I have a Corporate client in Virginia who also does business in Texas, and files a Texas return.  Their gross receipts are clearly less than the $20,000,000 limit, so they should be able to file a Texas return, but the program isn't permitting; it automatically generates the long form.  Is there a toggle to change this? Thanks!

The instructions to the Texas Franchise Return indicate that corporations with $20 million or less in annualized total revenue may choose to file using the EZ Computation Report (Form 05-169), but I can't figure out why Lacerte keeps trying to generate the 05-158 reports.  Total revenue is $3.5 million. It looks like I wouldn't have to worry about the Cost of Goods Sold adjustments if I do the EZ return, which is very appealing to me, especially since when all is said and done, the corporation doesn't owe any tax. Any thoughts? Thanks!

I have an individual taxpayer who has invested in partnerships that either are foreign partnerships or have transferred property to a foreign corporation.  I think I'm okay on Forms 8865 and 8938, but am really uncertain about filing Forms 926 and 114. Form 926, I thought that a filing was required if an individual taxpayer directly or indirectly transfers cash to a foreign corporation and immediately after the transfer holds at least 10% of the total voting power or total value of the foreign corp, or the amount transferred by the person to the foreign corporation during the 12 month period ending on the date of the transfer exceeds $100k. However, in my reading of the actual IRS instructions, I can't find this language (maybe the law has changed?). It's looking like I need to file Form 926 for each partnership interest associated with transfers to a foreign corp.  Does this make sense? Form 114, is the individual taxpayer in the situation above considered as having a financial interest in a foreign financial account?  I previously thought not, under the reasoning that the taxpayer isn't the owner or record based on my reading, but now I'm questioning this as well. Grrr.  Why do they need so many different forms for foreign information, with such terrible consequences for nonfiling?? Thanks for any help!

It's my understanding that today is the day we can efile 1040X through Lacerte.  I had an amended return that I was sitting on, waiting for today.  I went into the client, and marked the return for e-filing (screen 1).  Then, I tried to efile it, using the "e-file Amended Return Wizard".  The program responded that the "Client is not setup for any amended returns that can be e-filed".   Is there something else I need to toggle here? Thanks!

My client invests in stocks, and as a result of COVID-19, suffered losses due to the decline in market.  Since the President declared COVID-19 a federal disaster, I believe it's possible to make an election to take the stocks sold at a loss in 2020 as a result of COVID-19, and apply them to 2019.  I see where the actual election is made, but do I have to do anything in the disposition screen to identify these stock sales as being attributable to Sec 165(i)?   Thanks!