To be kind this is unprofessional. I am not paying Lacerte $5,500 to either manually or use other software to attach a required form to a tax return so I can e-file it. I may have to look to another software vendor in the future.
I have been on the phone with Lacerte over an hour to get the news that is prompting my comments. I am very unhappy. If I ran my accounting practice like this, I would not have an accounting practice.
Years ago, I had a number of interactions with Larry Lacerte. He would never let this sort of thing happen.
Jeffrey Rothman, CPA
This discussion has been locked. No new contributions can be made. You may start a new discussion here
I agree. It sucks.
At first they said they would not support Form 7203. After the user riot, they changed course.
However, I don't think this affects enough of us to force change.
You got my vote, FWIW.
Jeffrey, I am with you 100%!! I just wasted an hour trying to find how to prepare the Schedule B in Lacerte. I thought surely this "top of the line", high priced (read overpriced), software would have this capability. They are tracking this information to prepare the 1116 anyway! Why can't they put it on the Schedule B for me too?? I have been thinking about switching software for years; this might be the straw that breaks the camel's back.
Apparently little sister (based on same engine) ProConnect has it.
So now this sucks more.
Salt in the wound for sure!!
It looks to me like 1116 Sched B is in the program and the Form Status says it's been there since February 7. Am I missing something?
I hope this will serve to make @rcooley25 jump up and down a little less....
PS has 1116 Sch B; Lacerte has 8915F....
Yes but ro basic does not. I am still jumping up and down.
I ment Pro Basic.
.
ProConnect does have it, but you still have to generate the form as a separate PDF and attach it to the return. Ultra tax (not an Intuit product) seems to be operating the same way. It's a brand new form, not a modification of some other form, and the IRS only released it in December. These things aren't very easy to program in.
Looks like it might be a settings issue for lacerte. Does anyone know where the setting for this is?
Thank God this will not envolve m. I have enough headaches at this time.
1116 Schedule B is available in the individual program. However, I prepare 100s of fiduciary returns, most of which have credit carryovers. It is completely absurd to have to prepare this schedule manually. With respect to the comment that these things aren't easy to program in, that is a complete cop out. We pay to have changes to the law programmed in. We are 7 weeks in to tax season, and I have multiple fiduciary returns already backed up because Lacerte can't timely write this into the program. Time and money wise, we can't hold these returns up, nor do we have the time to be preparing schedules manually. Since this is a critical diagnostic item, it is really wasting our time.
Very disappointed in Lacerte
I too prepare 100s of fiduciary tax returns and many have credit carryovers. We desperately need this schedule to be programmed in the fiduciary module.
Hi All. I am late to the Form 1116 Sch B party because the bank for whom I prepare fiduciary returns just provided the tax worksheets to me to prepare the returns. I really tried to read the instructions for the worksheet and to then transfer the info to the actual Sch B form but found the instructions incredibly confusing. Do I really have to go back through 10 years of 1041s and Forms 1116 for foreign tax credit amounts generated, used and carried forward each year, for each 2021 return that meets the criteria? Is it my imagination or are the reconciliation worksheet and the actual form very, very different? I really tried to do this today and could not follow the instructions. Is it my long covid fog or are the instructions terrible? Any help would be appreciated.
Update: Form 1116 Sch B, Foreign Tax Carryover Reconciliation Schedule is now estimated to be ready for print on 3/10.
Although Form 1116 Sch B is not supported for e-file, you will be able to E-File returns with the 1116 Schedule B attached as a PDF, once that form is finalized.
For more information, please see our ProSeries Release dates page.
DITTO!
I agree 100% with Jeffrey. While Intuit does a lot of things well, Larry Lacerte would be amazed at what they don't do well. I see them as being more about making quality products then about fixing issues with the software. There are numerous examples sadly.
Our Lacerte individual database became so corrupted we were down for five days because the regular techs couldn't find out what was wrong. So it was escalated to the mucky mucks who couldn't call us for five days. When they finally did call it was a five minute process to run it through the update that was coming out in two days. Having said that we are still only 90% there and don't have the time to deal with them right now. We have had our Options reset so many times I have lost count. And our workstations won't hold the updates even though we use the Tool Hub.
The only way we got the mucky mucks to call us is when another Lacerte user suggested I contact sales and that seemed to do the trick.
I know we say every year is the worst but to lose five days between March 30 and April 3 is unforgiveable. I have been a customer for over 25 years and I can't believe this is how far down Lacerte has fallen.
@taxsoftware is correct. ProConnect Tax is the same as Lacerte. It is supported but you'll still need to attach it as a PDF.
This is not a problem unique to Intuit. My friend uses ATX from CCH and it's the same deal.
Did a bit of Googling. It would appear this is not even Intuit's fault (like anything ever was? Tongue in cheek). Looks like Sch B is just not supported by the IRS' e-file schema yet: https://www.irs.gov/e-file-providers/tax-year-2021-modernized-e-file-schemas-and-business-rules-for-...
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.