Abby Normal

Calling ATX when I was still a newbie is how I learned this. You would think there would be a knowledgebase article about it but I can't find one.

Is the estate still open? Who got the money? If the surviving spouse got the money, If the employer can't or won't void that bonus check and process it as a 1099, then I'd just enter the W2 on the surviving spouse's return, or run it through the estate, if it's still open.

Short Year Rollover for Final Business Returns After completing the current year return, go to the Rollover Manager and select the Last Month/Quarter tab (it doesn't even look like a tab until you click on the words). Then find the return you completed and roll it over. When you go back to Return Manager, you'll see two returns with the same name, except one will have (rolled over) after the name. When you open the return, you'll see that the beginning balance sheet matches the ending balance sheet for full year return and the beginning accumulated depreciation on all assets will be the ending amount from the full year return, and any carryovers will be correct. Then, before doing anything else, enter the final short year dates on the main form. Prepare the final short year return as usual and efile it.

You're right it should. I'll see if I can add it. If not I'll ask @jklcpa

When you go into the Rollover Manager and click on the Last Month/Quarter tab (probably named for payroll returns) you will see all returns in the CURRENT year software, not the prior year software. Example: You did a full year 2021 business return. The business closed early in 2022. Even with extensions the 2022 forms will not be ready in time. So you go to Rollover Manager, select the Last Month/Quarter tab instead of the 2020 Returns tab, and you'll see the full year return you did for 2021. When you roll that over, all your 2022 short year beginning balances will match the 2021 ending balances. This is especially important for fixed assets ad any carryovers. The rolled over return will have (Rolled Over) appended to the name. Open it and enter the 2022 short year dates on the main form, and do the 2022 return on the 2021 forms, and you can efile it just like any other return.

We use a Google Voice number for sending and receiving texts from clients. All texts are in one central location regardless of whose client it is, and there's no extra steps involving in saving attachments to our server, like there is if it went to an actual cell phone.

You can extend as an 1120 and it will count for an 1120S. I know the due dates are different, but it works. So efile the 1120 extension then paper file an 1120S extension, and refax the 2553 to the IRS with explanation.

This has been an ATX bug for at least 5 years, but in years past, reprinting the return after closing/reopening always fixed it. This year, that no longer worked for me. So I opened a case and Brent from support called me back two days later. He was able to see the bug by remoting into my computer. This was great because in years past, I was never able to show the bug to support. And what we discovered was that if you print preview before printing, these worksheets will print. And, you don't need to preview each packet. Just previewing any packet will fix all of the packets. But more importantly, he now has a good example of the bug to show the programmers, so they'll have a chance to diagnose this.

https://www.journalofaccountancy.com/news/2022/feb/irs-offers-further-k-2-k-3-relief.html The relief announced Wednesday applies where: In tax year 2021, the direct partners in the domestic partnership are not foreign partnerships, foreign corporations, foreign individuals, foreign estates, or foreign trusts. In tax year 2021, the domestic partnership or S corporation has no foreign activity, including foreign taxes paid or accrued or ownership of assets that generate, have generated, or may reasonably be expected to generate foreign-source income (see Regs. Sec. 1.861-9(g)(3)). In tax year 2020, the domestic partnership or S corporation did not provide to its partners or shareholders, nor did the partners or shareholders request, the information on the form or its attachments regarding: Line 16, Form 1065, Schedules K and K-1 (line 14 for Form 1120-S), and Line 20c, Form 1065, Schedules K and K-1 (controlled foreign corporations, passive foreign investment companies, 1120-F, Sec. 250, Sec. 864(c)(8), Sec. 721(c) partnerships, and Sec. 7874) (line 17d for Form 1120-S). The domestic partnership or S corporation has no knowledge that the partners or shareholders are requesting such information for tax year 2021.

sendinc.com

Or buy a scanner, or use a phone app, to create PDFs of all important documents.

There's no need to call ATX. When you do the short year rollover, it can easily be efiled because it's a separate return, as it needs to be.

Do NOT paper file it. Roll it over as I showed you and then efile it. I do this frequently.

If the 1099R is in the name of the estate, you must report on the estate. If you try to report it directly on the 1040, you'll never get that $300 of tax withheld back. I usually just let the estate get the refund, for simplicity. If you choose a fiscal year and mark it final, all the income will pass out to the bene's. It doesn't matter that the distributions were not made yet. And there probably won't be enough income between 1/31/22 and now to even have to file a 1041 next year. Just make sure the source of the 1099R is switched to bene's ASAP so no more distributions are made to the estate.

I feel your pain. We have the easiest secure email I've ever used and we still get people saying, "It doesn't work." I so badly want to tell them they're stupid, but that's why we have these forums to rant in.

I'm sure we won't need to print every page. Right? RIGHT?!?!

They can still use Direct Pay to make a payment. They'll need to use 2020 1040 for verification since 2021 isn't processed yet. Trust me, the IRS wants to take their money. https://www.irs.gov/payments/direct-pay

Why does no one know how to do short year rollovers in ATX? Here are my notes: 1) Go to Rollover Manager and click on the Last Month/Quarter tab. 2) Select the return. 3) Click Rollover. 4) Once you go back to the Return Manager, the return will contain (Rolled Over) in the Name. The return will roll over the data as if you were rolling over from the prior year.

I never saw them come down in the update report, but I do see them in Add forms.

I hope they're better than most of the other chat bots I've used. Some of them are just horrible and I end up typing curse words at them.

If the initial return is not also the final return, the cap loss will stay in the estate until the final return. If there's no income being earned in the estate, I'd mark the return final, let the estate pay you and the attorneys, etc. then distribute the cash now.

In a final return, all income tax liability, even on capital gains, rests with the beneficiaries of the estate. The final Schedules K-1 will carry out all the income. Source: https://www.journalofaccountancy.com/issues/2012/may/estate-planning-20125011.html It's a good article. I never thought about choosing accrual method for an estate, but it would have come in handy a few times.

I don't think I've ever answered that question in ATX. If I don't get a red error, I don't mess with it.

I hate it when I'm trying to link FROM a form and it won't let me do it because you're not allowed to link TO that form.

It's not a choice. If distributions are made, income must be passed out to the beneficiaries. And if it's a final return, the capital gains and losses will pass out on the K1 too.