Abby Normal

There's an insane tax preparer in my county who advised a retired lady turned 'artist' to start an S corp and rent a space so she'd look like a real business and be able to deduct huge losses. She sells about $500 of paintings each year. Fortunately she came to me before she did put any assets into the S corp, but she's still paying rent on that lease. I explained to her that buying deductions is a losing game and a hobby is still a hobby even if you put it in an S corp.

Elderly client had half a million in a savings account. Someone talked him into investing in 2015. 2015 was a down year so he sold everything after losing 80k. BUT the investments that the Wall St. broker put him in paid 55k in dividends. He didn't need the income! So he lost money overall but still has to pay a lot of tax. And he'll never live long enough to deduct that 80k at 3k per year. Somehow, we never got the 1099, so we just got an IRS notice... with a substantial understatement penalty. He'd be miles ahead if that money was still in his savings account. TGIF!

It's been awhile since I've done one, but the gist is that tax attributes (loss carryovers, asset basis, etc.) are reduced by the amount of debt cancelled in a bankruptcy. See for 982.

Try typing in Notepad then copying and pasting into K1 letter. If that works, you can leave the all caps preference on.

Why couldn't they have left Other and just add Various? That seems like the better solution.

18 miles, 25 minutes. It's my podcast listening time... unless I'm fed up with the world, then I crank up some hard rock. I take the scenic route out of town to avoid school buses. It's a mile longer, but I'd rather see this than the back of a school bus.

On the 1116 and the 1099-DIV Other Country has been changed to Various, BUT on the K1 inputs for all 3 entities it's still Other Country. I let ATX know so hopefully they'll fix it.

I detest caps everywhere except tax returns. It mostly has to do with on screen reading and small fonts on tax forms.

I don't know why, but I can't stand email addresses in caps, so I type the email address in another program and copy/paste it into ATX. I guess that would work with K1 letters and billing invoices, too (neither of which I use).

The problem with the new ALL CAPS preference is that any edits to K1 letters and billing invoices are in caps (people have already complained about this). Also, Notes are not in caps so I have to turn caps on anyway, when I need to create or edit a note. I submitted a suggestion to to give us 3 check boxes for caps for forms, K1 letters/billing invoices and notes.

I wonder what they'd do with an amended return that removes the penalty?

https://www.washingtonpost.com/national/health-science/trump-health-officials-propose-rule-to-shore-up-affordable-care-act-marketplaces/2017/02/15/1f69bd7c-f307-11e6-b9c9-e83fce42fb61_story.html

We use caps on tax returns and notes but not letters, for readability. I also have an AutoHotkey script that turns caps lock off if you hold shift and press a letter. I always make the first letter in my passwords capital so that I never type a password wrong.

You remove the original cost from the table and show the original cost on the 4C as a disposal. 4C needs to reconcile to 4B and it should also match the table on Form 1.

Check your Global Asset Settings in Fixed Assets. There's a check box at the bottom to not use MACRS. About the 'switching' you want to do, are you talking about when you add a new asset for the current year, or switching in subsequent years? You can choose to use elect out of MACRS for new assets, but you can't switch methods after the asset is in service.

This should come with a warning for epileptics!

From Return Manager, click on Forms menu (not icon), then choose customize master forms. I find it's best to open all the common forms at once because what you see on a form sometimes depends on another form being open.

Do you like Blue triangles? I do not like them, A-T-X. I do not like Blue triangles. Would you like them Here or there? I would not like them Here or there. I would not like them Anywhere. I do not like Blue triangles. I do not like them, A-T-X.

The RE taxes go on Sch A but the mortgage interest can only go to Sch A if they don't already have a second home.

Enter Zero for Business Use % Enter 0.001 to make the business use % zero.

If you enter 0.001% you can make the business use % zero.

I guess the TPP 1040 Lite is a lesser version Practical Tax Expert Pro that comes with TTO and Advantage. I'm not surprised that it's still accessible in Intelliconnect. Do you see Practical Tax Expert Pro?

It's included in the Max package. It may well not be included in whatever levels are lower than Max. Here's the comparison chart: https://www.cchsfs.com/professional-tax-software/compare-atx-packages.aspx

Tax line research has always been in the right-click menu for tax form lines, and it's a clunky interface just as rfasset described. The right click menu also has Master Tax Guide or you can click on the green Tax Research icon in the top bar. If you click on the green Tax Research icon, you can get to the TPP 1040 Lite tax line research by expanding: Federal Tax Federal Tax Editorial Content CCH Tax Prep Partner TPP 1040 Lite and then scroll thru the various subjects. Or click on CCH A-LINE-D and that clunky interface will open in a popup window.

It did cause excitement, just not the kind ATX was hoping for.