E-Signature
True or False:
E-signature allows a customer to sign returns without coming to the preparer's office
True
What screen do you use to link the parent and subs to the consolidator? Which one would you list first?
Screen 3.1. List the Parent company first.
is the using up of natural resources by mining, quarrying, drilling, or felling. As the resource is used up, the value of the taxpayer’s interest in that resource decreases
What is depletion.
starting at a higher level item such as Total Income (a general amount), and going to a lower-level such as Wages (more specific view of what makes up the Total Income) and then a particular W-2.
What is drilling down
Which of the following forms are NOT supported for tax import?
W-2
1098-T
1099-INT
1099-DIV
1099-B
1099-G
1099-SSA
1099-R
1098-T
Is Indiana a supported state for E-signature?
Yes
Where do we tell the program that one file is the consolidator file.
Check the consolidator? check box on screen 1 of the consolidator file.
A collection of properties that are grouped together and tied to a particular business (Schedule C, Schedule E, etc.).
Sets
What do we use to install the tax planner?
The Lacerte Web Setup
TRUE or FALSE
Financial Institution Download is available for Individual, S-corp, and Partnership.
False; It is only available for Individual
E-Signature Allows customers to electronically sign ALL tax documents
False: They can sign a few forms but not all tax documents are supported .
A form that lists information regarding income, deductions, and taxable income information about each member of the consolidated group and how they net to get the consolidated amounts:
Consolidated Statement of Income and Deductions (aka The “Consolidated” worksheet)
What 3 forms can oil and gas be tied to on an individual return.
Business Income=Sch C
royalty income=Sch E page one
Pass-trough K-1= Sch e page two
What is the name of the Knowledge Base article that talks about what to do when the Tax Planner is still functioning in Demo Mode after the customer purchases Tax Planner and updates their prep file?
Tax Planner Still in Demo mode After Updating the Prep File
What is the difference between the option in lacerte to import from online accounts and import from online accounts NOW?
import from online accounts NOW allows them to login and import right there (useful if taxpayer is in the office with the preparer. Import from online accounts will allow them to send a request/invite to the taxpayer to complete somewhere else (useful if client cannot get to the office).
What payment collection programs does eSignature Plus Payments Support?
QuickBooks Payments
Instructions:
Open client file P5CONS.TC8 and complete the scenario details below.
Scenario Details:
Trying to preparer a consolidated return. When I go to the Forms tab, it says it doesn't have REP.
I tried to get REP and it said it was granted, but I still couldn't see the forms.
I tried to get REP on it again, and it says its already authorized.
Answer:
complete the input exercise below
Create a Schedule C with $125,000 in gross receipts or sales.
Then, create an Oil & Gas set linked to the Schedule C. Call the set "LA Oil".
Create the following two properties on the set:
PROPERTY 1:
PROPERTY 2:
What is the resulting gross receipts or sales on the Schedule C? $285,000
What is the depletion deduction on the Schedule C? $24,000
How much depletion is Property 1 generating? Property 2? Property 1: $11,250
Property 2: $12,750
What is a generic state in tax planner?
A state that does not have state-specific worksheets.
When a Generic State is selected, the Tax Planner will use the federal worksheets as a starting point for calculating state tax. The generic state setup allows you to customize a list of adjustments, which Tax Planner then applies to the federal worksheets to arrive at state taxable income.
A customer calls in and says "Tax Import Online Download Says it Imported But Nothing is Imported into the file its still blank why is it not working?"
What can we do to help resolve the issue?
To resolve, utilize CLPACK, the Lacerte Client Database Repair Utility, to re-index the database. Once completed, go through the Tax Import process again.
Complete the scenario below:
I'm trying to send an e-sig but its giving me an error saying it can't created an envelope.
exact error:
Error occurred attempting to process ESignature status for clientnum: XXXX "errorCode": "USER_AUTHENTICATION_FAILED", "message": "One or both of Username and Password are invalid.
Open client file P3CONS.TC8 and complete the scenario details below.
Scenario Details:
When I look at the Consolidated Statements, the Parent and Sub1 clients are showing the exact same amount for every line.For example, for Other Deductions (1120, Line 26) Parent shows 3,955 and Sub1 shows 18,359 in their client files.
The consolidated statement shows 3,955 for both of them.
Answer:
Complete the scenario below:
Restore client file USOIL04.
NOTE: This is a partnership return so we will need to restore into the partnership module.
A customer calls in and explains their problem:
I have an oil and gas partnership and I have everything entered in correctly, but I don’t see my property 3 on the oil and gas schedule. It also isn’t bringing in the full depreciation it should be 178,682, but it is showing less. I don’t know what the program is doing but I know it is wrong!
Your customer
Why is property 3 not showing on the oil and gas schedule?
Property 3 is missing the property number which is why it isn’t showing on the oil and gas schedule that input is mandatory to get it to flow.
Why is the depreciation less than what she expects on the oil and gas schedule? Can we get it to be the amount she expects?
The depreciation is less than expected because the asset equipment 4 is linked to form 1065, Schedule K and not the oil and gas property. If we link it to the oil and gas property form, then it produces the expected deprecation outcome on the oil and gas schedule.
Export client number TAXPL2 to the Tax Planner.
Use the default plan information.
You will notice that without adding income to the 2019 column, the income shows as a negative value as shown by the (6,697).
Drill down on the Total Income line.
What types of income is the $6,697 loss composed of?
Sch E and Sch F
What are the 3 possible solutions for the following error:
Unable to initialize tax import. Feature will be unavailable. Error Opening Lacerte Tax
Verify the Tax program is running from a local drive
The Lacerte Tax program needs to be reinstalled
The .NET Framework may need to be installed or repaired