Abby Normal

If not many assets, discard 4562 and Fixed Assets. Try rolling over return again. We had a similar problem and the resolution was to correct errors in prior year fixed assets. In our case it was garbled short year dates.

Just had to go down to 135% on this site because of the new larger default font. Let me know if you ever want to change the default FF %'s for zoom. These are my what I changed mine to in about:config: toolkit.zoomManager.zoomValues .3,.5,.6,.7,.8,.9,1,1.1,1.2,1.25,1.3,1.35,1.4,1.5,1.6,1.7,1.8,2,2.5,3

Just count backwards 3 years: 19, 18, 17. We can only efile 3 most current years. 17 will drop off as soon as IRS closes efiling in November (usually).

In other words, the 80k was wrongfully included in sales, because it was deposited to the bank account but not properly recorded as a liability. That means the losses they reported on Sch C were off by 80k, and returns should be amended. Some of that 80k is probably penalties and interest. This is why I don't like to do Sch C's without a balanced set of books.

I have a custom serif font that I find more pleasant and readable, but some sites use crazy fonts for icons and my custom font makes a mess of those sites.

Sounds like you have an offsite database and a main database. Never a good situation. Preferable would be a VPN to access your main database remotely. We have 3 locations now and that's how the other 2 locations access the main database. Another option would be for the remote preparer to login into a computer on your network. If none of that works for you, It would be preferable to use backup/restore vs. export/import. ATX creates a backup every time you close a return, and puts an index number in the file name (1,2,3,...), so you could locate where these backups are and just copy the latest ones (sort by date) then restore those.

The only way sales tax can be deducted is if it was previously (and foolishly) included in sales. Or was your post wrong about it being sales tax?

Agreed that client 'received' 185K and that it's all income. JE to pay off liabilities in DR liabilities and CR other income.

Ctrl+ will increase fonts on almost all websites. In firefox, I was able to change the default increases and decreases (Ctrl-) to suit my liking. I view this site at 150%.

Great articles, Judy. I bookmarked them both. Should probably print them to PDF for reference.

I've used this view for many years and it serves me well... except when I end up in the Drake forum and feel like Dorothy in Oz. https://www.atxcommunity.com/discover/12/

That's... something I would never do. Two lines on the 8949, one for code A and one for code D with MW code is the proper way.

Why? All you need is totals on the 8949 with codes MW. Anything else is a waste of time.

No, it's a rusty brain cell. I may be thinking of something to do with partnerships.

If the 5k loss is after the 10k depreciation then the rental shows a 5k profit, which is offset by 5k of depreciation (separately stated), right?

And CCH is owned by Wolters Kluwer.

Isn't there something about an ownership change of 50% or more, freezing the NOL?

The income taxed in MI is a pass-through MI entity which is not even taxed in MD, so to take the credit for MD taxes paid on the MI NR return is doubly nonsensical. Thanks for replying!

But it doesn't seem “correct” to me. Instructions (and experience) day that only residents get that credit. I mean, the tax they're getting credit for is not on the same income that's taxable in MI. I'm just going to override it to zero. Thanks for the reply!

Paging Michigan preparers. Anybody out there?

I've checked nonresident, and chosen nonresident for school district and attached the NR form, but ATX is still calculating credit for taxes paid to a second nonresident state. The taxpayer has pass-through entities in both MI and MD, but is a resident of DE. I've read the instructions for MI 1040 and it says the credit is only for residents. What am I missing or is this a known bug?

It's taking longest for my trust clients. I thought all payments went to bank lock boxes so the IRS employees couldn't steal them... I mean so the IRS didn't have to process them.

The other states tax credit and improved automation of state and local taxes, make it worth it to me. I've never been able to make the 1099-Q calc's work and the education credit optimization is no big deal since you can easily see which is best by switching between them.

I think you were going for 'ravaged.' And, sorry to hear about your area having a rough go of covid.

There's an M2 reconciliation worksheet. Put the excess distributions in the adjustments column to reconcile it to Retained Earnings. Get rid of those fake loans, NOW.