. Do not need to report unless a 1099-S was issued. If a 1099-S was issued then report, but also report 121 exclusion.

2 - In this case, since the job was to last more than a year, you cannot do temporary living expenses.

3 - If house was jointly owned, each spouse can give up to $12,000 without filing (so $24,000 is excluded)

I have been in contact quite a few times regarding my 3 940s I efiled timely. 2 of these finally came back accepted (after prior ridiculous reject) on 2/27. This morning all 3 came back rejected. So you ask, how can something that was accepted now be rejected? I guess it's an ATX thing. In my previous conversations with ATX, they said IRS was aware of the issues and there should be no penalties. I have informed those clients to let me know if they get any letters, I will fight any penalties. Maybe we can bill CCH for our time wasted on this? HA HA

I am going to email ATX this morning with these new issues, we'll see if they get back to me.

I just called tech support to check on some of my acks. I had absolutely no wait time. James was very friendly and was able to answer my questions without asking for help.

For those of you still having 940 problems, I had 3 outstanding, have had 2 come back accepted this week, am still waiting on one. ATX says they are still reposting some to our accounts. He did tell me my one outstanding is accepted. I will believe when I see it, but that is the most information I have been able to get out of them.

The 1120s are taking longer than the 1040s because of a different file format.

I just wanted give credit to ATX when it is due. I too have complained about them here on this forum, but was very pleasantly surprised this morning and wanted to pass on a good experience.

Use form 8606 to report basis

As for my question, I also have a few 1099's in limbo although the majority have been accepted. I also have some 1040s dated 2-20-08 that are just sitting there. Does anyone have any idea why some would be sent to the IRS and some just sit. You have my permission to back bill ATX for a service call if you have the answer. Thanks in advance.

The efiles you sent on the 20th should be accepted. I believe that is the day the server was down. In ATX, go to Support-Tech Support Utilities-Synchronize. Your statuses should get updated to accepted. That's what I had to do. Just keep in mind that anything marked complete on the efile tab will become unchecked, so you will have to recheck them.

That happened to at least one client that I know of. This client had nothing unusual and has efiled for years with no problem. His was scheduled for a Tuesday, also. I always tell my clients the date is not guaranteed, the IRS can hold it up for any or no reason, do not spend the money until they see it in their account.

Let me see if I understand the question:

Can a single person who makes only 5K taxable income, elect not to use the 3K loss from previous years because his 5K will be wiped out by his standard deduction? The answer is no.

That's what I thought, now do you think IRC 1211 and 1222 will be the best things to show my client so he will quit asking me this.

Old Jack,

That scenario makes sense. This client in particular does have other income, just not enough to be taxable each year. So, back to my original question, the $3k must be deducted each year against the other income, right?

Thanks for the responses thus far

Hi all,

Client calls, he went to some IBM seminar headed by a guy that is an H&R Block district instructor.

This particular client has had a large C/L carryover since I have done his returns. Since the only reason he files is because of his gross stock proceeds, he has asked in the past about being able to preserve his capital loss (not use the $3k each year). I have told him no, his $3k would be deducted regardless, it is not a choice. I had confirmed it with my former boss and co-worker (a CPA and an EA).

At any rate, he proceeds to ask this speaker the same question. The speaker says I am wrong, that he does not have to take the 3k each year, he can just use enough of his C/L carryforward to break even each year. The speaker says thats what it says in his book (what book I don't know).

So, I tell my guy I will look into it again sometime. I find in 1040 express answers that you must use the $3k (but no reference to a code section). I believe sections 1211 and 1222 are what I need to show my guy that when calculating his carryover each year, it takes into consideration the allowable deduction whether or not it is used.

Could one of you scholars please tell me if I am on the right track, or completely off the tracks and the HRB guy is right. I told my client in all of my schooling and EA exam and CPA exam I had not heard of being able to choose whether or not to take the $3k C/L deduction.

Thanks so much

Here's a thought...if someone made $2800 last year, they could put $300 on Sch C, bringing their earned income to $3100 while still not paying income tax. Then they would qualify for the $300 check. Is the IRS going to do anything about the people that may do that?

Boy I have too much time on my hands (yea right)