Does anyone know if Lacerte will change the filing and payment dates for those tax filers in the California Federally Declared Disaster Area? So far, the dates on the cover letter are not adjusted. ...
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Does anyone know if Lacerte will change the filing and payment dates for those tax filers in the California Federally Declared Disaster Area? So far, the dates on the cover letter are not adjusted. I can adjust the letter to be correct, but I hope I won't have to do that for every client. Also, if the balance of tax due payment and/or first estimated tax payment for 2023 is to be automatically withdrawn from the taxpayer's bank account, will that be initiated on April 18 or May 15?
The trust returns have been accepted and I want to print the e-file confirmation letter, but I get taken to a page that shows this: Whitelabel Error Page This application has no explicit mapping fo...
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The trust returns have been accepted and I want to print the e-file confirmation letter, but I get taken to a page that shows this: Whitelabel Error Page This application has no explicit mapping for /error, so you are seeing this as a fallback. Tue Mar 15 17:21:36 UTC 2022 There was an unexpected error (type=Not Found, status=404).
Client had a tree fall down from winds and has made about $20-30K of improvements to the landscaping at a residential rental property that he owns with his son. He asked if that expenditure will qual...
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Client had a tree fall down from winds and has made about $20-30K of improvements to the landscaping at a residential rental property that he owns with his son. He asked if that expenditure will qualify for either section 179 or 100% bonus depreciation. He provided a link to an article that seems to claim that the expenditure qualifies for being completely written off in the year of the expenditure (this year). https://www.millionacres.com/taxes/depreciation/how-bonus-depreciation-affects-rental-properties/ My research shows that that type of expenditure does not qualify for the 100% bonus depreciation since this was made to the exterior of the residential rental property. I can't find anything specific about whether or not the expenditure qualifies for Section 179. Is this 15-year property that qualifies for Section 179? I feel that an expenditure of that amount may be too much to qualify as "Repairs" even though it was made after the wind event caused the tree to fall down in the yard (not on the house). If anyone has an opinion as to whether or not this expenditure will qualify for either Section 179 or 100% bonus depreciation, or expensed as repairs, it will be greatly appreciated.
Thank you for your reply. That's what I thought since that's how it was last year, but I didn't see anything on this Lacerte board that said specifically one way or the other.
I prepared a return back in February and the client requested that the balance of tax due on her return be withdrawn from her bank account. At that time, the date for the withdrawal was April 15. Now...
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I prepared a return back in February and the client requested that the balance of tax due on her return be withdrawn from her bank account. At that time, the date for the withdrawal was April 15. Now when I look at the letter for her return, it says the withdrawal will take place on May 17. Which is it? I know that last year, all payments scheduled through the electronic filing of the return were still going to be taken on April 15 even though the filing and paying date had been changed to July 15. If the client wanted to change that, they they had to contact the IRS to cancel the payment and make other arrangements for paying the tax on the new due date. Is that the same for this year?
I have the same question. I don't see how the issue was resolved in the original question. The link in the response just takes me to the generic Community and Support page. Since this is where all of...
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I have the same question. I don't see how the issue was resolved in the original question. The link in the response just takes me to the generic Community and Support page. Since this is where all of the clients' personal information is, I think it's important to password protect it. Any help would be appreciated.
Thank you gwen4114. Your information is very valuable. I appreciate your taking the time to respond to my question. I have decided to pass on using the Right Networks option for this year, although ...
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Thank you gwen4114. Your information is very valuable. I appreciate your taking the time to respond to my question. I have decided to pass on using the Right Networks option for this year, although it sounds good on paper. Maybe the system will improve next year and I'll take another look at it then.
UPDATE - I contacted tech support by phone to discuss the issue. I was on the phone, mostly on hold, for an hour and 16 minutes. At first, I was given several reasons why their Tax Planner program wa...
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UPDATE - I contacted tech support by phone to discuss the issue. I was on the phone, mostly on hold, for an hour and 16 minutes. At first, I was given several reasons why their Tax Planner program was correct. After much explaining about the law passed in March on my part and being put on hold several times so he could consult with other tech support people, he finally gave in and agreed that there should be an entry option for 100% limit cash for 2020. The next day I received an email from tech support saying that I should use the "100% Conservation Property" line for that entry as a work-around. Unfortunately, that results in a zero charitable deduction for California. So it also needs an entry in the CA 50% Cash Limitation, if diff to make the amount correct for California purposes.
I'm thinking of trying my Lacerte & DMS using the Right Networks that is now being offered. Has anyone had any experience with that? Good or bad, I'd like to get some feedback before I jump in to ma...
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I'm thinking of trying my Lacerte & DMS using the Right Networks that is now being offered. Has anyone had any experience with that? Good or bad, I'd like to get some feedback before I jump in to making the switch.
I understand that. But, let's say, for instance, one believes that health insurance should not reduce the QBI from a Schedule C. Is there a way to override that?