Terry D EA Posted March 27 Report Share Posted March 27 Margaret, in the past you have prepared a CRUT or two. Wondering if you are still doing so. I am using Drake and found out yesterday the form 5227 has not been approved and has an anticipated date of approval of April 8th. Not sure which software program you are using but wondering if you are seeing the same thing. I love Drake, and hate to say this, but it looks like they've got this form screwed up. The K-1 for the trustee in this case, was not generating, and one of the distribution screens had to be filled out to get the program to do so. There is currently no place to enter the trust expenses. Items like accounting, legal or account maintenance fees. It is working entirely different than last year. Kinda scares me a bit. Judy, I thought you prepared some CRUTs as well and you may already know this but thought I would include you anyway as I know you use Drake. Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 27 Author Report Share Posted March 27 Just found part of my answer. In Drake, you have to use the screen 3 for income deductions and payments to enter the trust expense information. This kinda blows my mind as the 5227, 1041-A and 1041 are all processed through the 1041 package. So, an input in the screen three flows to both the 1041, 1041-A and 5227. 2 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 27 Report Share Posted March 27 I don't work on these. Glad you found your answers. 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 27 Author Report Share Posted March 27 I did and am now a bit more comfortable with the return. I must have had this battle last year. When I opened the screen 3 input, there were fields flagged which triggered my memory. Because of the fines and penalties the IRS can and will apply to this type of return, one cannot afford to make a mistake. Years ago, I got this guy out of a 50K penalty due to his previous preparer using the wrong form. Best news on that was the IRS themselves directed the taxpayer to use the wrong form on the original letter establishing the EIN when the trust was created. This return has to be mailed. I refuse to have the client mail the return close to the April 15th due date and must be sent certified mail with a return receipt to prove the post mark. We went down that rabbit hole one year as well. I hate having people pay penalties and interest and then have to wait for 6 months to a year to get it back. Only good thing the IRS will pay interest. But, what they pay in interest is nothing close to what they charge. Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 27 Report Share Posted March 27 Terry, so glad you resolved this on your own. Yes, for several years I prepared CRUT returns for one client but the last one was 10 years ago. I would have had to go back to refresh the little gray cells and not sure that would be possible. Good memory on your part though! What a team here as resources, right? 1 Quote Link to comment Share on other sites More sharing options...
Terry D EA Posted March 28 Author Report Share Posted March 28 10 years ago??? Seems like yesterday. Wow! Yes, this has been the best team of resources that I have ever had since I started with ATX back in 1998. That was when the tiger roared when you opened the program. Some of the folks on the ATX Board have passed on or retired and I certainly hope retired. KC Jenkins was one of the best. Janitor Bob from Ohio was a hoot too. William Tasker was the best support guy around. Of course, I am dating myself here but those were the good days. I am a member on a few other boards and don't browse them hardly at all. The Drake board takes too many hoops to log on. NAEA is ok and there is one fellow there that is a walking talking IRS code book. He is a professor, retired IRS agent that wore many hats inside the IRS. He is very helpful and pleasant to work with. So, yes folks on this board has saved me too many times to mention. Judy, you and I go back quite a few years. I'm sure there are others too that I just can't remember right now. It is great to have all as colleagues. 3 Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 28 Report Share Posted March 28 Well, Terry, I have been with ATX since 1998 as well and knew all the folks you mentioned. And the roar. And the appreciation barbeque we sent to Maine to those great folks that treated us all as friends and were so kind and helpful. The experience with them made a huge difference in setting up my own practice and having confidence that I wasn't alone. And here some of us still remain. I'm good for maybe 3 more years. The more recent group has also been great and, of course, many of us had a wonderful time in TN a few years ago in the back 40. Memories.... 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.