ed_accountant

Hi, I am shopping for a new computer for next tax season. Does anyone have any recommendations or suggested specs on the processor, Ram memmory, hard-drive, 64 bit or 32 bit Windows 7. Thanks

On form 8829, you must use the indirect column and then it will flow through to Schedule A.

Go to the state return and input prior year state or extra payments on state estimated tax payment worksheet. It carries over to Schedule A.

I will answer my own question since researched it -- it is a yes!

Hi, My client received a 1099C of $40K for a modified loan adjustment on their original mortgage for their residence. They did not lose their home in a forecluse or short sell it. Does the qualified principal residence exclusion apply to modified loans? I beleive they can exclude this income under the qualified principal residence exclusion. Any comments?

No, I don't miss ATX either.

Hi, I want confirm I am handling this correctly: Client was foreclosed on a rental property in June 2010. Client received form 1099-A. Client did not receive form 1099-C and bank is still holding property in year 2011 and has property listed for sale. On the 2010 income tax return, I will report the rental property as a sale based on the 1099-A abandonmant date and estimated FMV at that time. We will not report the cancellation of debt since as of 12/31 it was not cancelled and no 1099- C was received. In summary, client reports the sale of property in year 2010 but needs to report the 1099-C cancellation of debt income in a future year if bank cancels debt. Is this correct? Thanks

Hi, I just want to confirm my understanding of the special 5 year NOL carryback: The 5 year small business Net operating loss carryback only applies to years 2008 and 2009, not year 2010.. Thanks

Well computers expect a date in a date field. When you override the date field with characters, you get an error.

Change date from inherit to the actual date of death.

I have not seen this problem. I have used the program for 2 years without issues. Is it possible that you have moved the client to a new directory?

Have your client give you an estimate of what the fmv of the out building was at the time of purchase. Depreciate the estimated value subracted from cost of cost basis of entire home. Also depreciate any renovations related to the apartment as improvements. The portion allocated to the out-building would be treated as a rental property if sold in the future. Recapture of depreciation in the future if sold.

Yes, it is working. It is more than I will ever need but it is pretty cool.

A good place to start is IRS.gov. Read Publication 544 (2009), Sales and Other Dispositions of Assets http://www.irs.gov/publications/p544/index.html Sale of business property is usually reported on form 4797, sale of business property. Form 4797 flows through to schedule D.

I prepared an return yesterday and did not efile it since it has the Schedule A warning. I will have to wait until mid-February. For printing, I select the forms I want to print and select go.. Processing went smooth.

I went through this when I upgraded to XP on my new computer 2 years ago and I used Laplink PC Mover, $60. http://www.laplink.com/pcmover/ It was well worth it since it transfered all my old tax software, all old versions of quickbooks, and all other data and programs. It worked perfectly. good luck!

TRX just rebrands the Taxworks software and sells at discount to its members. My opinion is that the TRX training videos will be a link to the Taxworks training videos. Goodluck on tax season.

The wrong answer could create alot of trouble and liability on this question. Professional corps are often required by state laws such as CPAs and Attorneys in California are required to be professional corps if they incorporate. Certain state professional codes dictate the structure. Here is a link that says a Professional Corporatoin can elect S-corp status for federal purposes. I assumed the answer was "no". http://corporate-law.lawyers.com/Corporations.html "Professional Corporations Professional corporations are formed by doctors, lawyers, accountants, engineers, architects, and other professionals to do business in their respective professions. Under most state laws, only licensed professionals can be shareholders and directors of professional corporations. The same rule usually applies to partnerships, limited liability companies, and other entities formed by professionals to practice their professions. In most states, a professional will not be liable for the negligence or misconduct of other professionals working for the corporation, except those directly supervised by such professional. Of course, professionals will be liable for their own negligence or misconduct. A professional corporation can be either a "C" corporation or an "S" corporation under the federal Internal Revenue Code. "

See http://www.taxworks.com/training_videos.aspx

Hi, The taxworks training videos are online, taxworks.com, and have been there for a while. No login or passwords are needed. Here is the link: http://www.taxworks.com/training_videos.aspx From taxworks.com select already have software link then select training I used them last year and found them very helpful!

I agree and think the Birthday posts are too many and should be separated in separate folder. I visit the forums regularly to learn tax topics not see birthday posts.

Hi all, I switched to taxworks last year for tax season 2009 and everything went fine. There of course were corrections on the conversion but overall the tax season was more successfull than previous tax seasons. Taxworks handles the business returns for corps and partnerships much better than ATX. I am looking forward to tax season 2010. This year, I purchased taxworks through TRX.

Only 2 reviews on amazon but not good reviews. I researched an additional line for my office and added picked www.phonepower.com voip. They had good reviews and provided a local phone # and all equipment necessary. They also have real live customer service which I have never used. Other voip companies require you to email them with no phone #s..

I agree with others above. I would pay the interest if the mistake was mine.. I would also pay the interest to make this client go away! If you don't, you risk this client bad-mouthing you forever. Your client seems pretty determined to make you pay and I would guess would not hesitate to make online complaints about you on the web.. Good luck

You also might want to consider Taxworks.com. Many lacerte users that downgrade often switch to taxworks. Taxworks unlimited version for individuals and all business returns is reasonable priced. It costs a little more that ATX but in my opinion is better. I have used Lacerte and ATX for over 10 years but in the 2009 tax season switched to Taxworks. Prior to tax season 2009, I used Lacerte to handle all business returns, multi-state and complicated individuals and used ATX to handle all my single state basic individual returns. I liked the value that ATX offered and all the extra forms with the Max programs but Lacerte is a league ahead of ATX. Taxworks worked out good for tax season 2009 but I had to work through many conversion errors of carryover amounts. I expect next year to be much easier. Overall, I am very happy with Taxworks. I still plan to purchase the ATX pay per return system next year since I still use it for Sales Tax and State Excise tax returns... I also plan to keep Lacerte on as pay per return system since a few complicated multi-state returns I did not have time to transfer over... Good luck!