Terry D EA

While OneDesk is a reseller of OltPro, they certainly are on top of any problems that need attention. I a beginning to get very comfortable with this software. I did notice that any instructional letters for form K-1 are not included. Just printed a 1065 48 page return and no K-1 instruction letters. We tried to create a custom letter bu the program did/does not contain the fields for the partners. I feel they will fix this for next year. As a simple work around, I created a letter to go with the K-1.

Are you going to prepare the trust return? If so, ask for the trust instrument and read it before you begin completing the trust tax return. In most cases the trust instrument will give you the taxation of the trust.

I suggest you call Dan at support with this one. He has been very helpful with getting any issue I have presented to him resolved in as quick a manner as possible. Make sure your program is up to date before calling him. You may want to have a copy of the form ready to fax to him. Good Luck!

Here are the steps to add a custom letter: Initially create the document you want to include in the software in MSWord or some other word processing program. Then follow the directions below. Also, make sure you check the box that indicates you want the custome letter to be visible in the print window. 1. Click on setup 2. Click on settings then manage/standard letter 3. Type the name of the letter in the space at the top of the window. 4. Minimize OneDesk 5. Open the template/document you have created and copy it and if you use key strokes Ctrl/C 6. Expand OneDesk and paste the template in the large window. 7. After the document is pasted you can move the items around, bold the font; etc. You can also put in items from within the program from the thumbnail window on the left 8. Once you have the document the way you want it, click ADD Letter at the bottom right of the large window your letter/document should appear in the side window under existing letters. 9. Now once you complete the return and click on print/view, your letter/document will appear there to be printed with the rest of the return.

Just to add, parking fees are never deductible as an employee expense and is always considered part of the commute. In my post about UNC, the parking fees are deducted from the employees pay. But I guess they can park anywhere they want and nothing is required. So much for listening to clients. Parking fees as a business expense are deductible and the conditions set forth by the IRS are in the pub that I posted above.

http://www.irs.gov/publications/p463/ch04.html#en_US_2013_publink100033920 I stand corrected the publication above explains this very clearly.

Maybe I wasm't clear but there are two partners and the partnership owns seven properties. Six of these properties have recourse loans guaranteed by both of the partners which I know the liabilitiy adds to their basis. I have their initial investment(s) amounts plus one of the properties they paid cash for and immediately turned over to the partnership. I have asked for the balance of the six mortgages so I can reduce their individual basis and adjust capital. I just wanted to be sure I was on the right track. The partnership experienced a loss this year and I have been retained for accounting purposes as well as complete the tax return. Thanks for your input.

I think you have covered this very well. Only thing I see is the recapture of depreciation at the time of selling.

Joan the 1098MA is for information only. If your client can itemize they can deduct mortgage interest up to the amount reported on 1098. This form is for payments made for them by HUD. Normally if your mortgage payments were paid by an assistance program then none if the interest is deductible. Please excuse typos as I am replying on my IPhone.

When calculating the ending partner basis, one of the items to consider is a reduction in recourse liability. My partners have seven loans on seven rental properties that they are personally liable for. So, for each year they make payments reducing the balance of each loan, should their basis be reduced by the amount of principal paid on the loans? Seems to make sense to me but would like other opinions.

I'm glad they won't use the 666 number. It would really make me wonder who they are if they began doing so. I have filed a couple with the "8" in the first digit and have had no problems. But, I'm not using ATX either so I don't know if that is related to your problem.

JB I feel your pain. Our local goodwill gives out blank receipts with just a date on them. It gets interesting when I tell the client he/she has to itemize the items out and determine the FMV and estimate what their inital cost is so I can fill out the 8223 form (Is that the right form number?). That usually gets them. Remember it is their job to assign a value to the donated items. Of course we are to scrutinize this when something like one guy I had wanted to deduct $600.00 for each of the ten Armani suits he claimed he donated. I said sorry bud but thrift store price at about $15.00 a piece is FMV. Don't you know he was estatic with me. Matter of fact and now that I think about it, haven't seen him since.

I had a client this year who wanted to see if I got the same refund amounts they did using Turbo Tax. Well, I did get the same Federal figures but not NC. The amount of refund was higher due to thier failure to recognize an allowable 2000 deduction for private retirement benefits they were eligible for. I got the paid to do the return and got a new client. So, I say, check me if you will but it seems they make mistakes due to their lack of knowledge. I tell them the software is only as good as the person is who is inputting the information. Sure it is question driven but if you don't answer the question correctly then oh well.

Catherine has nailed this one. Do as she says. Read read read as you won't regret it. This is so true especially if there is a trust involved.

I'm wondering why not the tolls and parking for both jobs? The issue here is the commute mileage with Pacun has identified correctly. I have many clients that pay substantial parking at UNC because they are required to do so. UNC indicates the amounts on the employee's W-2 forms. I guess maybe the answer is no due to the fact the employer in your situation is not requiring a special place for parking.

Dear client, please have your children use your, a or wherever bathroom prior to your arrival at my home office. Do I need to say more? I am glad we have all experienced some of the same problems. Lost a client one year when my wife got mad when she found their kid buried in the middle of her Christmas decorations located under cover on one side of the room. Go figure

Make sure you have the latest update for the DeskTop version. OneDesk updated the software for the exact problem with the 8825 you are speaking of. I did incurr the identical problem but now through the last update it is fixed. Not sure why I went with a reseller. I guess the main reason is because I used it briefly last year so I was a little famailar with it. It doesn't appear there are any differences in functionality. Also, if you noticed the K-1's for partnerships and S-Corps appear to not generate a cover letter with instructions. I was told they were going to try to get this fixed as well. Page 2 of the K-1 with code descriptions will print but as far as I can tell no letter.

I got to stick with Mr. Pencil on this one. I did read that portion of circular 230 and have always based my client interview on those circumstances. While the new due diligence rules are good in my opinion, the only real requirement is the 8867 for EIC. As was previously said, I have clients that I have been serving for the last seventeen years, I know them and they have established a pattern of claiming the same kids until they turned 17. I make my notes and check did not rely on any documents. So for now,I sticking with what I have been doing.

<<<If convicted, Pratt faces up to 33 years in prison, including a two-year minimum mandatory sentence, a fine of up to $2.25 million, a special assessment of $900, and two years of supervised release.>>> Is there really any chance that she will be found innocent? I wonder how they will ever collect $2.25 million especiallty after serving 33 years wihout a job. And I agree with Tom about the HRB and Liberty thing. I wish someone would get on them for all the false adverstising they do. $50.00 instant check for filing today but the tax prep fee is $400.00. These folks who fall for these things don't even realize the $50.00 came from their refund.

That was going to be my question asking if there was an accountable plan. If not, they can deduct the expenses if the employee turned in receipts or they themselves pre-paid the expenses which of course they would/should have the receipt.

Personally, I would think the estimated useful life would come into consideration here. I agree with the 5 year class but also agree with Tom on the 7 year class. Sometimes we have to use our own good judgement as every item that could be depreciated is not specifically listed. I would lean toward 7 year class.

You are correct. As mentioned earlier, I hope your client's are on speaking terms. Really no harm done as they will probably get a higher refund or greater reduced tax due.

Are you using the software for individuals only or for businesses as well? I am using the OneDesk for both. I do like the way it functions but have discovered some problems on the business end. First off, there is no fixed asset manager. I reported this and their support (Dan) said it would be an item for next year. Also, there is an error with completing a 1065 return with form 8825 in it. I have only one 8825 form with seven properties on it and get the error that only one 8825 can be attached. This too is supposed to be fixed. It appears they are light on the letters as well. I have been unable to find the partner/shareholder k-1 letters and page 2. We used a work around to get to the print view menu and the letter is not there either. I know last year in TaxSlayer Pro, the letter didn't appear until you printed the return. I hope that is the same with OneDesk. If they get these little problems solved, then it will be good software. I have had no e-filing problems other than the NC problem and it was fixed right away. I am hopeful for a good year with OneDesk.

I have always done this for clients who were getting a RAL or some other bank product and my hispanic clients in case there were name issues. I guess I better obtain this information for all clients.

I had lunch today with a friend and client at a local restaurant. At the check out were the coupons from Liberty Tax advertising the $50.00 instant check if you come in and get your taxes done. Just to make converstion, I told the girl at the register that this was a gimmick and folks probably didn't get the $50.00. her response "Oh yes they do, I got mine when I had my taxes done a couple days ago." Me- Okay but what was the prep fee? Don't they kinda burn you there? She - Oh yeah that was a little rough at $400.00. After she realized what had happened she now knows that the $50.00 she got was hers to begin with. Geez I can't believe people fall for these things.