schirallicpa

This is the same partnership I was just asking about recourse and non-recourse loans. I may be in over my head slightly. But - trudge forward. So now I am hung up on whether we need to file the IT-204? or do I just file the PA return? All of the income is PA Source. It is organized in PA. But all of the partners are in NYS.

Thank you! Let me post another dumb question.....

The Partnership's main guy mortgaged the farm (literally) to give money to the new partnership to buy and construct real property. He loans this money to the partnership. Is it a recourse loan since he stands to lose his farm? Please forgive me for a dumb question. This is the first time I have tried to complete a new partnership 1065 and sorting out who gave what to whom for what. The partnership itself got a loan to complete their project and I know that is nonrecourse.

I have dealt with ATX closing after sending to printer for the last couple of years. Got a new computer and hoped that problem would go away. Nope. And - it's worse. ATX will just shut down in the middle of something. I'm not sure what you guys are talking about with LLA and "large address." I will look for the threads. It's very frustrating and giving me more and more reason to find a different way to make money. Sick of this tax business.

Taxpayer is a sole member/ sole proprietor LLC and went online all by himself like a big boy and got an EIN. And the letter back from the IRS says he needs to file his 1065 by 3/15. How do I get this straightened out? He's been using his EIN for months so I don't want to change that now.

Are they expecting income to remain below 50K?

I feel like the 22 ATX version thus far has been a little unstable. I have had it stop working on me completely a few times. And just randomly close itself. I'm working on a brand new PC, so at this point I'm blaming windows since I keep refusing to update to the newest version, so it plants a gnome in the software I use the most.

That's what I was thinking. I knew I had read that somewhere and wondered how much people were going to get away with expensing things they knew they were only going to hold a few months.

Right - I know if it's Sec 179 I need to make some adjustments. In this case, it was Bonus depreciation.

That's kinda what I thought.

no employees at all.

Usage dropped from 100 to 60. Asset was purchased in 2020 and we took the bonus depreciation at 100%. Do I need an addback - like with Sec 179?

I am looking for confirmation, I guess. The owner cannot take the deduction on the 1120S without issuing themselves a W2, correct? (This owner is not an employee, which is a whole other topic, I know....) Do I take the payments made for health insurance as distributions?

it opened this morning! I don't know what little gnomes were causing me grief yesterday, but it opened today!! Is there a Saint for that - I feel like I need to say thanks..

"Cannot Open Return The return you selected cannot be opened. Please restore a previous version of the return and try again." I won't include the words I said following that. So, it's Sunday afternoon and I am going home to a bunch of people at my house to watch the Super Bowl. So maybe it will all be better tomorrow........

Thank you.

The instructions are vague. Do I just 50/50 these? They have 3 kids and no other issue as to who would claim them.

I don't have special envelops and usually don't do too many 1099s. But I have a client that used a number of contractors this year on a special project.

just wondering if there was a handy little secret I was missing. Hate re-typing all the addresses.

I know how to increase the size of my fonts for windows. And I know inside a tax return, I can slide the bar at the bottom and increase the size of the form I'm looking at. But when I leave the return and go back to the menu of clients under returns manager or rollover manager, or any main menu, everything is small.

I have purchased a new pc. I downloaded ATX 2021 from the website. I exported my clients from my old PC I imported my clients to the new PC. I have no assets in my returns. I am very grumpy now. As much as people complain about apple, apple upgrades to new devices is so much easier. I've been frogging around all morning.

I had to update my pc and exported everything from the old - 2021 version and imported to the new pc - 2021 version. And lost my assets.

There is a black hole that sucks a return down every year or so. I would efile ASAP and pay any penalty - was an extension filed? Blame technology.

I have been offered a demo. And a pretty sweet deal. But.....have had ATX forever. I do mostly 1040s, but most have more than just W2 - SEs, rentals, K1s, cap gains. And I have just a handful of partnerships and Scorps. I just wanted anyones 2 cents on taxslayer. I appreciate it.

My clients use QB - I don't have a choice. Most of the time their P&L is a big lump of nothing and I need to get a back up and look into accounts - like Miscellaneous. Always a favorite. Both desktop and online are cumbersome.