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qbteachmt's Posts

It seems to be an embedded browser extension, and it's not a virus. Read this topic: https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/proseries-2020-install-stops-due-to-... See more...
It seems to be an embedded browser extension, and it's not a virus. Read this topic: https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/proseries-2020-install-stops-due-to-a-celfsharp/01/111328#M58040  
"I am just giving you different scenarios" Your clients didn't "miss" EIP 1 or EIP 2. They missed the Advanced Payments of the EIPs. These payments were computed using the tax return info for 2018 o... See more...
"I am just giving you different scenarios" Your clients didn't "miss" EIP 1 or EIP 2. They missed the Advanced Payments of the EIPs. These payments were computed using the tax return info for 2018 or 2019, as a Best Guess by the Feds for projecting what your clients will qualify for in 2020. The payments are part of a recovery plan for 2020. Actual Tax Return data will be used in 2020 as a reconciliation function. We were impacted in 2020. Everything applies to 2020 actual events. So, your clients need to file a factual 2020 return. They got $0 for any payments, so you will put $0. And the 1040 will show if they are now qualified for $. I hope this helps you think it through.
"If an employer were going to defer, that deferral would happen on the payroll tax return" And that wording also warns the employer that any amounts already paid in through the 941 deposit process c... See more...
"If an employer were going to defer, that deferral would happen on the payroll tax return" And that wording also warns the employer that any amounts already paid in through the 941 deposit process cannot be refunded for that period where you would have wanted to keep the money (defer deposit), as an afterthought process (when filing the form 941 or 944). " "However, you can't defer amounts that you have already paid." Does that mean they'll use any refund on the 1040 to offset the deferral?" It means the other way around. Think of this as a step towards parity for the self-employed to get to the same place as employers and employees for these deferrals. "30. Is a self-employed individual who defers 50 percent of the Social Security tax on net earnings from self-employment income, or a household employer that defers the employer's share of Social Security tax under section 2302 of the CARES Act, eligible for a refund of the deferred amount of tax at the time the taxpayer files its Form 1040, Individual Tax Return? (added July 30, 2020) Generally, no. A taxpayer who has deferred his or her payment of the employer's share of Social Security tax or 50% of the Social Security tax on net earnings from self-employment under section 2302 of the CARES Act is not eligible for a refund due to the deferral because the deferral amount is a deferral of payment, not a deferral of liability. Therefore, the deferral itself does not result in an overpayment of taxes reported on Form 1040. However, if a household employer is eligible for advanceable paid leave credits under the FFCRA and reports those credits on Schedule H, Form 1040, the taxpayer may receive a refund of the paid leave credits even while deferring the employer's share of Social Security tax. This does not apply to credits for sick leave and family leave equivalent amounts for self-employed individuals. Self-employed individuals and household employers should consider deferrals under section 2302 of the CARES Act in determining their estimated tax payments and any income tax withholding from wages and other sources of income. Publication 505, Tax Withholding and Estimated Tax for use in 2020 provides more details on determining these amounts."
"If Lacerte limited this field to only positive amounts, we would not be allowed to report the credit in the proper place on the return." The possibility that a value would be negative or not is som... See more...
"If Lacerte limited this field to only positive amounts, we would not be allowed to report the credit in the proper place on the return." The possibility that a value would be negative or not is something that should be considered by the programmers, of course. That isn't the same as trying to get math to work, and that is why I used the word Value for an entry, such as a property tax credit exceeding the expense for that reporting year. So, barring some bad directive, the programmers should understand where to allow for a value to be negative or positive, when that applies. "My point to the posting should probably have stated to please allow this flexibility throughout the software and not limit us to only entering positive amounts." But that isn't what you put here in your topic. You put: "Does any one else have similar thoughts?" and that opened this discussion among your peer users. Because no one here is limiting this. No one here is a Lacerte programmer or a tech support programmer or even an Intuit staffer.
"The total mileage for vehicles in the depreciation schedule allow this, but the total mileage on the Vehicle/Employee Business Expense (2106) does not allow it." "It's not unusual for me to put not... See more...
"The total mileage for vehicles in the depreciation schedule allow this, but the total mileage on the Vehicle/Employee Business Expense (2106) does not allow it." "It's not unusual for me to put notes into the Ctrl+E detail fields, some of which are subtractions. For instance, real estate taxes might have a line item for taxes paid through escrow, and an offsetting line item for the portion reimbursed at closing." I read these as two different issues. The first seems to be, "I want to enter the formula and see the Net." That's what I meant by "doing the math" in the field or not. The ability to enter into Detail section, multiple lines, using negatives and positives, to see the net result, is different. If it shows you should Enter the Beginning Reading, and Enter the Ending Reading, then it should do the math. If it states to Enter the Mileage, then you did the math. I would never attempt to enter a negative in Enter the Mileage, as itonewbie points out.
This would be incorrect: "You have to file Form 5498 to show to the IRS the amount of Rollover contribution" Let's review: A 1099-R is issued to the IRA Account owner by the brokerage or agency whe... See more...
This would be incorrect: "You have to file Form 5498 to show to the IRS the amount of Rollover contribution" Let's review: A 1099-R is issued to the IRA Account owner by the brokerage or agency where the account resides and reflects money out activity for that year. A 5498 is issued to the IRA Account owner by the brokerage or agency where the account resides and reflects money in activity for the year. The tax payer issues neither form. The tax preparer issues neither form. The Tax Return will include form 8606 when specific circumstances apply. This would be considered a rollover, and not an RMD, and as long as there was no withholding or you "put back" the same amount as was taken even if there was withholding, and met the other requirement(s), then that would be a nontaxable event.
"not the software's responsibility to limit us to only positive entries. Does any one else have similar thoughts?" Your role also is to use the proper tools for their specific function and need. Mil... See more...
"not the software's responsibility to limit us to only positive entries. Does any one else have similar thoughts?" Your role also is to use the proper tools for their specific function and need. Mileage math is done in spreadsheets and calculators. Stated Values would be put into tax forms. You simply fill in what is being asked for. And not putting in negative, does not mean it won't do math. If you see Beginning and Ending, did you see if it then "does the math" for you? You might simply be overthinking some of this. I see this often: just because a Form accepts numbers doesn't mean it works the same as a spreadsheet program. You need to follow the instructions.
I never found a link to any specific support; just for questions from users that got answered. Considering this deadline is upcoming, you'd think things would be corrected, though.
"Is that not the case?" It's amazing the resources available from the IRS: https://www.irs.gov/pub/irs-pdf/i1120w.pdf "However, if the corporation does not want to use EFTPS, it can arrange for it... See more...
"Is that not the case?" It's amazing the resources available from the IRS: https://www.irs.gov/pub/irs-pdf/i1120w.pdf "However, if the corporation does not want to use EFTPS, it can arrange for its tax professional, financial institution, payroll service, or other trusted third party to make electronic deposits on its behalf. Also, it may arrange for its financial institution to initiate a same-day tax wire payment (discussed below) on its behalf. EFTPS is a free service provided by the Department of the Treasury. Services provided by a tax professional, financial institution, payroll service, or other third party may have a fee."
I put a link to your topic here, from this other one that is duplicate: https://proconnect.intuit.com/community/easyacct-discussions/discussion/update/01/116200/highlight/false#M936 Because now you... See more...
I put a link to your topic here, from this other one that is duplicate: https://proconnect.intuit.com/community/easyacct-discussions/discussion/update/01/116200/highlight/false#M936 Because now you have it running in two places. No need to keep starting over; you can Update your own topics on the issue of Updates.
"Someone please give a status update us ASAP."   It seems you have your update status, but you didn't put it here in this topic for updates. You started a new one and put it here: https://proconn... See more...
"Someone please give a status update us ASAP."   It seems you have your update status, but you didn't put it here in this topic for updates. You started a new one and put it here: https://proconnect.intuit.com/community/easyacct-discussions/discussion/update-1-21-2021/00/116749  
"so what if the transcript shows it was sent, but the taxpayer never got it?" https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-f-payment-issued-but-lost-stolen-destroyed... See more...
"so what if the transcript shows it was sent, but the taxpayer never got it?" https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-f-payment-issued-but-lost-stolen-destroyed-or-not-received  
Stimulus info can be found at these links: https://www.irs.gov/payments/view-your-tax-account https://www.irs.gov/coronavirus/economic-impact-payment-information-center https://www.irs.gov/c... See more...
Stimulus info can be found at these links: https://www.irs.gov/payments/view-your-tax-account https://www.irs.gov/coronavirus/economic-impact-payment-information-center https://www.irs.gov/coronavirus/get-my-payment https://www.irs.gov/coronavirus/second-eip-faqs https://turbotax.intuit.com/stimulus-check/ And: "The IRS said you can check the status of your second stimulus payment at IRS.gov/GetMyPayment (GMP). If GMP reflects a direct deposit date and partial account information, then your payment is deposited there. If the payment was mailed, it may take up to three or four weeks to receive the payment. Watch your mail carefully and be sure not to throw out your payment. If GMP shows “Payment Status #2 – Not Available,” then you will not receive a second stimulus check and instead you need to claim the Recovery Rebate Credit on your 2020 Tax Return." What does this mean to a preparer? Holding the client responsible for knowing or gathering the info; having the client do their own due diligence (banking records for deposits, 1444 or 1444a, etc); having them get their Tax Account transcript... An account transcript image example, which you can get for them or they can get for themselves: https://www.irsmind.com/irs-notices/irs-transcripts-now-provide-stimulus-payment-information/  
"but I thought someone replied to this thread with info regarding the Developers Community." That was my post, and SDK Community is a part of this same forum you are in, now. From this topic, using ... See more...
"but I thought someone replied to this thread with info regarding the Developers Community." That was my post, and SDK Community is a part of this same forum you are in, now. From this topic, using a web browser, use the menu at the top to see Community > User Groups > Lacerte SDK. It's the only "other" user group here, in fact. Other than tax preparation program users.
"Community Knowledge Base, also check individual state website" OMG, I didn't realize there are resources that make this info available.
@jim trigg  This is an internet forum for using ProSeries tax and the topic here is for stimulus payments. If you are using that program, and need help from your Peer Users, you should ask this as ... See more...
@jim trigg  This is an internet forum for using ProSeries tax and the topic here is for stimulus payments. If you are using that program, and need help from your Peer Users, you should ask this as your own question. If you are not a professional tax preparer using ProSeries for your clients' tax returns, you are lost on the internet. You seem to be lost on the internet. You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals, and you may be looking for support as an individual taxpayer. Please visit the   TurboTax Help site   for support. Thanks.
Yum; my tax dollars at work.
You seem to be lost on the internet. You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals, and you may be looking for support as an ind... See more...
You seem to be lost on the internet. You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals, and you may be looking for support as an individual taxpayer. Please visit the   TurboTax Help site   for support. Thanks.  
Yes "EIP" and "stimulus" are the same thing.