User talk:MCMCDEV

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Welcome

Hello, and welcome to TaxAlmanac! My name is Tim Doyle and I serve here in the role of TaxAlmanac Moderator. If you haven't done so already, you might want to review our Quick Start Guide to help you get oriented.

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- Tim Doyle, TaxAlmanac Moderator, Tdoyle 14:44, 1 December 2005 (CST)

The "Practice Management/Business Growth" forum is now quite active

Hi - over the past year we've been getting very conscientious about moving software, CPE, licensing, and other practice management and business growth discussions out of the Tax Forum and into the Practice Management/Business Growth" forum, and that forum is now just about as active as the tax forum. It allows us to limit the tax forum to more technical tax issues, which was requested by several of the regular users, and also creates a vibrant community for people to talk about practice management and business growth issues, which had also been requested for some time.

There's a note at the bottom of the "4 steps to asking a new tax question" page that lists the kinds of subjects that should be asked on the business growth forum rather than the tax forum, with a link to the PM/BG forum, but I know that the "4 steps" page has grown quite long, so many people do miss that note. We then move their discussions over to the PM/BG forum and leave a note like this one.

In the future, if you have other discussions on this topic, you can just start them over on the PM/BG forum. It's actually much easier to start a discussion there, since we don't have to filter out the non-pros and try limit the questions to more technical tax issues.

In a few minutes, I will move your discussion over to the PM/BG forum. You can still get to the discussion via the "my contributions" link at the top right corner of your screen, even after it's been moved.

Trillium 10:19, 14 December 2009 (CST)

Interest Expense for failed S Corp.

What I do is identify the expense in the name section of the k-1 input screen so that it flows to page 2 of the E, and enter the interest paid as negative ordinary income with material participation. You want the deduction on the E, not the A. Dennis 18:42, 3 March 2010 (CST)

Still

I'm still with Lacerte. I've worked a bit with Drake since last year, and just requested ProSeries from Lacerte to 'test drive'. As usual, trying to decide this quickly (before the May 31 early discount deadline) leads to inertia. I've used Lacerte for more years than I want to admit <g>; the last time I switched software was a nightmare and the anecdotal info on various boards doesn't lead me to believe conversion goes smoothly. Especially with depreciation, and the majority of my clients have lots of depreciation entries.

If it was just me - I'd consider Drake. But the way work flows thru my office (see the "work flow" thread in the BG forum for my post-here's the link Discussion:Workflow best practices ), I would have to retrain two people other than myself. If/when I downsize, I'll likely switch to something else.

Why are you considering leaving Proseries - cost? Belle 10:56, 24 May 2010 (CDT)

Drake

I was using ProSeries Basic for 1040s and Professional for corporate returns. I did not like Drake. At first it seemed okay, but if you do complex individual returns, returns with multiple states, NY returns, CA returns, and lots of business returns it does not work well. ProSeries is a much better product. The client presentation in Drake is horrible, state integration is bad, etc. Depreciation is a total nightmare and very manual compared to ProSeries. There are also a lot of forms that will not generate automatically like they do in Proseries, so you have to go check a box somewhere or type a zero somewhere. Error checking is minimal. Tons of reasons why I highly recommend against it. I felt like I had to constantly double check the numbers because I did not trust the software. I ended up switching to UltraTax. It's expensive, but works very well. I recommend ProSeries, UltraTax, and even TaxAct over Drake. Let me know if you have other questions.

Pro Series

Thanks for your response. I just received the software yesterday and haven't tried it out yet. I spent a lot of time on the phone with UltraTax last week, and playing with an individual return (they let you do it on-line). My initial impression is a good one. However, the price difference isn't substantial; I took the easy way out & renewed with Lacerte again. I will test drive both Pro Series and UltraTax this off-season in hopes of being able to make a decision (informed decision !) after next tax season. Belle 14:44, 3 June 2010 (CDT)

Thanks for the kind words, I really appreciate the support that I've received from the community for my major snafu!

CathysTaxes 18:52, 31 March 2012 (UTC)

you are welcome

I assume you have an AMT credit carryforward from the year the ISO was exercised. Hopefully, you will be able to free up a good portion of the credit.

Doug 05:46, 4 March 2013 (UTC)Doug M

BPT Receipts

See http://www.phila.gov/revenue/pdfs/BPT_Regulations_Formatted.pdf

Page 33, Section 324

Death&Taxes 20:19, 11 March 2013 (UTC)

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