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PhoebeRoberts's Posts

Make sure that down at the bottom (red circle) it says Pre-Filters: None. If it says anything else, click on the button with the three dots just to the left and click Reset and then OK. Then at th... See more...
Make sure that down at the bottom (red circle) it says Pre-Filters: None. If it says anything else, click on the button with the three dots just to the left and click Reset and then OK. Then at the top, under Filter, click Client Status (not any of the statuses underneath) to see your full client list.  
Truly I don't know what happens when a client can't authenticate. My educated guess would be that it just hangs out there until expiration. I have no opinion as to whether Intuit would refund for the... See more...
Truly I don't know what happens when a client can't authenticate. My educated guess would be that it just hangs out there until expiration. I have no opinion as to whether Intuit would refund for the expired request. From an e-filing / Lacerte perspective, sending the e-signature request doesn't change anything about the e-file process. So if a client has issues, you can always mail / fax / securely transmit a PDF the 8879 for them to paper sign and return. Converting the return to paper would be a last resort possibility. Even my least-savvy clients reported no difficulty with the e-signature requirement, whether there were emails to multiple addresses or just to one. 
" When the IRS and states open for e-file processing," as the message says. The IRS has not yet announced when they'll be opening.
That is an accurate summary of the current status of 1040 e-file. Did you have a question about it?
I don't remember the exact details, but I didn't have any trouble getting DocuSign e-signatures through Lacerte for clients with shared email addresses back in October. I don't know how minor child... See more...
I don't remember the exact details, but I didn't have any trouble getting DocuSign e-signatures through Lacerte for clients with shared email addresses back in October. I don't know how minor children are handled. 
You enter the Box 1 amount as an "indirect rollover to other than a Roth IRA".  In the Screen 13.1 entry for that specific IRA distribution, fourth section down is Rollovers, first item.
1) Form 3115 only pertains to the depreciation issue, and is the only permissible method for changing the amount of depreciation. You get a 481(a) adjustment in the current year (2020) for the 2018 a... See more...
1) Form 3115 only pertains to the depreciation issue, and is the only permissible method for changing the amount of depreciation. You get a 481(a) adjustment in the current year (2020) for the 2018 and 2019 amounts, plus 2020 depreciation under the newly-adopted method.  2) The depreciation taken in 2018 and 2019 was correct under the taxpayer's adopted method of accounting. The accounting method change isn't retroactive; the prior-year adjustment is handled under 481(a). 3) No, the return has to be "true, correct, and complete" to "the best of [your] knowledge and belief." You can't start with an incorrect number (unless the client has already gotten a benefit from taking a larger deduction, in which case the prohibition on double-dipping wins). Note also that the statute of limitations for the IRS to examine the carryforward runs concurrent with the year in which the loss is eventually used, not the year in which it arose.  4) Yep. If it were an NOL, the statutory authority would be Rev Rul 81-88; I don't happen to have a Form 8275 handy for one in which a passive loss carryforward was involved.  5) The answer to "can I wink and nudge so my client can cheat" is "no." The answer to "can I make a good-faith reliance on my client's reasonable representation that they file the amended returns I prepared" is yes.   In the simple scenario in which both 2018 and 2019 were loss years, and that there was no current tax benefit from the losses (due to the AGI > $150k passive loss limitation, for instance), document the right amounts and carry the correct amount to 2020. I personally might file a Form 8275, particularly if the client is likely to change preparers before using up all the loss carry fowards, because there's nothing worse than a client coming along with all their back returns and there's no documentation as to why the carry forward coming out of the 2019 return isn't the same as the one coming into the 2020 return, and 10 years from now the client isn't going to have any idea. In the complex scenario in which amending 2018 and/or 2019 resulted in a change in tax for one or both of those years, amend the years that change and carry the correct amount to 2020. Reference document: http://www2.csudh.edu/rmalamud/tn083099.PDF is pretty readable, and has good footnote citations. There have been no substantive changes in the last 20 years; you may note that the references in the document go back to the 1960s, so this is pretty old stuff. It's just obscure.
One of my carryover notes for one of my clients has a detailed list of proforma'd things that should be deleted (prior-year IDCs from pass-throughs because I calculate excess IDCs at the entity level... See more...
One of my carryover notes for one of my clients has a detailed list of proforma'd things that should be deleted (prior-year IDCs from pass-throughs because I calculate excess IDCs at the entity level, state source passive carryovers for AMT because none of the states involved have a state-level AMT), which things shouldn't be deleted (state-source passive carryovers for regular tax), and how to get the amounts to key back in when you delete the wrong thing. I find the automatic error checking (those little red !s in the Detail screens) slows my computer way down, but I've never noticed a significant lag due to auto-save.
1) Yes, once you've adopted a method of accounting, even if it's an incorrect / impermissible method, a 3115 is the only technically correct way to change your method of accounting. Not every decisio... See more...
1) Yes, once you've adopted a method of accounting, even if it's an incorrect / impermissible method, a 3115 is the only technically correct way to change your method of accounting. Not every decision constitutes a method of accounting, but using the same depreciation method ("no depreciation" is a method) for the first two years an asset is placed in service constitutes adopting a method of accounting with respect to that asset. 2) The client can choose to amend 2019, or not. The amount carried forward into 2020 is required to be the "as if prior returns had been prepared correctly" amount, whether the client chooses to amend 2019 or not. "Correctly" in this case includes "using the taxpayer's adopted method of accounting," so isn't a workaround for the depreciation issue. Caveat that if the client got an impermissible benefit in a prior year, you can't double-dip. So if your client had taken an impermissible rental loss in 2019, the amount carried forward to 2020 would be reduced by that impermissible loss unless the client amended 2019. 
It saves semi-automatically. Under Settings, Options, Setup, Numeric Detail Input you can set the Automatic Detail Save frequency, but even if it's disabled, exiting Lacerte normally or viewing For... See more...
It saves semi-automatically. Under Settings, Options, Setup, Numeric Detail Input you can set the Automatic Detail Save frequency, but even if it's disabled, exiting Lacerte normally or viewing Forms will save.  I personally have it set to save every minute (as often as possible), and when I've had a crash, I generally have lost minimal input. The downside is if you totally screw something up (over-zealous deleting, anyone?), you can't go to Detail, Abandon Changes and undo it unless you notice really quickly.
Being stuck with no depreciation deduction until they accept the consequences of their initial error. Preparers can't advise them to knowingly prepare an incorrect return, and can't sign the return t... See more...
Being stuck with no depreciation deduction until they accept the consequences of their initial error. Preparers can't advise them to knowingly prepare an incorrect return, and can't sign the return themselves. Plenty of people in jail for not understanding the law and not affording a lawyer to do it for them. This is just money.
Both bonus and 179 are depreciation for calculating the ordinary gain on disposition, but if they're in an entity, the K-1 presentation is different.  You can elect 179 dollar by dollar, but bonus... See more...
Both bonus and 179 are depreciation for calculating the ordinary gain on disposition, but if they're in an entity, the K-1 presentation is different.  You can elect 179 dollar by dollar, but bonus is all or nothing by depreciable life (all your 5-year property).  The bonus depreciation rules and planning techniques changed this last year, so worth getting some continuing education on.
One is 100% bonus depreciation; the other is Sec 179. You can look at the Depreciation Schedule under Forms (you'll want the Regular, not the short version) for more detail.
Short version: if the LLC will continue to be taxed as a corporation (C or S), no new EIN. If it will be taxed as a partnership or disregarded entity, you need a new EIN (and have a taxable event).  ... See more...
Short version: if the LLC will continue to be taxed as a corporation (C or S), no new EIN. If it will be taxed as a partnership or disregarded entity, you need a new EIN (and have a taxable event).    https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein Corporations You   will be   required to obtain a new EIN if any of the following statements are true. A corporation receives a new charter from the secretary of state. You are a subsidiary of a corporation using the parent's EIN or you become a subsidiary of a corporation. You change to a partnership or a sole proprietorship. A new corporation is created after a statutory merger. You   will not   be required to obtain a new EIN if any of the following statements are true. You are a division of a corporation. The surviving corporation uses the existing EIN after a corporate merger. A corporation declares bankruptcy. The corporate name or location changes. A corporation chooses to be taxed as an S corporation. Reorganization of a corporation changes only the identity or place. Conversion at the state level with business structure remaining unchanged.  
I paste a lower-case q formatted in Word into the Wingdings font. The Lacerte questionnaire requires a good deal of fiddling to produce the desired result.
Do you have the asset entry for the vehicle linked to Form 2106, rather than to Schedule C? It's one of the first fields below the grid.
That's the worksheet on page 74 of the forms instructions: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf It's not a calculated amount; it's literally the number printed in the instructions. It's the ... See more...
That's the worksheet on page 74 of the forms instructions: https://www.irs.gov/pub/irs-pdf/i1040gi.pdf It's not a calculated amount; it's literally the number printed in the instructions. It's the true-up to take graduated brackets into account.
That screen is accessed by clicking the button in Screen 14.1 under Withholding. It's labeled " Form 1099/MISC/NEC for E-File returns"