ProConnect Tax

Two member LLC. No formalized agreement. One partner has funded the entirety of the capital where as the other one is more actively working in the daily operation. For the first year could I allocate the loss for the partnership completely to the partner that funded the beginning amount and then make it 50/50 for the rest of the years?

My client made a payout/distribution to his former partner in an s-corp. How do I report this distribution? The former partner was not an owner of the s-corp in this tax year.

I found support articles for entering Stock Options included in wages for Proconnect and Lacerte, but I can't find any articles for Proseries.   How do I enter these transactions, aside from overriding 8949?Here are the support articles for Lacerte and ProConnect.   A link to an existing support article would be great. https://accountants-community.intuit.com/articles/1728053-sale-of-employee-stock-options-w-2-box-12-... https://accountants-community.intuit.com/articles/1608630-enter-sale-of-employee-stock-options-from-...

For my own books, it looks like invoices from ProConnect seem to have to be manually entered in QBO as do expenses from purchasing credits. Is there a way to link activity in ProConnect to my own books in QBO?

My client's spouse died Feb 2018. I have all of the documents, including death certificate.

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A recurring issue--picking up new clients whose previous accountants opted to use the 150%/200% DB method on certain assets.  In one case, the previous accountant was able to efile using Intuit software.  However, ProConnect generates a critical diagnostic and rejects efile because the assets are using a disallowed method of depreciation.  Assets are already fully depreciated. Is it appropriate to change the depreciation method to discourage the critical diagnostic?  Or will it cause issue when the return is received by the IRS, when they notice the change in depreciation method?

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The tax comparison summary lists taxes paid as a potential itemized deduction.  No taxes were paid and the number listed was not entered in any input screen.  How can I remove this or determine the source of the information.  While it does not affect the return, I dislike showing wrong information on any paperwork.

My new client lends money to various cash strapped organizations.Can i treat that as a schedule c and benefit from the 20% reduction of taxable income.

How to allocate 529 gifts to one year only on form 709 in ITO? Filing 709 due to cash gifts; 529 contribution was below $15K and don't want to allocate over 5 yrs. (ITO default appears to force allocation).

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In the ProConnect Tax Online, in the Partnership Return, each partner's capital account balance should be the same amount as the end-year capital account balance of the previous year's ending balance, but, while the total capital account of the beginning balance matches to the last year's capital balance, each partner's capital balance as of the beginning balance shown in each partner's K-1 was wrongly calculated by the Program, showing a completely different amount.  The per-partner's capital percentages are correct and yet, it looks as if the program automatically allocate that total amount based on the ENDING percentage of the CURRENT year, so that the beginning capital amount of each partner completely differs from the last year's capital balance for each partner.The accurate amounts are entered in the basis worksheets, but none of these entries are not reflected in the capital account calculation.  And there is no place where I could enter the accurate capital balance fo

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My understanding is that AAA Sch L (balance sheet per books) not necessary must match always AAA Sch M-2. For example, ProConnect Tax is flowing Sec 179 deduction to Sch M-2 (line 5, other deductions). In this case, final AAA M-2 (line 8) and AAA Sch L (line 24) are not equal. One option would be to make a positive adjustment in Sch M-2 (line 3, Other additions) to neutralized, in this case, same amount Sec 179 deduction. But I am not sure this is what IRS is looking for.

I have filed for years as a Non-Paid Tax Preparer for Illinois tax returns for family.  I have a PTIN but it will not let me file Illinois this way now.  Is this just an issue with Intuit?

2018 California Earned Income Tax Credit.  Program is allowing California EITC for any age.   California Earned Income Tax Credit is for age 25 to 65.  Federal part of 2018 program IS recognizing age limits. 

I have almost completed a return for a client and erroneously set it up as a 2018 return, but it should be a 2017 return since fiscal year end started 7/1/17. How do I change the tax year for the return so I don't lose my information?

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I am claiming my bookkeeping business for the first time. When I entered my W2 info, then the business income and the refund all went up. Then I entered the business expenses and the refund dropped by $2,000. Also, how does everyone suggest filing? I mean, I use QBO Accountant and ProConnect Tax Online for my business but have always used TurboTax online for my personal taxes in the past. Is there a way to use ProConnect to do my personal taxes and claim my business?

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Married couple choosing to file Married Filing Separately with a tax balance due.  They have an existing Installment Agreement for when they filed jointly.  Do they each have to have their own now that they are filing separately?  Meaning do they continue with the joint agreement and then each have their own?