Maribeth

I would put both the rent and the patr div on Form 4835. Maribeth

Hmmm . . . . . just checked my corporate extensions and they are sitting there unaccepted. ATX better get it resolved by Monday. Maribeth

The corporation can reimburse the shareholder for out-of-pocket expenses in running the office. Things such as utilities can be reimbursed under an accountable plan from the corp to the shareholder. They are deducted on the corporation's tax return, not the shareholder's. Maribeth

Also, Tom, if you are in to wine & cheese, Boise has some of the best vineyards in the world. And an absolutely awesome cheese factory. It's a great little town, clean & friendly, I love to visit Boise. Maribeth

Yes, the 7004 does get rejected if there is a mismatch between the name & EIN with what the IRS has on file. Then you will have to paper file. I have extended all my corporations and the acceptances came back very quickly. Only one was refjected for the mismatch and I paper filed that. Maribeth

Agree with you, KC. If I stay with ATX, I wil deal exclusively with CCH. I was lucky last year, but I do not wish to push my luck. I look at Drake every year. I hear such good things about their business model, their customer support; I like the fact that they have been in business for so many years and have not sold out to the big guys. But I just do not want to go back to an input sheet procedure and their forms input is still a very limited and unwieldy process. Of course, all of this will be decided upon the price that CCH is going to want for ATX this year. If the price is too high, then I will switch. Maribeth

I went through the process last year of changing my E&O insurance. Received lots of quotes. The best one was the company through my membership in NATP. Can't remember the name, but it too is based in Pennsylvania. I have never had a claim so cannot address that aspect of E&O insurance. Even with the membership dues to NATP, the total insurance cost was less than any other offer. Maribeth

Enter it on the Schedule K-1 input sheet for 1065's. Show it as a separate "partnership", use the partnership's EIN and use the code section and depreciation as your name. I do not know if you can keep track of the depreciation in ATX using the asset manager and coding the asset as unassigned. You might have to keep a separate workpaper to keep track of the depreciation. Maribeth

By definition, rental property disposed of in the current year is NOT passive. Suspended losses attached to that property are released in the year of disposition. Other passive activities and allowable losses are determined separately. Maribeth

Yes, rental property gets the same step-up or step-down. Depreciation starts all over again. Maribeth

Okay, I'll ask. What is "SAAS"? Maribeth

Hmmm . . . . .how about some coconut rum and orange-pineapple juice? Or some vanilla vodka and coke? Or maybe something with a banana stuck in it, for Elrod & JB? Maribeth

Enter the 1099 information into ATX; click on the efile button, It creates the efile and you transmit just like you do the 1040's. Maribeth

And that is one thing that is so sad about this whole fiasco. I remember that change in the law. At the firm I was with then, we were preprared for the change. We had gone through all of our professionals, discussed the pros and cons, moved most people into Scorps; one group of doctors did not want to change their entity form, they took all of the money out in salaries anyway, so they stayed a corporation, but they knew the risks. If this man had only sought professional help at that time, he would not have found himself in the difficulties that he went through. A sad, sad waste of life and energy. May God have mercy on his soul and hold all of those affected in His arms. Maribeth

There is no form or document that I am aware of that the corporation has to submit to the shareholder. I would surmise that the shareholder is already aware that they have a loss. Maribeth

The loss is not at the corporate level, it is at the shareholder level. The shareholder had $XXX due to him from the corporation. The shareholder also had $XXX invested in the corportation. The capital loss is then determined and taken on the shareholder's return. Maribeth

Hmmm . . . . . have you determined the amount of the NOL carryback that is actually going to be used in the carryback year? Just off the top of my head, I don't believe that you could have a negative AGI created by the carryback. Figure out what amount of carryback is actually used, it is called the intervening year calculation. That should determine then what your itemized deductions are. Maribeth

"I'm doing this for ease of backup -I'll be backing up C: only. If the database gets dumped onto "I" I'm afraid it won't get backed up properly. I think I can configure ATX to backup to c: but that won't help as my backup program doesn't automatically back-up bck files." Carolyn, just create anothe backup folder on C:. When you do your backup out of ATX, let it do its normal backup. Then browse to your second backup folder on C; and do another backup into that folder. I do the same here in this office. ATX is on the server and the regular backup folder is there. However, I have another backup folder that resides on my workstation's desktop. I always do a second backup to that folder. Maribeth

I have several HOA's that are clients. Each has their accounting on QB. However, the "opening entries" were never prepared for their QB and I have no idea about the HOA's basis in any of the common areas. I look at each year, prepared the 1120-H or the 1120, if needed, and I have never put a balance sheet into either return. Maribeth

No, the employer contribution does not get added to wages for 940 purposes. The elective deferrals by the employee ARE included in wages for 940 purposes. Maribeth

Nope, the signature will not populated in the signature box on the payroll forms. Last year I customized the master form and it held for a few returns, then went away. This year, we are just typing in a signature on that block. One more thing to do . . . . . . Maribeth

You know, we bought the Fixed Asset Manager this year. Not because of what CCH did with ATX, but because of other needs here in the office. We have been using it with our year end work and we really like it. It is a good product and it links with ATX extremely well. Maribeth

Tom, that is what I would do. Put the formal name on the name line, the dba on the 1st address line, and so on. Maribeth You know, on second thought, would you need the dba at all on the 1099????

As long as each computer has a different series of DCN's, then you should be fine. I would probably give myself a little more room between the numbers -- just in case. Say, start the first computer at 1000; then have the second computer start at 2000. Maribeth

After my long time of troubles with ATX and attempting to get a demo disk for the FAM, ATX has finally come through. A very nice young man, Gil Watts, spoke with me last week. He promised me a demo disk. I received that demo disk on Tuesday of this week. I have installed the demo and played around with it and I truly love it. I bought it yesterday and received my activation code today. For my office, FAM is what we have needed: the ability to add assets during the year, the ability to handle book/tax differences; and the ability to sort those fixed assets into the categories that we use for financial statement presentation. What was especially great was that the software linked itself up with the tax software, effortlessley. It just happened. And then I was able to import and export between the two products. So, my thanks are going to ATX and especially Gil Watts who finally made the whole thing right. Maribeth