Tax Bird

Mine went throough as well. I hope it at least stays up long enough to get this last corporate (with it's 5 State) returns out. I'm so spoiled now that the thought of paper filing anything is almost hive-inducing!

I'm getting the same error.

I haven't renewed for 2012 yet so let's see how they do tomorrow.

I have ATX 2008, 2009 & 2010 on my machine and they run without problems. Based on my one months experience with Win7, it's running all my old XP apps just fine. The Win7 version I bought includes a feature called "XP Mode" that theoretically allows you to run any Windows XP apps that don't run well in Win7. I've not had to use it but I'm glad I have it just in case.

In any case, if you're like me, you'll be very glad you switched over.

Good Luck!

I would like to take this opportunity to thank everone who weighed in on my Windows 7 posting a couple of months back.

As luck would have it, I did need to convert over my system. But as luck would also have it, I was able to bring everything over into Windows 7 relatively quickly and painlessly.

Thanks to everyone who weighed in and shortened my learning curve. It really helped.

I love Windows 7, by the way. Everything is running smoothly, ATX, my billing software, basically all my critical apps are running like a charm. It's so neat I now wonder why I waited so long!

Thanks for the replies everyone! Glad to hear this isn't so unusual. Still annoying but at least I understand.

I have a client who had two stock redemptions in 2010. They received no cost basis information with their 1099 B despite the fact that a note on the back of the 1099B said the average cost basis information had been provided.

When I called for the information, I was told that they would have to send out the account transcript (too large to fax) and I would have to figure that out. Plus, the soonest I could receive it is 3-5 business days.

Has anyone ever heard of this? I haven't done that many stock redemptions but usually cost information is provided, if not automatically, then when requested.

Can anyone provide any insight into why it might be that the fund manager wouldn't want to provide average cost information on a fund?

Be warned with QuickBooks that Intuit does NOT recommend running anything earlier than QB 2010 on a Windows 7 machine - especially the 64-bit machines. There's a whole KB article on it at the QB site.

I've heard of major problems in other fora -- and then some folks who have no problems, too. But if you depend on being able to use earlier versions of QB, keep the old machine around or run those programs in XP emulation.

Catherine

Good idea. Thank you!

As an aside, thankfully, I have all my current client up to QB 2010. Still, I like the idea of preserving the older versions to work on new clients until they upgrade.

From computer 1, I back up each year to it's own folder on an external hard drive. (ie. 2009, 2008, etc)

To computer 2, I then restore to each year.

*** All programs (ATX) MUST be up to date or you will get the message that some forms have different versions, etc. when you try to open the client file.

This is for stand alone computers, I don't run the network version.

Hope this helps!

Yes, it helps a lot. I can see where this way will save me quite a bit of time. Very logical. Thank you!

Don't downgrade Windows 7 to XP mode for no reason. If you do that, you might as well buy a 3 year old computer.

I am running Windows 7 64bit and programs that do not run on 64 bit operating system are installed using the 32 version automatically. I have 2007, 2008, 2009 and 2010 running properly. I am running IE on both 32 and 64 bit and I have not installed either.

Thank you. That's good to know.

On a related note, do you (or anyone) have any tips or recommendations on smoothly migrating prior years over?

I am running 2010 on my laptop in Windows 7 64 bit. Not a network, but everything seems to be working well. I just did an update. Also have 2008 and 2009 on that computer. Am not running in XP mode, but have no problem moving files between that Win 7 and this Win XP computer.

Oh excellent!

This is my most likely set up.

I run ATX PRS and was worried about not being able to roll over files (to a new machine from prior years) should the need arise.

This really puts my mind a ease.

Thanks again to everyone who has contributed.

I am not running in XP mode - just "regular." I have ATX back to 2007 on my computer with my computer as a workstation. The server is running Server 2003 ( I think). I have QuickBooks back to 2006, and I am not having a problem with any of these. Good luck - no matter how smoothly it goes, I prefer not to change computers in tax season and I hope that you don't have to!

That's even better to know. I was worried about my QuickBooks compatibility as well. Good to know there's a way older versions will work.

The way my machine is acting these days, this really will have to be my last tax season. I just hope it doesn't bug out on me before I'm ready.

I'm running 1999 to 2009 ATX on my Win 7 computer. (2010 is TaxWorks.) So I can't confirm the 2010 ATX program will run, but I would assume so. I do run them in XP mode just to be safe. Actually, I think 1999 might be in 98 mode.

Anyway, mine is not on a network and is not 64 bit. I've heard some people have problems running ATX on 64 bit computers, while others are not having that problem.

Good luck. And I hope you don't have to change computers during the season.

Me too. But it's good to know that I could probably switch out fairly quickly (& painlessly) if I have to.

Thanks for the input!

I am using Windows 7 Ultimate and having no problems with ATX in a networked environment. I assume it would work as well stand-alone.

That is *so* good to know!

I'm trying to squeeze one more tax season out of my old machine but if it fails, it;s good to know I can switch into a new machine running Win7.

So do you even have to run it in XP mode?

Has anyone tried using ATX in Windows 7 (either using XP mode or not)?

I really need to update my hardware but hesitate if my ATX stuff isn't going to run right.

Any input would be greatly appreciated.

IRS has a lease value chart - starts with the FMV of the vehicle when purchased - vehicles valued over $50,000 are calculated differently. Determine personal use % x the lease value and add in cents per mile for personal use.

Lynn Jacobs, EA

Kenner, LA

Thank you!

It sounds correct, as far as recapture goes, but like Roy, I don't understand how an S corp asset falls bellow the use limit. If the shareholder is using the car for personal use, that's a W-2 addition, for the business. The asset is still 100% business. It's no different than any corp allowing an employee to use a company car personally. You just need to treat it as additional compensation.

Crap! Thank you for bringing that to my attention.

Any tips on how to figure the taxable value?

(I am so screwed!)

Does anyone know how ATX handles depreciation recapture?

I have a S-Corp vehicle that fell below 50% use this year and it looks like for depreciation ATX is showing the current depr (at the Bus use %) less the recaptured amount.

Is this correct?

Does anyone have experience with this and could walk me through? I'm so slow!

>>a quit-claim in lieu of foreclosure would still be better<<

Quit-claim to whom? No transfer can relieve the borrower unless the lender agrees. And although lenders are struggling to stabilize their assets, a mortgage on rental property is likely to be recourse. If the owner has other assets or income, the lender might well decide to wait it out.

He can probably deduct normal maintenance expenses for as long as he had a realistic expectation of rent. I would inquire about particular events like the town factory closing or major property damage that wasn't worth repairing, but otherwise take his word for it. If it was unoccupied more than several months, I would caution the client to assemble whatever documentation is still available to support his expectations.

I was thinking along these lines as well.

Thank you!

Why the heck would he not try to sell them, rather than just abandon them? Or negotiate with the lenders? Right now, the lenders are much more willing to negotiate than ever before. At worst, a quit-claim in lieu of foreclosure would still be better on his credit record.

Inner-city Detroit properties. You can't *give* them away.

Excellent!

I was hoping this was the case.

Thanks Old Jack!

I have a client who walked away from some rental properties in 2007. While the client had the properties available for rent (and they had been successfully rented out in prior years), he was unable to rent any of them in 2007 and eventually walked away.

So far, none of the mortgage companies have forclosed on the properties.

I'm thinking:

In 2007, he's ok to deduct his 2007 expenses paid on the properties on his schedule E even though he was unable to rent them. After that there's nothing to do until the properties are formally foreclosed upon.

Am I missing anything? SOmehow it seems too simple.

Any input is greatly appreciated.

Does anyone here have any experience with ATX's pay per rerturn option?

I am considering it for this year and while I have spoken with people at ATX on it, I seem to get conflicting answers.

My main question is "What is considered a 'return'?" Is it the one line in the Return Manager or does it count by efile submission? For example, is an extension considered a separate return or is it considered a part of the overall return?

Any input is greatly appreciated!

Without access to the K-1 or the partnership record, how can you do the return?

However, I would guess the income from the lawsuit is ordinary and there will be no capital gains.

Zero basis start of year.

Plus income

Minus distributions

---- My guess is zero basis end of year.

You know, this *just* occurred to me. Must be all those years with Jackie Stallone and Dionne!

Thank you (both) very much.

I have a client who was a member of an LLC. 2007 was the final year but he has yet to receive a final K-1. TP wants to get his filing in and amend later if necessary.

My question regards how to estimate what would be on the K-1?

Consider the following:

As of the 2006 year end, he had a small amount of suspended losses due to basis limitations.

He received a six-figure liquidating distribution which tells me the LLC got some $$ in their final year.

I am inclined to just report the liquidating distribution net of the suspended loss as a long term capital gain and then attach a statement indicating that we're filing based on an estimate and what the $$ amount represents.

However, I do know that the $$ into the LLC was not from operations (it was a lawsuit settlement - yes, another one!). Since the lawsuit $$ is taxable, (trying to envision the accounting) it would be reported in 2007 (net of CY expenses, etc) as ordinary income, yes?

My TP had no basis as of the end of last year. The $$ in would have restored basis and then his postion was liquidated.

This is the part where I lose my mind.

How do I report this? It can't be both ordinary income AND cap gains can it?

Any advise here on how I untangle my brain would be greatly appreciated!

Something along the lines of

"Due to changes in your tax and accounting needs and recent reorganization of my firm's staffing levels, I am unable to allocate the resources required to adequately provide the services you require. I am sure you understand that I cannot open an engagement where I cannot guarantee the result is a professional, complete, fully researched and defendable set of accounting records and tax returns"

You may use this if you like it.

Tom

Lodi, CA

Ooooooo! I like this! Thank you.