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dd4vols's Posts

I'm not sure about your practice, but January 19th is certainly not the peak of my tax season. Especially since the IRS not even accepting returns til February 12 I believe,  Patience is a virtue th... See more...
I'm not sure about your practice, but January 19th is certainly not the peak of my tax season. Especially since the IRS not even accepting returns til February 12 I believe,  Patience is a virtue that must be adhered to when dealing with PS.  Seems like more and more, the Turbo tax single users get more attention than the professional users do.
Change in Accounting Method Form 3115: Form 3115, Change in Accounting Method, is used to correct most other depreciation errors, including the omission of depreciation. If you forget to take deprec... See more...
Change in Accounting Method Form 3115: Form 3115, Change in Accounting Method, is used to correct most other depreciation errors, including the omission of depreciation. If you forget to take depreciation on an asset, the IRS treats this as the adoption of an incorrect method of accounting, which may only be corrected by filing Form 3115. When changing methods of accounting from not taking depreciation (incorrect method) to taking depreciation (correct method) use Code 7 on Form 3115 if the asset is still in use, code 107 if disposed. The IRS’s automatic consent procedures for taxpayers who have adopted an impermissible method of accounting for depreciation (or amortization) and have either claimed no allowable depreciation, less depreciation than allowable, or more depreciation than allowable is provided in the guidance at Rev. Proc. 2015-13 and 2018-31. Generally, Form 3115 must be attached to the taxpayer’s tax return for the year of change by the original due date (including extensions). A copy must also be filed with the IRS no later than when the original is filed with the taxpayer’s return. Taxpayers who qualify under the automatic procedure are permitted to change to a method of accounting under which the allowable amount of depreciation is claimed. The unclaimed depreciation from years prior to the year of change is taken into account as a net negative (taxpayer favorable) adjustment in the year of change, generally effective for tax years ending on or after December 31, 2001 and are deducted in full on the return for the year of change.
@IRonMaN   I did as you suggested.  tried it on my 2016 software.  worked just like @dkh  said. Thanks to both of you!
but it says you have to set up a MASTER PASSWORD, before you can have one for the specific client.  My question was, being that you have to set up a Master Password, do you have to be bothered with i... See more...
but it says you have to set up a MASTER PASSWORD, before you can have one for the specific client.  My question was, being that you have to set up a Master Password, do you have to be bothered with it every time you log on, etc? or just when trying to access that specific client? or really never?
So i want to password protect 1 file of about 700. I think I know how to set it up....but just wondering if i will be bothered with typing in the Master Password every time I log in, or just when i t... See more...
So i want to password protect 1 file of about 700. I think I know how to set it up....but just wondering if i will be bothered with typing in the Master Password every time I log in, or just when i try to access that client's file?
How can you have 'individual account' passwords w/o having a master password?
You are right.... i have had that issue twice  this year... and of course.... on two of the bigger client schedules,    but never while working in the client file.   just when trying to reopen it.   ... See more...
You are right.... i have had that issue twice  this year... and of course.... on two of the bigger client schedules,    but never while working in the client file.   just when trying to reopen it.    I NEVER leave a FAM client file open any more.... though it might  have something to do with other bugs/programs sneaking in... 🙂
Carbonite has saved my butt many times!
Sure, you can lump all the incomes, and associated expenses on one Sch E.  What i would probably do, however,  is have 4 different assets within that Sch E... just in case he, at some point, sold the... See more...
Sure, you can lump all the incomes, and associated expenses on one Sch E.  What i would probably do, however,  is have 4 different assets within that Sch E... just in case he, at some point, sold the units individually, or had to remodel only one of them, etc. 
I'm always optimistic!
Generally, to claim a refund, you must file Form 1040-X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later. Returns fi... See more...
Generally, to claim a refund, you must file Form 1040-X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later. Returns filed before the due date (without regard to extensions) are considered filed on the due date, and withholding is deemed to be tax paid on the due date. Special rules apply for refund claims relating to net operating losses, foreign tax credits, bad debts, and other issues. For more information, refer to the  Instructions for Form 1040-X .   Not sure when they actually filed the 2016 return, but under normal filing conditions.... you would appear to be a tad late...
I often attach the non-covered detail pages, which thankfully are getting fewer and fewer,  but i just have one entry for like "BriokerX short-term covered" and " BrokerX long-term covered", which do... See more...
I often attach the non-covered detail pages, which thankfully are getting fewer and fewer,  but i just have one entry for like "BriokerX short-term covered" and " BrokerX long-term covered", which does satisfy the reporting requirements.  I think this is what the IronMan is implying.
exactly... i do 1 consolidated... and the owners were inquiring about this.  Google/IRS wasn't much help..... so this group of brains ( along with the more-than-occasional 'brainless'), was my next l... See more...
exactly... i do 1 consolidated... and the owners were inquiring about this.  Google/IRS wasn't much help..... so this group of brains ( along with the more-than-occasional 'brainless'), was my next logical step.  Was not sure about the subsidiary's form 2553 either, for sure.   thanks for your info. 
I know on the page 1 of the 1120 you can click the box for Consolidated return, and proceed. (have to mail still, although Lacerte lets you efile).  So, what if you wanted to change the corporations ... See more...
I know on the page 1 of the 1120 you can click the box for Consolidated return, and proceed. (have to mail still, although Lacerte lets you efile).  So, what if you wanted to change the corporations to S corps (which it appears you  can do)....where do you note that on a S Corp return that it is a consolidated return?  I can't seem to locate that. 
Only 1 person on the LLC you would file a Schedule C for that LLC. Check your State to see what other filings have to be done.   I have (2) Single Member LLCs that are Schedule F.    And for some... See more...
Only 1 person on the LLC you would file a Schedule C for that LLC. Check your State to see what other filings have to be done.   I have (2) Single Member LLCs that are Schedule F.    And for some reason, ProSeries will only let you file the state LLC  for a sch F for the states of Cali & Texas... which does me no good in Tennessee.
Sure.... As long as you opted to include state depreciation when you set up the client.   Reports>>>Display Reports>>in the Print Preview>.. the Use Basis section... just click on State instead of F... See more...
Sure.... As long as you opted to include state depreciation when you set up the client.   Reports>>>Display Reports>>in the Print Preview>.. the Use Basis section... just click on State instead of Fed, or AMT, or Book...whatever. If you didn't elect to include 'State' when you first set up client, then try this: File>>>Client Information>>> Basis Tab>> and click on the State button.. will do a rebuild I think.    
https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/re-fix-duplicate-ssn/01/75377#M42501   go to my link, in the above link.... and be sure and read the last post in that li... See more...
https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/re-fix-duplicate-ssn/01/75377#M42501   go to my link, in the above link.... and be sure and read the last post in that link...clears up some confusion   
still paper file.  I had to mail one in a couple weeks ago.  Lacerte allows it... ProSeries doesn't.   Go Figure.
but, as any potential politician knows, it's better to have a grouping problem than a groping problem!!