RJM

Just received first "accepted" ACK. It was the last one e-filed, so maybe they are acking LIFO. Received 2 other ACKS which were rejects, they were the 2nd and 3rd last ones I e-filed. I received earlier rejects on these 2, so I resubmitted them, and the new rejects said I had already e-filed them and they were waiting for IRS response. Will need to sort out the 940/941 e-file problems next couple days. It seems CCH decided to wait on all these til the last minute, while they were working out the bugs on all their 1040 e-filings.

Jainen, can you tell me if the Proseries package at that price includes all states, and all business forms? And does it include all federal payoll returns? State payroll as well? If most of these, I will look at after tax season.

The ATX site just posted a message that the 940s, 941s, etc. are now e-filing. But that there are a couple bugs with some of the ACKS and they are working on it. Let's hope this works !

Hi Margaret- If you cannot find the manual, one way to fix this is to look at the make and model, then google the manufacturer for possible instrux. Another way is to go to a harware store or a Lowes and get a replacement opener kit for that model. All the instructions will be in the kit. I had to do this when our last opener got smashed. A locksmith told me years ago that there are electronic contraptions that criminals use to cycle thru zillions of code combinations for garage doors, and they can get into most doors !

This is another bad omen. I think I have been overly optimistic, refusing to believe the inevitable.

Chris, I am hopeful, but in the meantime am gearing up for paper filing this quarter. Thanks for the CS work and posts !

Neil- I just downloaded updates, seemed to work OK using MANUAL method. Also downloaded updates yesterday evening. Anyone else have problems with download?

ditto per Margaret... Thanks Chris

I rebooted the computer after I noticed the ATX program was not even attempting to connect via the internet, but just giving error messages. Maybe that helped, or maybe they are down AGAIN.

Just got one to go through 12:30 PM CST.

mwright- an ASCI file IS a txt file, it just has a different file extension. Just change the name of the file to *.txt, and it will probably be fine. I don't know CO requirements, but sounds like they probably just want a copy of the SSA file, with a txt file extension. Good luck !

Margaret, as I recall, the minor can sign the return, or alternatively the parent can sign parent's name, followed by the phrase "parent of minor child". This should be in the 1040 instrux.

Mel, I agree 100% with you. There is probably little power in individual complaints, but "class action suit" would certainly carry enough weight to get CCH to reasonably address a settlement. The loss of various features in the accounting products is costing me a lot of time and grief for my year-end processing. However, I must say, at this early stage the tax programs seem to be better than last year IMO. Hoping I don't change my mind about this as the season progresses !

Chris , thanks for the UPDATE.. I am getting sick of hitting that button also. John H once you start using the efile payroll returns I think you will like it. It is fast and easy, and you get a confirmation of receipt right away (ie ACK).

FYI- Today these payroll return e-file forms are supposed to be ready. Never knew this before, but the schedule is available on the ATX website e-file section.

Has anyone contacted ATX to see when the 940 and 941 e-file forms are expected to be available? If not, I will call late Tuesday and see what they think.

For any other ATX Accounting package users out there, customer support just informed me that the transfer programs were not written this year, and there are no plans to have them written. I believe the old accounting program is officially discontinued now. Wish they would have told me earlier !

For users of the old ATX Total Accounting Office program, is anyone having trouble transferring the CAO Payroll data into the ATX 2007 program for W-2, 940, and 941 creation? I hope it is not necessary to manually do all this work this year !

I agree... has been fast and working correctly

I have been using the 2007 ATX program to calculate January 15th estimate payments for many clients. The program seems to be working pretty well already. But for the AMT, the form 6251 does not yet appear to be updated for the new patch.

Does anyone know if I can just go into the Exemption Worksheet for the form 6251 and override line 1 for the new exemption amount? For example for MFJ I have been writing in $66,250, overriding the old $45,000 amount.

Also, if this is on the right track, should I be overriding any other fields?

Or... Am I nuts for trying to use the 2007 program this early? Thanks for any help !

Good for you JB.... The Lord has smiled on you, despite your recent loss, the way you smile on this board ! Good luck moving into the new space.

Jainen, since individuals can get around the jumbo rate bumps by splitting their mortgages into 2 separate mortgage loans, I believe there is no substance over form issue with respect to a bargain interest rate on the father's loan to the daughter. This of course assumes that the father's loan to the daughter is at a market interest rate. Family mortgage arrangements are not uncommon in my experience, and I have never seen a problem with deductibility from the IRS.

Old Jack, investing in mortgages is one of the oldest forms of fixed income investment, and the tax treatment I believe is quite settled and common. The loan to the daughter is a securities investment, and the mortgage borrowing on the father's part is debt incurred for investment purposes. There is no issue with deductibility of mortgage interest by the father, because he elects to treat the mortgage borrowing as investment borrowing per Section 1.163-10T(o)(5). The fact that the collateral for the father's loan is his home, has nothing to do with the tax treatment. Rather, the tax code imputes deductibility of a loan to the use of the proceeds. Mortgage borrowing is ordinarily presumed to support either acquisition, improvement, or home equity debt, except when specifically exempted under 1.163-10T as the proceeds are applied to a different use.

Jainen, I like your very creative solution ! Old Jack, in Pub 550 investment property is defined as: "Property held for investment includes property that produces interest, dividends, annuities, or royalties not derived in the ordinary course of a trade or business." So, the interest on the investment in a mortgage security qualifies. It is directly comparable to margin interest on a securities account. I know this to be true because I have 2 clients who have done the interest election under Regs S 1.163-10T(o)(5) for several years, with full disclosure of the tax treatment in attached statements. -Bob

My understanding is that investment interest is one of several Sch A deductions which is excluded from the itemized deduction limitation calculation. Medical and Casualty Loss are also excluded. So, you get 100% of the deduction. I think the place to put the interest income is Sch B.

You can elect to have the dad's mortgage interest expense be reclassed as investment interest expense. Then will be deductible 100%.