Illni's Posts

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Illni's Posts

My understanding is that a cash-basis corporation only shows the interest as an expense when it actually pays out the interest. Could it be that you should be recording the imputed interest as other... See more...
My understanding is that a cash-basis corporation only shows the interest as an expense when it actually pays out the interest. Could it be that you should be recording the imputed interest as other K-1 taxable income to the shareholder and then back it off as an adjustment to M-1? Corporation has 30 days from end of tax year to actually pay out the interest if they wish to record it as a deduction on the corporation.
I would expect the second tech support person to be at a higher level of support than the first. I spent an hour troubleshooting with the first tech and he tried a multitude of steps to fix our probl... See more...
I would expect the second tech support person to be at a higher level of support than the first. I spent an hour troubleshooting with the first tech and he tried a multitude of steps to fix our problem of not being able to eFile. I next spent an hour with the next tech support, but they did nothing that the first person had not already tried. Their answer was that my internet provider did not have enough band width to send a simple tax return with a 1 MB attachment. My service is 15 MB down and 1 MB up and I have never had problems efiling clients with similar sized return files and attachments this entire season. ONLY this one client was an issue. We ended tha call unfavorably with "you need to call your internet provider and ask for more bandwidth of at least 50 MBs down." There was no mention of a recommended bandwidth UP , which is what a computer uses to SEND an eFile! This shows a lack of understanding or communication on the part of tech support about how things work and what we need to operate. Also it did not fix our problem of sending the file for eFile. After the call, I came up with my own solution which worked.....I simply copied the 2021 file and renamed it and had the pro-forma sent to 2022 program. Then I reinput off of the old original 2022 file, attached the 1 MB document, checked it for accuracy, and then successfully eFiled under the new client number. It was filed and accepted. This solution was not even discussed with the tech. The assumption, I assume, was that we were done here and I would have to paper file the returns -- very unacceptable in this age of overwhelming the IRS with paper -- the refunds would have been held up for at least 6 months or more. So my office lobby was backed up with waiting appointments for two hour delay with wasteful troubleshooting -- I had to come up with my own solution and it only took about 20 minutes.
Lacerte has a system error going on. I can't pay by ACH or override the critical warning with a payment set up in screen 3. It will not eFile. I was on hold with tech support today -- after 45 minute... See more...
Lacerte has a system error going on. I can't pay by ACH or override the critical warning with a payment set up in screen 3. It will not eFile. I was on hold with tech support today -- after 45 minutes the phone disconnected. No solution or workaround to this problem. Unacceptable -- it was working fine about 2 or 3 Lacerte updates ago. I expect their answer will be "sorry - you will have to paper file and make other payment arrangements online". 
my understanding is that the 8962 is NOT efiled if there is a "repayment due" -- only provided for our review copy -- which makes perfect sense to me, administratively. Why file it if there's no repa... See more...
my understanding is that the 8962 is NOT efiled if there is a "repayment due" -- only provided for our review copy -- which makes perfect sense to me, administratively. Why file it if there's no repayment to make? Why change the form for one lousy year? Sometimes I think we can wound up too tight about "filng a complete and accurate return". Sometimes you just have to exercise good judgement -- if there's no harm done to the government and no harm done to the taxpayer, then we've done our job, even if it looks a bit bastardized.
Thank you -- we understand the math, but how do you enter it into lacerte with "disposing" of the asset?
You're guessing? Drake, Tax Act got their software fixes for this issue on Saturday -- also H & R Block got the fix on Saturday -- you need to update your rolodex with the IRS.
According to Drake users, their software update attaches an information 8962 to the 1040 but leaves the repayment amount off of the 1040. Sounds like a reasonable and simple fix to me -- maybe you sh... See more...
According to Drake users, their software update attaches an information 8962 to the 1040 but leaves the repayment amount off of the 1040. Sounds like a reasonable and simple fix to me -- maybe you should call Drake?
For all the fees Lacerte charges us, why are we always the LAST to get software updates? It's embarrassing to go to a forum online and compare software and the cheap software users always gets theirs... See more...
For all the fees Lacerte charges us, why are we always the LAST to get software updates? It's embarrassing to go to a forum online and compare software and the cheap software users always gets theirs  fixed way before we do.
any more updates from IRS on Form 8962 "fix"?
this sucks for 2020 tax season and COVID
I have a tax due MO return to file and I see Direct Deposit check box, but I do not see a way to  check off that the client wishes to pay their taxes electronically when they eFile. Help!!
Isn't the main objective of real estate professional is to eliminate PAL limitiations? I have a huband and wife partnership and she is a RE professional, but he is not. However, my understanding is t... See more...
Isn't the main objective of real estate professional is to eliminate PAL limitiations? I have a huband and wife partnership and she is a RE professional, but he is not. However, my understanding is the spouse of a RE professional qualifes automaticall with the RE professional spouse. I noticed Lacerte will not allow the "non-RE professional" spouse's loss on the 1040 (due to income limitations) unless I check the box that he is a RE professional too. Anyone out there doing that on their "mixed marriage partnerships"?
Do you open up the tax year you are carrying back to do the 1045 or do you do the 1045 form in the tax module year that the NOL originates from?  
I'm sorry, but I don't see anywhere on the page a reference to COVID 19 for 1099-R on Lacerte. Do we still have to code the 5329 to show exempt from penalty or does the COVID reference get us out of... See more...
I'm sorry, but I don't see anywhere on the page a reference to COVID 19 for 1099-R on Lacerte. Do we still have to code the 5329 to show exempt from penalty or does the COVID reference get us out of the penalty and automatically divide the distribution by 3?   Thank you! Randy
Are other software vendors showing their Form 8879 in Draft form only like Lacerte? Is Intuit trying to push us into eSignatures?
Now if we can just get Lacerte to allow us to put preparer information on page 2 of the 5329. I don't think they do currently.
Maine has no way to change it. They tell us "whoever" set up the payment on the internet has to log in and change the dates of payment. Good luck getting Lacerte to do that for us!!! Supposedly a sig... See more...
Maine has no way to change it. They tell us "whoever" set up the payment on the internet has to log in and change the dates of payment. Good luck getting Lacerte to do that for us!!! Supposedly a sign in name and password is used but that would have been done behind the scenes electronically by Lacerte, not by me or the client. It's a catch-22 -- we can't get in because we aren't the ones who put it in there to begin with, Lacerte did (the Maine EZPay web site).
This only addresses Federal tax payments. How about State tax payments? How do we cancel those?
They have quarters provided by their employer -- isn't physical presence test enough? He doesn't have to own or rent a home while there does he? This isn't a bona fide residence test, just physical p... See more...
They have quarters provided by their employer -- isn't physical presence test enough? He doesn't have to own or rent a home while there does he? This isn't a bona fide residence test, just physical presence.    Thanks -- if he must meet tax home test, then give me an example of a contractor who meets the tax home test -- I don't quite understand what you're getting at otherwise.   Randy   (I've seen a court case that talks about "abode". That case would imply that unless the taxpayer cuts most ties with the U.S. then his abode is still in the U.S. and he would NEVER qualify for Form 2555 exclusion, even if he were in Iraq for 330 days within any 12 month period -- CORRECT?) The last time I had a client with 2555 was our minister and his wife, who sold home, possessions, car, and moved to Uganda for at least 330 days per year. So he clearly left his "abode" for a new abode in Uganda. So if a person is married and leaving wife and kids behind, he's pretty much out of luck for the 2555, RIGHT? If so, I'll just send this client to the preparer who did all of his "buddies" who took the exclusion. I'm anticipating a "fire fight" when he gets home if I try to explain that his abode is in the U.S. and not Iraq. Would love to hear your commentary on my commentary -- thanks a load!  
Can I call you? I have a client on rotational basis in and out of Iraq -- clearly does not meet 330 day presence for 2019 calendar year.  I'm trying to get dates for 2018 presence in Iraq as well. If... See more...
Can I call you? I have a client on rotational basis in and out of Iraq -- clearly does not meet 330 day presence for 2019 calendar year.  I'm trying to get dates for 2018 presence in Iraq as well. If we can get a 330 day period that overlaps 2018 and 2019, does that give them the full exclusion on their 2019 wages or only the months included in the 12 month period that meets the 330 day test?