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michele's Posts

Been preparing this vacation rental for a number of years and the first time the losses should be suspended do to  the number of days they spent there compared to days rented but the loss for this ye... See more...
Been preparing this vacation rental for a number of years and the first time the losses should be suspended do to  the number of days they spent there compared to days rented but the loss for this year is not being suspended. Is there a box I am missing to be checked.   thx Michele
Client comes in with trust not too much income. Had not done a grantor return in the past but mother had died and wants final year. They want the trust to pay the $300 as of course everyone has alrea... See more...
Client comes in with trust not too much income. Had not done a grantor return in the past but mother had died and wants final year. They want the trust to pay the $300 as of course everyone has already filed their returns. I get final return and capital gains have not been fully distributed as a critical.  Is there any way to do this keeping the beneficiaries off.   thx Michele
Taxpayer is on Medicare but drives a school bus part time. Employer contributed to HSA.  He was on a family plan and wife is not on Medicare but he is. when I show contributions made after Medicare ... See more...
Taxpayer is on Medicare but drives a school bus part time. Employer contributed to HSA.  He was on a family plan and wife is not on Medicare but he is. when I show contributions made after Medicare eligible. The system say this is a paper return. Have you had to file a paper return or do you know if this is something you can override.     thanks Michele
Asset sell. The original owners got the money. and still waiting on another payment to come thru this year 2024 . Got part of the payment in 2023
This was a transaction that they took on themselves as far as the ERC. I think they fell for one of those phone calls. This transaction happened after the fact of the business being sold it was not a... See more...
This was a transaction that they took on themselves as far as the ERC. I think they fell for one of those phone calls. This transaction happened after the fact of the business being sold it was not a stock sale.
client brings in information. he got ERC money. We did a final  S Corp return in 2022 he sold the business. The money was for 2020. Is  the 2020 going to have to be amended. He also paid someone for ... See more...
client brings in information. he got ERC money. We did a final  S Corp return in 2022 he sold the business. The money was for 2020. Is  the 2020 going to have to be amended. He also paid someone for getting him the ERC money so he has those expenses that was charged against the ERC  The expenses  really to me are 2023 expenses but they go against the ERC. He is also receiving the final payment in 2024 so that would mean amending it twice.  I wish I could close my eyes and just show it as other income on his personal return. It is not going to change his tax bracket.    thx Michele
I though I found a box to mark at one time. where tax payer can be treated as a resident alien and a box to check for spouse being treated as non resident alien but I can not find it.   Any help gr... See more...
I though I found a box to mark at one time. where tax payer can be treated as a resident alien and a box to check for spouse being treated as non resident alien but I can not find it.   Any help greatly appreciated   Michele  
Client took out $200,00 +  heloc to fund new business that is a scorp..  The business had been making the payments directly to bank.  Can tracing rules apply and not be considered loan from sharehold... See more...
Client took out $200,00 +  heloc to fund new business that is a scorp..  The business had been making the payments directly to bank.  Can tracing rules apply and not be considered loan from shareholder and not have to show as loan from shareholder and not have to issue shareholder a 1099 int. Trying to figure the best way for this new client. They did put in a sizeable amount of their own cash for equity but  still trying to straighten out this mess.   thx Michele
After using efile cabinet for 8 years I went with smart vault. which is integrated with Lacerte. I was seeing the popups for SafeSend. I don't know why 2 programs. Are they discontinuing their affil... See more...
After using efile cabinet for 8 years I went with smart vault. which is integrated with Lacerte. I was seeing the popups for SafeSend. I don't know why 2 programs. Are they discontinuing their affiliation with Smart Vault. It sounds like Safe Send is work harder not smarter.  UGH   Michele
Taxpayer still working and has hsa family plan. Spouse is on Medicare Part A. Am I correct that she can still be covered under his hsa since he is the owner of the family plan?  Can he still fund as ... See more...
Taxpayer still working and has hsa family plan. Spouse is on Medicare Part A. Am I correct that she can still be covered under his hsa since he is the owner of the family plan?  Can he still fund as family plan? and not have to fund as single?   thx Michele
1041 has  interest income. and is entered as interest income.  It is not showing up on k-1 it is throwing it  into long term capital gains. Which the return does have long term capital gains but why ... See more...
1041 has  interest income. and is entered as interest income.  It is not showing up on k-1 it is throwing it  into long term capital gains. Which the return does have long term capital gains but why is the interest showing up there.  I had to do an override on all the beneficiary's k-1 and enter them manually.   thx Michele
I have a standard line for the receptionist .I am sorry but we do not use Turbo Tax in our firm so we do not handle their questions. You will need to contact Turbo Tax. We don't get many of those cal... See more...
I have a standard line for the receptionist .I am sorry but we do not use Turbo Tax in our firm so we do not handle their questions. You will need to contact Turbo Tax. We don't get many of those calls this time of year but the last week of tax season they come pouring in.  I just don't get why call an accounting office when you are trying to do your own. I guess they figure we don't have anything better to do.   Michele
Interesting   researching  State forms and I get TBD  I know every year Thomson Reuters always has their state forms ready to go earlier than Lacerte.  Mine on the program says historically 15 days ... See more...
Interesting   researching  State forms and I get TBD  I know every year Thomson Reuters always has their state forms ready to go earlier than Lacerte.  Mine on the program says historically 15 days after final version. So with TBD I am guessing sometime in February for states?  Anyone heard.  After this many years I guess I should be use to it.   thx Michele
We don't have a ton probably 12 or so clients that we do them for but some clients have 40 or more 1099's What I was trying to find out from tax right is they have posted it is 1.65 per form.  So doe... See more...
We don't have a ton probably 12 or so clients that we do them for but some clients have 40 or more 1099's What I was trying to find out from tax right is they have posted it is 1.65 per form.  So does that mean a client that has 40 people he gives 1099s to is that 40x1.65  or is it just 1.65 for the contractor. I can't  believe it would be 1.65 for electronically filing that contractor. thx  Michele
Have been using tax right but looking to switch. I was just wondering what everyone is using.   thx Michele
It has been a couple years and I don't like what the wizard is showing.  The property has a basis of 30670   Property was sold for 165,000  the fair market value of the new property is 350,00. The w... See more...
It has been a couple years and I don't like what the wizard is showing.  The property has a basis of 30670   Property was sold for 165,000  the fair market value of the new property is 350,00. The wizard is wanting to show a differed gain of  319,000    when the differed gain should be the difference  of 134330, (165,000 - 30670 ) Any one else have trouble with the wizard the only way to get the differed gain correct is to put in the 165,000 as value of property received which it was not. Did not seem like I had problems in the past getting correct amounts. thx  Michele  
husband had lucrative real estate partnership It became passive when he  Becomes totally disabled and placed in the nursing home. Tax year 2020 partnership is placed in wife's name. Wife dies unexpec... See more...
husband had lucrative real estate partnership It became passive when he  Becomes totally disabled and placed in the nursing home. Tax year 2020 partnership is placed in wife's name. Wife dies unexpectedly in 2021 so she is entitled to losses for the years in her name.  He is still alive and the prior losses for him should stay with him.  . So program was marked for a number of years for the taxpayer then the last couple years it was marked for spouse. but marking it final for her pulls all the losses. and does not separate them. Am I going to have to remove his prior losses then show them on a future return for him. I hate doing that.  The partnership is still ongoing as it went in the daughters name. Don't know how the lawyer got this all transferred around.  Never anything dull at our office.   thanks Michele
I have k-1's  I was entering into a partnership.  There is no place to input the distributions or to  track capital and recourse or  non recourse for these k-1's  Is everyone creating a spread sheet ... See more...
I have k-1's  I was entering into a partnership.  There is no place to input the distributions or to  track capital and recourse or  non recourse for these k-1's  Is everyone creating a spread sheet or notes to track?  Any help greatly appreciated.   thanks Michele
Thanks for the input. I would have to move over 2500 clients and that is a big undertaking. I am pretty tech savvy but would not have a lot of help as my accountants and staff run the program but don... See more...
Thanks for the input. I would have to move over 2500 clients and that is a big undertaking. I am pretty tech savvy but would not have a lot of help as my accountants and staff run the program but don’t understand the ins and outs of everything. Every state and depreciation schedules would probably drive nuts making sure they are correct and all the carry over schedules for investments and such. Sometimes I think Lacerte sees the number of clients you carry in a data base and thinks you will just go ahead and pay 20,000-30,000 a year because of the headaches it will cause to make a move. A lot to ponder but can’t sit around if that is the road I travel down as it will require a lot of work thx michele
I have been with Lacerte for 12 years thinking about moving to Ultra Tax. Has anyone moved from Ultra to Lacerte .  I am sure everyone keeps seeing their fees going up. being business owners we under... See more...
I have been with Lacerte for 12 years thinking about moving to Ultra Tax. Has anyone moved from Ultra to Lacerte .  I am sure everyone keeps seeing their fees going up. being business owners we understand fees have to go up . (Just got off phone with billing as I needed more users than what they had listed I could right off see the raise for the esignautres.) Overall tech support is awful. To get someone that know something you have to just say thank you hang up and redial and hope for someone different. Early on I had a an account representative .That does not exist anymore. It is kind of like yes we will take your money but  sorry about you once we have the money.    Why did you move from Ultra Tax ?  How was support. I rarely need support and know Lacerte inside and out and the thought of learning another program is not a fun idea.  I am already having to get rid of efile cabinet after being with them for 8 years as they became Rubex and that was a nightmare for us during tax season now they are becoming Revver so  I can't deal with their growing changing pains any longer.Thx Michele