Ringers Posted February 6, 2018 Report Share Posted February 6, 2018 I use Pro Series and the users in their forum are having a hard time convincing the "powers that be" that the IL SA (Specific Accounting) form is a necessity for this year. IL raised its tax on 7/1/17, and the SA form lets you do a calculation at the old rate and new rate for half of the year and then combine the two instead of using the "blended" rate that the form uses to calculate the taxes. For tax preparers especially the form is an absolute necessity, as much of the income comes in during the first half of the year. What I would like to know is if ATX and Drake have the form in their programs. Perhaps we Pro Series users could parlay that knowledge and create a fire under Intuit programmers. Thanks much!! Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 6, 2018 Report Share Posted February 6, 2018 42 minutes ago, Ringers said: What I would like to know is if ATX and Drake have the form in their programs. Yes, Drake has it and will compute the IL SA form. Quote Link to comment Share on other sites More sharing options...
Ringers Posted February 6, 2018 Author Report Share Posted February 6, 2018 Thanks, Judy. Does anyone know about ATX and the IL SA? Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted February 6, 2018 Report Share Posted February 6, 2018 12 hours ago, Ringers said: I use Pro Series and the users in their forum are having a hard time convincing the "powers that be" that the IL SA (Specific Accounting) form is a necessity for this year. IL raised its tax on 7/1/17, and the SA form lets you do a calculation at the old rate and new rate for half of the year and then combine the two instead of using the "blended" rate that the form uses to calculate the taxes. For tax preparers especially the form is an absolute necessity, as much of the income comes in during the first half of the year. What I would like to know is if ATX and Drake have the form in their programs. Perhaps we Pro Series users could parlay that knowledge and create a fire under Intuit programmers. Thanks much!! Are your clients (non w-2) giving you a break down of earnings between periods? Now I have a question, if the TP is a W-2 employee all year this form would not apply correct? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 6, 2018 Report Share Posted February 6, 2018 ProSystem fx has IL Sch SA. Do I get to choose between the SA and the blended rate? I have IL farmland, and sell my crops in the fall, usually. Quote Link to comment Share on other sites More sharing options...
PaulH Posted February 6, 2018 Report Share Posted February 6, 2018 ATX also has the IL Sch SA form. Quote Link to comment Share on other sites More sharing options...
TaxmannEA Posted February 6, 2018 Report Share Posted February 6, 2018 Lion, Yes you do have the choice of using the blended rate or the SA. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 6, 2018 Report Share Posted February 6, 2018 Good news for me! Thank you. Quote Link to comment Share on other sites More sharing options...
Ringers Posted February 6, 2018 Author Report Share Posted February 6, 2018 ILLMAS: Anyone can use the SA, even a W-2 employee if he received a large bonus during the first half of the year, or he may have sold stocks for a gain during the first half of the year. Any aberration that would have had h8im receive more income in the period 1/1 through 6/30 than in 7/1 through year end would make filing the SA beneficial. LION: If you had more income after 7/31, the SA form would tax that at the higher rate. Income prior to July 1 would be taxed at the old rate of 3.75%; income after June 30 would be taxed at the new rate of 4.95%. Not using the SA form taxes all income at the blended rate of 4.3549% Quote Link to comment Share on other sites More sharing options...
Lion EA Posted February 6, 2018 Report Share Posted February 6, 2018 That's why I asked if I have the choice to use a blended rate and do not have to segregate my IL income by date. Quote Link to comment Share on other sites More sharing options...
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