Tax Prep by Deb

Thanks Johnmac for at least responding.

I actually tried that kind of hoping but to no avail. The only way I can get the form into the program is to open the return on the server first. That will get very old and time consuming as the year progreses.

Again thanks!

Deb!

Anyway all of you former ATX employees, get together and come up with some tax software and I'll be your first customer. I really don't want to fatten up Intuit, CCH or Thomson any more than they are! Good luck to you good people of Maine, you deserve better!

I agree with everything you said, especially the part that any ATX employee get together and come up with some tax software. I doubt though that you would be their first customer as I can already see us getting in line!

Deb!

I actually had a situation where my client accurately filled out a W-4 but the payroll department of his company was not accurately withholding, thus at the end of the year my client was owing. I contacted IRS on behalf of my client to see what could be done to get the payroll department to correct their problem (payroll department insisted there was no problem however I created the same check through my payroll program and got a completely different set of numbers) IRS told me that there was nothing they could do to make the company correct it's problem because my client has the right any time to go and make a change to his withholding via W-4.

I would take from this that there is no limit nor time frame in which to file a W-4. In the businesses I have worked with we always encouraged the employees to keep us current with there desire, afterall it really isn't that difficult to make the change!

Just my two cents worth!

Deb!

Just downloaded the lates e-file info sheet for CA and was able to create and transmit first e-file. Just thought I would pass on the news!

Deb!

P.S. For those of you who in the past asked about what needed to be done to be able to e-file CA returns, in the past you had to file an application, however I was just reading that if you are approved for Federal e-file you are automatically approved for CA e-file. No need to send in application this year!

Deb!

ATX shows CA efile released as of today; however, I cannot create a CA efile; the system says that the CA efile info form is not approved for efile?

Is it just my computer or someone else has the same problem?

Thanks

J R Sandoval, EA

I'm having the same problem. I think the fix will be in today's download as most of the other required forms were released late yesterday. My guess is they discovered a bug and are having to work it out. Check updates often today and I think we will be ready to go!

Deb!

Has anyone been able to create a California E-file yet? According to MyATX site it has been released and I have been able to update several California forms today, but can not create the e-file because the e-file info worksheet has not been released for e-file yet. The form is available it just isn't allowing me to create the e-file. I kind of think they will be up and running tomorrow but I was curious if it's just me or if everyone is having this problem?

Deb!

It has differred from year to year, but last year when I had a client with two last names I would have to remove the last of the last name and use the first of the last name and usually it went through like that. In the past especially if a hyphen was used that hyphen had to be there but like I said it seems to change from year to year.

Deb!

You see, that's why I love this Community! If only we got the same kind of attention with ATX most of us would be extremely happy and not even be thinking of leaving.

Thanks for the heads up as I love this community!

Deb!

I sure hope someone can help me. I had this problem last year also and the tech guy walked me through changing windows properties ect... but I didn't have time to write it down, and it seems like this year the computer guys have changed something again.

The problem I have is that when I download updates on my computer that is acting as the server I have no problem getting the new forms ect...

The problem is on the workstation. In order to get the updated forms to open on that computer I have to go to a return on my computer, opened it and save it. Then and only then does the new form open on the workstation computer. Right now it's not that big of a deal but in about two weeks it's going to be!

Any help would be greatly appreciated!

Deb!

Glad I could pass on some useful help! It worked great for me and Nicole was very clear in the directions she gave. I've actually printed them out so that if it comes up again I will know exactly what to do.

Deb!

Just sent mine out last week. But I must say I have had far more calls in the last week than I have had since I started my business. All indications are it's going to be really busy this year!

Deb!

Thanks KC and Bill,

With your tips I now have my two computers running networked!

One more question -

When I initiate ATX2007 on the second computer, I always get the Open File - Security Warning pop-up for ATX2007.EXE and I have to click Run. Is there something I need to set somewhere to avoid this pop-up, or is this just the way the networked computer operates?

I had a similar problem and Nicole helped me out by telling me:

To correct this problem, modify the Microsoft® Internet Explorer (IE) Local intranet settings on each computer receiving this message.

To modify IE Local intranet settings

1. Double-click the My Computer desktop shortcut.

2. Under Other Places, click Control Panel.

3. Double-click Internet Options.

4. In the Internet Properties window, click the Security tab.

5. Select Local Intranet, and then click Sites.

6. Mark all three check boxes, and then click Advanced.

7. Under Add this Web site to the zone, type file://<Server Name> (where <Server Name> is your server computer's name). If you do not know the name of your server, see the procedure below.

8. Click Add, and then click OK.

9. Click OK in each open window, and then close the Control Panel.

You will now be able to open your ATX software without receiving this error.

Follow the procedure below if you need to determine the name of your server (see step 7 above).

To determine the name of your server

1. On the desktop of the server, right-click the My Computer icon, and then click Properties.

2. Click the Computer Name tab.

3. Note your server's name as it appears in the Full computer name field.

I followed her instructions and it took care of that problem.

Hope this helps!

Deb

Des ATX has a new customer support #? I have being trying to contact them through 1800 638-8291 but all get is a nice message saying that all agents are busy assisting other customer.

By the way, I will appreciate if any californian has any information about the release date of CA E-File Info.

I hope everyone have a good relaxing time before the rush.

Thank.

It looks like we are waiting for the release of the 540. According to the e-file update on my ATX it should come sometime Monday. At least wise that's what I'm guessing.

Deb!

You would put 12.

A child born at anytime in 2007 is considered to have lived with you for the full year as per info in Publication 17.

Deb!

Thanks Nicole! That is probably one of the easiest fixes I've had to do. But I can't help but wonder why? I have other programs that are networked and I have never had this problem. Also I have networked ATX software for several years without having this happen.

Just curious, but do you have any idea why now?

Deb!

Good morning all! Are we having fun yet?

Everything with my program seemed to be doing fine. I've done my daily updates, ect... I am no having any problem at all with my own computer which is serving as the server. My problem is as usual on the second computer that I have networked.

When I initially installed the program using net setup I had no problem at all accessing the program. However I had not opened the program in the last several days and when I tried to this morning I kept getting different messages but all relating basically to the same things, just defferent file extentions. The messages like this: Open File Security Warning, Do you want to run this file? Name ATX 2007.exe (ect...) all the warnings are alike except the name or file extension changes. This occurs both when I open the program as well as when I try closing it.

I uninstalled the network copy of atx 2007 and tried re-installing it through net setup but still having the same message. Any thoughts!

Thanks in advance,

Deb!

>>with the passing of this new bill, your clients will be O.K.<<

How can we say this without first asking what sort of mortgage was foreclosed? There is far too much misplaced joy in the tax industry about this new law. The biggest issue is that it only applies to ACQUISITION debt. The original purchase mortgage was probably non-recourse anyway, so nothing changes there.

Refinanced debt is potentially applicable, but that is so often combined with cash-out equity debt that many taxpayers are still going to be hit with taxable relief of debt. (By the way, have you seen any guidance on how that will be calculated? Does the bank write down the equity portion, the refinanced purchase money, or some ratio of the two?)

The new rule is mostly for clients who bought a new home in the last two years that has experienced a drop in value greater than their down payment. That is certainly not everyone. Of course, the old rules about non-recourse debt, bankruptcy and insolvency still apply. But note that "unable to pay your bills at the time due" is NOT the definition of insolvency. Paying bills is a matter of cash flow. Insolvency concerns net worth.

Jainen,

You are absolutely right, and I guess I should have been more specific with my point. When I researched this issue initially it was for a client who had purchased his home and never re-financed it. I will try to be more specific in my future posts.!

Deb!

A client just informed me that they went through a forclosure and that their home is now owned by HUD and they are wondering what affect, if any, it will have on their federal income taxes....Is there any tax consequences to my client? I have never personally dealt with this before.

Foreclosure was finalized in 2008

Here's an article I dug up. It appears that perhaps with the passing of this new bill, your clients will be O.K.

http://www.realestateinvestingtax.com/shortsale.shtml

Deb!

Never mind! I found it. It applies only to wages earned after January 1. For those who have a split pay period, for example some time worked in 07 and some in 08 you can pay based on both rates. Found the answer on Calchamber.com

Deb!

Any of you who prepare California Payroll I have a question. As you know the minimum wage went up to $8.00 per hr. on the 1st. My question is does this raise pertain to hours worked starting January 1 or let's say a person's pay day falls on the first, would the minimum wage increase apply to the check he get's on the first or would it become effective on the 15th when he has actually earned the increase?

Any help would be appreciated!

Deb!

The more the merrier!

Welcome!

Deb!

This won't work with all clients, but for those clients who use email, it's great to get them oriented toward using it when they have questions to ask you. I get their email addresses when gathering their tax info, and then find a reason to email a question to them before finishing the return. I also email the annual letter to them. The purpose of all this is to get my email address in their inbox (and hopefully into their address book) so it wll be there when they have a question for me.

If you can migrate half or more of your routine questioners over to email, think about how much that frees you up. I find that answering their emails on weekends or late in the evening is handy for me as it doesn't cut into the "Golden Hours", plus it further encourages them to send questions via email since they are likley to get a faster answer than by calling my phone. Even if the answer is "I'll need to look that up when I get back in the office", at least they know you're thinking of their question & it reassures them.

OK I'm done. Think I'll take a nap now.

Great Idea! I'm going to try it immediately. I have done some correspondence through e-mail regarding questions I have of clients, and one thing I really appreciate is that I have a written record of my correspondence and their replies, ect... This goes in their client file and if ever needed I can produce exact conversations. You cannot do this with phone conversations! But I must admit I never thought doing it on a normal basis. I love the idea!

Deb!

Hi Everyone!

Due to an argument with a supplier I have 2 full, remanufactured X25 toner cartridges. The boxes state for use in: CA.MF5500/5530/5550. The advertisement was less specific. These will not work in Canon's MF3200 series machines, which I own, and curiously use X25 toners. Both boxes have been openend and the seals removed as we tried them, unsuccessfully, in our MF3240 machine. Our purchase price was $93.88 for the pair. We would like to recover about half the cost if possible; $47.00 for the pair or $23.50 for one. Shipping to anyone who could possibly use these would be better than sending them off to the regional landfill.

Anyone interested can contact me directly at [email protected]

~Elfling~

Out of curiosity, would you mind mentioning the supplier? I had a company call me and try to sell me toners for my Cannon printer/copier. They asked my current price and when I told them they could not believe it. They told me to be very careful as these cartridges had to be remainufactured. I told them nope, they were original. (I get them at Sam's Club for 120.00 where as everyone else sells them for $149.00.

He put a quote together for me and tried to make me think that they could match that price on original product, but when I got the quote it did note state OEM. Out of curiosity I went to their web site, priced my toner and lord and behold the same price he quoted me was for remanufacured ones. Needless to say I did not go with that company. So I'm wondering if perhaps we are talking about the same outfit?

Deb!

>>it would apply to any mortgage debt that is forgiven <<

No, it is only for ACQUISITION debt.

This is another case where tax planning should NOT be the primary factor. Your client is overly leveraged in a declining market; he should seriously consider taking immediate action regardless of whether he can turn to the government for help.

I suggest he start by calling the mortgage company. They can't be too pleased about him buying a new home right before walking away from the old one. They probably have no use for another empty house in that depressed neighborhood, so they might not foreclose and may even refuse to let him cancel the debt by selling or refinancing. Since he has other assets they might force him into bankruptcy instead.

His new lender is also going to be watching this closely. If he abandons one loan, the terms of his new loan might automatically throw him into default there as well, again with a risk of bankruptcy. There is even the potential to be accused of fraud since he apparently took on the new loan without the ability to make payments. In that case, even bankruptcy won't help him and taxes will be the least of his problems.

Thanks Jainen,

Actually I should have stated Acquisition Debt, which is the case, this property has never been refinanced since acquiring it. They fell prey to a succor loan of interest only, and in the meantime the market dropped drastically.

We just discussed your other points yesterday, and what really has him concerned is that when he went to make his first payment the mortgage had aleady been sold, and guess to whom? The same mortgage company that holds is other note!

I recommended perhaps going to an attorney, and I have a feeling that's were this all heading anyway. As odd as all of this sounds, I really do believe he thought he had this all worked out and would have been able to make both payments. When he purchased the second home he already had a renter for his first home however they bailed on him after everything went through.

I have know this client for about 10 years and he has always been pretty good with his finances, I just think he made a terrible mistake and now is facing terrible consequences!

As always thanks for your imput!

Deb!

I would be interested in seeing what you find out. I hadn't even considered the possibility. I have a client whose husband died in November. Due to his large medical bills, she will soon be filing bankruptcy (yes, they had insurance). I don't know if she will be able to sell the house or if they will include it in the bankruptcy (not required in Texas, but she can't afford it on her $10/hour income). They've only had the house 3 years, so there is little equity. But if it isn't sold, and the principal is forgiven in the bankruptcy and that gets added to her income, she will never get the tax paid off.

If this new law could help her, I would love to be able to give her that news. It might be the only good news she gets for awhile. She's only 30 and having to start her life over as a single woman. If I can help her minimize the debts related to her husband, it would be great.

Thanks.

Kea,

From what I have already found out she should be O.K. If you go back to either page two or three of this forum I posted a link to another web site that had some excellent examples of tax consequences of foreclosure, short sales, ect... Since then this law has passed, and the way I see it your client will fit the bill as to what it was intended for.

Try this link: http://www.realestateinvestingtax.com/shortsale.shtml

Deb!