Tag: Pro Online

We will be placing the site in maintenance on Tuesday, August 7th at 5:00am ET to release the below enhancement and back-end work.

FEDERAL

• Federal AGI Display: An enhancement being released is the AGI Display available during return preparation. This will allow users to always know the Adjusted Gross Income when inside of a taxpayers return, including state return preparation. This will eliminate the need to always visit the “Summary/Print” page to view the AGI.

Note: If your AGI Display looks like the below image, clear your cache in your Internet browser and refresh the page.

Form 4835:  Farm Rental Income and Expenses

Navigate to Income and select Begin/Edit on Other Income

Select Begin on the Farm Rental Income and Expenses line

Complete the applicable information on the page and select Continue

Click Continue on the Farm Rental Income Summary Page

Federal Message

Issue ID: 1827 Added a Fair Market Value message indicating if you contribute property with a fair market value that is more than your basis in it, you may have to reduce the fair market value by the amount of appreciation

Form 6251

Issue ID 2068:  Made a correction to line 43 (previously was not entering the amount based upon the filing status)

Kansas

Tracking ID 279662:  Added the ability to enter direct deposit information for K-40H/PT

New Mexico

Issue ID 2016:  The New Mexico amended return now renders the PDF when printing (previously rendered an error message)

Louisiana

Correction to Line 39 to print the appropriate number when the Federal return type is E-File: Direct Deposit and the state return type is Paper with Direct Deposit

Pennsylvania

Issue ID 2075:  PA Schedule B line 6 now subtracts to a number less than zero (previously, it was only calculating to zero)

Federal Relations screens were delivered for the following states:

• CT
• DE
• LA
• MS
• OH
• UT
• NY Subtractions from Itemized Deduction menu for LT Care Premiums

What is a Federal Relations screen?

Displays the amounts entered for the taxpayer/spouse in the Federal return at the state level to aid the preparer and quality reviewer in state tax preparation

Click here to view PDF

Click here to submit a suggestion

There are three attachments

• Attachment #1:  Dedicated to application and federal suggestions
• Attachment #2: Dedicated to State suggestions
  • Sorted by State
• Attachment #3:  TaxSlayer Suggestion Status
  • Broken into categories
  • Duplicates have been removed and only list the TaxSlayer Responses

An example of the status column can be found by Tracking ID 269372 (Ctrl+F allows you search in the document)

Below are some of the items that we have committed to completing (We are still reviewing all requests and there will be more commitments coming your way)

• Display a warning in Personal Information if an IRS IPPIN was used in the prior year so the preparer can ask the taxpayer for their new IPPIN
• Include Education Credit as a carry forward option
• Add Notes to the Carry Forward screen as an optional item
• Carry  forward information from Simplified General Rule Worksheet
• Include applied refund from previous year in Carry Forward

More exciting changes to come.

We are still reading through and analyzing the suggestions.  We are also beginning to update the Status column as we commit to implement a suggestions.

Click here to view PDF

The link will launch a Brainshark video with instructions on how to view the file.

The IRS posted the following news release:

R-2018-146, June 29, 2018

WASHINGTON – As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season.

The new 1040 – about half the size of the current version — would replace the current Form 1040 as well as the Form 1040A and the Form 1040EZ.  The IRS circulated a copy of the new form and will work with the tax community to finalize the streamlined Form 1040 over the summer.

This new approach will simplify the 1040 so that all 150 million taxpayers can use the same form. The new form consolidates the three versions of the 1040 into one simple form. At the same time, the IRS will still obtain the information from each taxpayer needed to determine their tax liability or refund.

The new Form 1040 uses a “building block” approach, in which the tax return is reduced to a simple form. That form can be supplemented with additional schedules if needed. Taxpayers with straightforward tax situations would only need to file this new 1040 with no additional schedules.

Since more than nine out of 10 taxpayers use software or a tax preparer, the IRS will be working with the tax community to prepare for the streamlined Form 1040. This will also help ensure a smooth transition for people familiar with software products and the interview process used to prepare tax returns.

Taxpayers who file on paper would use this new streamlined Form 1040 and supplement it with any needed schedules.

Submitting Comments on the new 1040

Tax professionals can review a draft copy of the new Form 1040 and submit comments regarding the draft to [email protected]

What are the next steps?

• The new 1040 building block approach (along with new schedules) have to be finalized by the IRS
• The IRS MeF (modernized efile) team has to accommodate and issue any business rules associated with the new 1040 approach
• Estimated pre-release of the new 1040 instructions is mid-October
• TaxSlayer representatives are members of several IRS working groups and state working groups.  As we receive additional data on these changes, as well as the instructions and guidance on the Tax Reform, we will continue to update the blog.

Click here to view PDF

Click here to submit a suggestion

There are three attachments

• Attachment #1:  Dedicated to application and federal suggestions
• Attachment #2: Dedicated to State suggestions
• Attachment #3:  TaxSlayer Suggestion Status

Attachment 3 has the duplicates removed and only has the TaxSlayer Responses.

An example of the status column can be found by Tracking ID 269372 (Ctrl+F allows you search in the document)

Below are some of the items that we have committed to completing (We are still reviewing all requests and there will be more commitments coming your way)

• Change the wording from Cancel to Back in the state programs to be consistent with the Federal program
• Several new “committed” items in the state spreadsheet

More exciting changes to come.

We are still reading through and analyzing the suggestions.  We are also beginning to update the Status column as we commit to implement a suggestions.

Click here to view PDF

The link will launch a Brainshark video with instructions on how to view the file.

This is now resolved as of 6/26/18

Issue #2059 has been opened to address an issue where the new “Direct Debit payment amount cannot exceed amount due” message is being prompted when marking state returns as “E-file: Direct Deposit“. Note: This is only occurring at sites where the 8888 is offered.

Until this issue has been resolved, state returns can be filed using state return types “E-file: Paper Check” or “Paper Return” when the 8888 is offered at the site or site admins can adjust “Office Setup” within “Configuration” to not offer the 8888. Federal returns can still be filed as “E-file: Direct Deposit” as normal.

The site will be placed in maintenance on Thursday, June 21st at 5:00am ET to release a series of updates and back-end work.

• Form 8889 – Adding clarifying text next to coverage selection drop-down for what type of coverage should be selected if a TP/SP received a distribution from a HSA when no longer covered under a HPDP plan (Issue #1432)
• Federal Direct Debit – Enhancement released that will prompt a warning to a user when a payment is entered to the IRS that is higher than the balance due
  • For example, if $1,000 is owed to the IRS, when selecting “E-file: Direct Debit” and entering $1,500 as the payment, a warning will show indicating the payment exceeds the amount owed.
• Transmissions Menu – Enhancement released that will allow the columns within the Transmissions menu to be sortable
• Practice Lab – Adding two additional Practice Returns under Section 6
  • Practice Return International
  • Practice Return Military