JJStephens

Thanks to all for your great insights. I've spent considerable time over the weekend digging deeper, reviewing the materials you suggested and numerous others. I discovered a few steps I wasn't previously aware of (including filing Form 966- thanks for the tip Abby). I also had an aha moment (more of a head-smack duh moment) about the losses that generated the negative AAA. Since they had already passed through to the sole owner via prior year K-1s, there was nothing further to do about them. I should have realized that sooner--I was making it a lot harder than it needed to be. FWIW, there was no E&P involved.

I have very little experience with S-Corps and none with a dissolution. Any help will have my deep gratitude. Single owner has been in declining health for several years. The biz has never been particularly profitable and has shown a loss each of the past 5 or 6 years, resulting in a negative AAA. Small distributions (a few hundred dollars) during those years were treated as LTCGs. The owner died near the end of 2024. It's assets and inventory were negligible (less than $200) and were given to the owner's son who is in a similar biz. How do I handle the negative AAA? Is there anything else I need to address?

I agree with Dennis that additional encryption is the only way to ensure security. I've used AWS in the past and recently looked into Varonis but haven't settled on anything yet. My original question was whether the IRS ever/still had a blanket prohibition about using G-Drive. My son uses it in his biz and has been encouraging me to consider moving there from the MS universe.

I don't recall when the webinar was but I do know it was at least 5 years ago. As to the second comment, it would seem that confirms the rationale for a ban on using it. On the other hand, I know that Google Drive now permits user-side encryption which presumably would enhance it somewhat.

I don't recall when the webinar was but I do know it was at least 5 years ago. As to the second comment, it would seem that confirms the rationale for a ban on using it.

I recently turned sixty-ten (that's my way of dealing with what comes after 69). I used to think my memory wasn't what it used to be, but I don't recall it being a problem of late. Some years ago I attended an IRS-sponsored webinar during which (I beleive) the speaker said the IRS does not permit tax preparers to store PII on Google Drive due to it's lack of security and in fact, could subject 230 preparers to fines if they do so. I've refused to do so ever since. My son is an IT pro. He tells me he knows of no such prohibition. I've searched and can find nothing on it. Am I simply mis-remembering? If any of you can shed any light on this for me I'd be ever so grateful.

I know this is waaaay late ... but I just saw this thread. I purchased via Sigma the past two years. Drake told me they provide support, regardless where you purchase it. I've had no issue getting support directly from Drake.

I found it. It's a 1065 problem, not 1120-S. I was searching for the wrong thing! Okay, I guess that still means I'm crazy ... just in a different way than I originally feared. Deep sigh.

Thanks! Do you recall when that e-newsletter arrived? I'd like to dig it out and read up on it. I couldn't find anything online.

Earlier this week I thought I saw a blurb in an IRS e-newsletter stating they had discovered coding errors in their 1120-S software and recommended delaying filing extended returns until sometime in June. I was in a rush to get something done and decided to read it more carefully when I had more time. I've spent two days trying to find that email. Nothing. Did anyone else see it ... or am I just losing it?

Like Catherine, I switched to Drake back in 2012. My love for Drake cooled last year to 'like' and this year had cooled even more (NOT a fan of the new owners). Fortunately, I have not experienced the crashes/freezes others have. Nonetheless, I've had tons of issues that didn't exist a couple years ago. Three weeks ago I was ready to look at alternatives after several disastrous calls to support. Don't know what happened, but the software has been working a lot better for the past couple weeks and the last two support calls were handled by someone who knew their stuff. I'm relieved! I'm too old to switch to something else. Now, fingers crossed the improvements last.

I've had numerous state part year return issues. I just split to MFS and half the data changed an the spouse return would not generate at all. It took their support person over an hour to find a backdoor solution. I was on the horn with a support person a couple days ago discussing an issue where the software would not handle a withdrawal of excess contributions to a qualified plan. The support person repeatedly told me that she 'thought she found something' and pointed me to the PMT screen to enter electronic funds withdrawals (e.g., the screen to set up a balance due withdrawal). That has been typical of the half dozen support calls I've made this year. I've had a couple support folks tell me that they're getting a lot more disgruntled calls because the software changes are not working as planned. I've been a loyal/avid Drake user for more than 10 years but if this continues I'm not sure I'll be back next year. Apparently, I'm not alone. Their Trustpilot rating is down to 3.1.

I've been having more problems with Drake this year than any three previous years. Their previously legendary support was bad last year and this year is nothing short of horrible. I don't want to ... but might be forced to look elsewhere after this year. Since the Drake family sold out things have steadily declined. Sad.

Parsons was my first tax software after years preparing by hand. Back in those days (early '90s), I often called Bob Parsons to talk about several of his software products (QuickVerse, MoneyCounts, Membership Plus). When Bob & Martha Parsons split up, they sold Parsons Technology to Intuit. Intuit killed off the tax software and sold the rest. Bob did okay. After a brief time off, he founded GoDaddy! You heard right. ATX was originally built on Excel sheets but they moved away from that long ago. Dang! These trips down memory lane always end the same way...me feeling really old!

I did ATX/Saber for quite a few years. After the 2012 debacle I tested half a dozen options including ProSeries. Like Catherine, I found it a bit clunky. Ended up with something else for one year, then went to Drake. I found that I was doing returns in about 75% of the time. I had some big issues with Drake last year resulting from the change in ownership. I called support more in that one year than I had in the previous 8 or 9 combined. I switched to TaxWise this year. That lasted less than a week. Support was horrid. "We expect CPAs to know how to do that" I know how, I just can't find where to make the entry. They couldn't find it either! Another time they suggested I call the IRS to ask for guidance. It was not a tax question--it was another software use question! I bit the bullet and came back to Drake. All the issues I had last year were resolved over the off-season and I'm once again a happy camper. Given I can count on one hand the number of years I expect to continue doing this, I suspect I'll be with Drake from here on out. IF I'm forced to change, based on your experience I might give ProSeries another look.