BulldogTom

We just discovered that the fax # on our Federal Cover Sheet is transposed? But when I look in the Preparer/ERO manager, under the Firm Tab, the fax # is correct. How do I make changes to the fax # on the Federal Cover Sheet? I have never messed with this, it just has always been right, until it isn't. Is there somewhere else that I need to enter that number? Thanks Tom Modesto, CA

I am in. Sign me up Tom Modesto, CA

No issues for us. We are getting Acks very quickly. Tom Modesto, CA

Saw that last night. Thanks Tom Modesto, CA

This will end up in court...IMHO. Think about all the charitable giving that happens. Some of (or most of) it is given with no anticipation of a benefit in return (I choose to believe most Americans give from the heart and not their tax return). However, every single one of us know that we get a tax benefit from those gifts, even though a great majority of us would still give even without the deduction. What NY is doing is saying that they have a charity, and if the US govt can determine a deduction or credit for that giving, then they can too, and they can set the limit of the credit or deduction as suits them. That is a very powerful argument and one that may stand judicial scrutiny. I would expect that the IRS/Treasury will look at it as a tax scam and attempt to deny the deduction. Their argument is the charity is not a real charity, as the government cannot be a charitable organization, and an attempt to circumvent the tax laws of the US government. They will probably also argue that if all charitable donations are not eligible for a 100% credit, then this is not a legitimate law for the state to pass and only furthers tax evasion. Again, this is a very powerful argument that may withstand judicial scrutiny. The IRS could be directed by the treasury secretary (a political appointee) to attack the motive of the giver, by auditing every one of the returns claiming the deduction, disallow for motive, and then make the taxpayer challenge in tax court. Another strategy of the Treasury could be to deny non-profit status to the new charity. This would bring back shades of the Lois Lerner controversy that would get a bunch of people fired up politically. Bottom line is this is shaping up as a political fight that I feel will go to the courts to decide. Coin toss as to which way it goes. Tom Modesto, CA

Thanks Tom Modesto, CA

And 1 middle finger is the ex-hubby? Tom Modesto, CA

Thanks Tom Modesto, CA

Have any of you been over to the dark side (the ATX board) to check out the expected date for the depreciation schedule efile release? I could log in, but I seem to always have a problem finding all the damn roads and signs and cars they make you check to prove you are not a robot. I know that the tax bill made changes to expensing after 9/27. Is that the holdup? Also, education credits were supposed to be released last Friday and I have not seen them yet. Thanks

Can we get back to the difference between Y'all and All Y'all. That was a whole bunch easier on me. Thanks Tom Modesto, CA

I charge by the form and input documents. Last year, I raised my fee for a 1040 to $95. I charge $2 for every W2 and $1 for every 1099. Associated forms have various charges. I can always discount if the entry on that form is minimal. So the first return is about $115, add a sched A and add $30 if id does not require the non-cash charitable form, $15 more if it does. I include basic tax planning (10-15 minutes during the client interview) for free. Gives me a chance to see what the client is really up to. I charge $95 minimum per hour for an appointment for tax planning and consultations. Tom Modesto, CA

I was having the problem, I deleted the file, the problem went away. Seems like a simple fix. Why the file is getting corrupted is another question for techies smarter than me. Tom Modesto, CA

I was having that problem last night with the 1099 INT entry. I solved it by not putting in the address for the vendor. Tom Modesto, CA

Terry, I have a client in the same situation, his disabled older brother lives with him and my client is the caregiver. He is eligible for HOH status and EITC in the years that his income qualifies him for that credit. I don't think there is anything wrong with the prior year return based on the info you provided. I don't know how to enter the return in Drake to show a disabled dependent. Tom Modesto, CA

As much as I hate CCH, I must say the PR and 1099 programs are excellent, and even the MAX program is worth the money. The support, Marketing and sales from CCH are $h1T, but the program is why I stay. But without this board (not the rah-rah board that CCH shut down when we complained), the software would be $h1t as well, because support at CCH is $h1t. Sorry, not meaning to rant. Tom Modesto, CA

The bulk sale disposition worksheet in AX will do the allocations for you....Just saying. Tom Modesto, CA

Patrick, If you are using ATX, the disposition worksheets in the Fixed Asset tab will do a great deal of the work for you. It is clunky to work with when you go into the disposition tab, but it does a good job of getting everything where it needs to go on the tax return. Tom Modesto, CA

We know for sure that the REITs and Large Real Estate Investors are going to get the benefit because they are usually Trusts, Estates, Partnerships or S-Corps. What we don't know is if a Schedule E meets the definition. Very few practitioners are willing to make that call quite yet, but most seem to believe it will apply to Schedule E as well. This is the most anticipated guidance from the IRS about the new tax law. Tom Modesto, CA

I am glad I am not in Tennessee right now. I declare a "hug free zone" on this board for the next 3 hours. Tom Modesto, CA

I don't think it is politics to state the obvious facts. The republicans needed to ensure that one of its senators voted for the bill, and they added language at the last minute to the bill, and after that language was inserted, the senator in question signaled his support. That is just how the sausage is made in DC. And it is apparent that the insertion at the last minute made the interpretation of the section hard, as the change to the bill is not harmonious with the rest of the sections. If this was inserted earlier in the process, legislative staff probably would have had more time to integrate it more properly in the bill and signaled a more clear intent of the impact to Sch E rental properties. No comments about whether this is good or bad, or who it favors...just a statement of the facts as we know them to have happened in the legislative process. This is no different than the last minute changes to the refundable portion of the Child Tax Credit. However, that change was just a number change, and not a change to the structure of the credit which was already written into the bill. After that change, two other senators signaled their support. And the sausage had a slightly higher content of one ingredient. Tom Modesto, CA

I did not think about that for my Sole Proprietors. So if it is a side hustle, legitimate, but not the full time occupation of the owner, and they don't take a draw but leave the profits in the company, you think the owner will have to determine what is reasonable compensation and deduct that amount from the income of the SCH C to arrive at QBI for the deduction? Tom Modesto, CA

I had heard this was coming this year. Guess who has one on their W2? Me! Our company uses Paychecks and they have included the verification code on our W2's. Looks like the long computer generated passwords that you get on some sites. I missed seeing it, but my spouse picked up on it. @Medlin Software Are you putting these on your W2's? Tom Modesto, CA

I made a mistake. The S-Corp is a member of an LLC taxed as a partnership. Tom Modesto, CA

Silly question....they make change virtually any way they want. Tom Modesto, CA

Your update will be out in 20 minutes....correct? I feel for you on this one. Everyone is waiting to see if it makes a difference. I tried to calculate my withholding and I think it comes to about $15-20 per week less. Tom Modesto, CA