ATX2012SUCKS Posted January 25, 2013 Report Share Posted January 25, 2013 Hi Group When importing data from ATX 2011 into 2012 Assest with Convention codes like MQ1-MQ4 all get changed to HY. This causes your depriciation to be incorrect. Is anyone else seeing this? Is this a bug or bad feature? Is there a work around? Thanks in advance. ATXS Useful Hint: For smart phone owners. To protect your screen against stratches or to fill in some existing damage tape off a rectangle around the screen with painters tape ~ 5 pieces high. In a dust free area place the phone on a completely flat and level surface, use a level to make sure, and in a place you can leave the phone for 24-36 hours. Using Future floor polish apply a layer of the polish so that it covers the scratch or is 2 pieces of tape deep (were talking .5mm here so not much is needed). The Future will dry hard and clear. The sratches will be much less visible if at all. Try on an old Phone first for practice if unsure of you Future application abilities. I also use Future in building platic models it adds shine and fuses plastic together. Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted January 25, 2013 Report Share Posted January 25, 2013 It seemed to me that 1 return I tried with the bonus dep of 50% it changed all my older dep for my Farm. Will try to recreate and post. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 26, 2013 Report Share Posted January 26, 2013 ATX2012SUCKS, This may be a question of symantics, but are you "importing" or "rolling over" the returns from 2011 to 2012? And are you talking about the fixed assets in the tax program, or do you use the stand alone fixed asset product? Knowing these answers will help with answering your questions. There are lots of problems with 2012 depreciation calculations right now. However, I am not personally seeing any changes in the conventions or methods in the fixed asset worksheet on rolled over returns. It is just that the software is not currently calculating the right depreciation amounts. Tom Hollister, CA Quote Link to comment Share on other sites More sharing options...
ATX2012SUCKS Posted January 26, 2013 Author Report Share Posted January 26, 2013 Sorry I am posting this for my Father in Law....I meant to say rolling over and its ATX 2012 Thank you helping me clear that up. We can reproduce the bug were an Asset convention code is changed from MQ to HY 100%. I would expect the software at this point (almost February) to not as you say "There are lots of problems with 2012 depreciation calculations right now" Tom do you consider this software ready to use for 2011 tax returns? Thank You Pete Quote Link to comment Share on other sites More sharing options...
joanmcq Posted January 26, 2013 Report Share Posted January 26, 2013 Returns with depreciation can't be filed until late Feb. or early March per the IRS. So no, I wouldn't expect the forms to be entirely correct. However, I did see mention of a HY bug in the CCH ATX forum. Quote Link to comment Share on other sites More sharing options...
DevM Posted January 26, 2013 Report Share Posted January 26, 2013 Sorry I am posting this for my Father in Law....I meant to say rolling over and its ATX 2012 Thank you helping me clear that up. We can reproduce the bug were an Asset convention code is changed from MQ to HY 100%. I would expect the software at this point (almost February) to not as you say "There are lots of problems with 2012 depreciation calculations right now" Tom do you consider this software ready to use for 2011 tax returns? Thank You Pete Pete, This forum is to assist other tax preparers with any tax tecnical issues. We all do agree that ttere are issues with Depreciation schedule and some other forms. we need to thank our government for passing the law so late in January. as Joan pointed out that these forms will not be ready/approved by IRS until late February. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted January 26, 2013 Report Share Posted January 26, 2013 2012ATXSUCKS, Is the software ready....good question. I have about 6 very simple returns waiting to go up this weekend for e-file on the 30th. Are they correct? I hope so. The tax and credit amounts look right to me, but I did not check them by doing the return by hand. Is the software ready to do a complex return...I don't think so. I am barred from filing my own return because of fixed assets. I have a couple returns 90% done, but they have depreciation and it is wrong. Will the software be able to perform by the time the IRS lets us e-file - my guess is yes it will. I think they are using the time they have right now to make the other forms work and pushing off the things they know can't be filed anyway. This software has a history of good performance, but the new package is not getting high marks. Tom Hollister, CA Quote Link to comment Share on other sites More sharing options...
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