JackieCPA

I have a lot of non-profits who have a 990-T for gambling who are generally in the 15% corporate tax rate, they will now be in the 21% corporate rate and only get to use 80% of their NOL's. I find that frustrating because they aren't in the business to make a profit, every dollar they earn goes towards taxes, allowable expenses, and donating to good causes. They already pay more in gambling taxes, federal/ state corporate taxes, and other taxes on their profits than they actually get to donate.

This is true, but it sure would make me happy!

I really like using the 1040 tax planner in ATX. Super helpful! Does anyone know if ATX has one for the states, or is it just a federal planner?

I feel that it is going to be challenging during tax season just because of the clients who will come in. "Well it is so much simpler now, it's only a postcard we should have our tax fee cut in half."

Hello! My firm just started using ATX this past year. LOVE IT! My only question/concern is when you amend a return it automatically makes a copy of it so there are two returns under the same name. One was the first, second was the amended. When the clients roll over into the 2018 software, is there going to be two copies of each of the clients that were amended?

So, I read that for fiscal year returns with UBIT, they will need to pay a blended rate with partial of the 2017 tax rate and partial of the new 21% rate. I figured out how to figure the blended rate, however, will I have to override the taxes due in ATX? Has anyone else run into this?

So I had a tax return with a 1095-A. The 1095-A had the mother and two sons included in the policy. One son is not being claimed as a dependent (makes 28,000), the other son is a dependent. The mother and father make 85,000 combined and had a huge PTC during the year. I put the 1095-A on the parent's tax return and didn't allocate anything to the son who is not a dependents tax return. The parents had to repay the entire credit. Now, the son got a letter from the IRS stating they want the 1095-A and the 8962. Should I write the IRS a letter saying it was put all on the parents? Does it have to be allocated between them?

Does anyone else have clients who complain about your measly fee (That should be higher) and you look at their investment paperwork and they have paid $51,000 to their investment company just this year!?

Does anyone use Form 8846 in their partnership or S corporation returns? I am curious on what Line 5 is for, it doesn't show in the directions and I want to make sure that I complete the form correctly. Also, I have a couple non-profits who have a bar and pay taxes on their employee's tips, would this credit be usable on the 990-T?

Also, If I am just adding to the Form K1 and it has nothing to do with the Form 1065. Can I just send amended K1s without sending in the whole tax return?

On the Form 1065, there is a box for Amended return. Do I use that to amend the return or do I need to use the Form 1065X? What is the difference?

Figured it out! Thank you so much for responding!

I miss spoke! It was a Form 1065 I am trying this on!

New user to ATX software! I have a construction company, I am trying to get information on their Form 1120S, Schedule K1, Line 13, Code T. I filled out the 8903 on the 1120S hoping that information will flow correctly to the K1 but I must be missing something. It is putting the information in Code U and V. Does anyone know how to get this to be on the correct code? Please advise!!