Discussion:ProSeries - New Clients 1040/1120S
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Discussion Forum Index --> Tax Questions --> ProSeries - New Clients 1040/1120S
| 18 June 2006 | |
| Say you get a new client, Joe Smith, who owns an S-Corp (ABC Plumbing). Joe wants you to prepare his 1040 & 1120S for the calendar year ended December 31, 2005. Joe started ABC on January 1, 2000 but his prior accountant retired so Joe came to you for help. Joe brought you Forms 1040 & 1120S for 2004, along with his 2005 accounting records.
Is there any reason why to go back to the ProSeries 2004 program, enter the tax data and transfer to ProSeries 2005 instead of just entering data into ProSeries 2005? There seems to be carryover items that can be missed from prior years if just keying into ProSeries 2005. Thanks Jeff | |
| 18 June 2006 | |
| You can in proseries enter prior carryforwards. I stumbled upon it while doing a 1040X for a new client. You can enter any carryforwards to 2005 from prior years and not miss the CF.
I was new to Proseries in 2005; used Lacerte last year and Ultratax the years before. So I am relying on workpapers, etc. to compute the CF and NOL carrybacks and forwards.... | |
| 19 June 2006 | |
| Also helps with Depreciation schedule if entered from prior years. | |
| 19 June 2006 | |
| Near the end of the Open Forms tab, you'll see CarryOver worksheet. There's actually more than one..they link together. Get the taxable state refund right starts you down the path.... | |
| 20 June 2006 | |
| Every new client I get I ask for at least one prior year tax return and I always input at least the prior year's return into ProSeries making certain, right or wrong, that the return agrees with the filed one. I do not make copies of those returns and use the input as a file copy, so to speak. I also want history for my clients and most of the time will provide a two year history print out with their tax returns. I think it's a great tool and wouldn't change. Works for me. | |
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