How do I enter bulk sales in ProConnect?

Scroll down to the Sale of Asset (4797/6252) section and enter the Sales price (-1=none) for the bulk sale.
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Under the General Disposition Information section, enter any applicable fields:

Date sold, disposed, or retired (MANDATORY)
Basis adjustment (land, etc.) [Adjust]
Expenses of sale or exchange.

Which input screens can the preparer use to enter a sale of depreciable assets?

In ProConnect Tax, a sale or disposition of assets can be entered in the Dispositions (Schedule D/4797/etc. screen) or the Depreciation screen.

Where do I enter other income in ProConnect?

How to enter other income on Schedule 1 (Form 1040) in ProConnect

Go to the Input Return tab and select Income from the left menu.
Select SS Benefits, Alimony, Misc. Income.
Scroll down to the Alimony and Other Income section.
Locate the field Other Income.
Enter the amount and description.

How to enter other income on Schedule 1 (Form 1040) in ProConnect

Go to the Input Return tab and select Income from the left menu.
Select SS Benefits, Alimony, Misc. Income.
Scroll down to the Alimony and Other Income section.
Locate the field Other Income.
Enter the amount and description.

How do I enter depreciation in ProConnect?

Entering depreciable assets for Form 8829 in ProConnect

Go to the Input Return tab.
Select Deductions from the left menu.
Select Depreciation.
Enter the asset's basic information in the Quick Entry grid: …
Select the Details button to view more input fields and complete any applicable information about the asset.

Entering depreciable assets for Form 8829 in ProConnect

Go to the Input Return tab.
Select Deductions from the left menu.
Select Depreciation.
Enter the asset's basic information in the Quick Entry grid: …
Select the Details button to view more input fields and complete any applicable information about the asset.

How do I make inactive clients in ProConnect?

Select Clients from the left menu. Select the client you need to make inactive. Locate the Edit Client button at the top right and select the dropdown arrow. Select Make inactive.

What is a form 4797?

Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets. The disposition of noncapital assets. The disposition of capital assets not reported on Schedule D.

How do I create a form 4797 in Proconnect?

On the Input Return tab, select Income. Select Schedule D/4797/etc. and enter Description of property, Date acquired, Date sold, and any other applicable information. Select Schedule D and enter Sales price and Cost or other basis (do not reduce by depreciation) and any other applicable information.

What does ELA mean on a tax return?

Excess business losses that are disallowed are treated as a net operating loss carryover to the following taxable year. See Form 461 and instructions for details.

What does ELA mean on taxes?

Where the tax basis falls below zero, an excess loss account (ELA) is created. The ELA represents negative tax basis and can create unexpected recapture of income under many circumstances. Proper planning, however, can defer or eliminate the recapture of negative subsidiary basis.

How do you enter fixed assets in Lacerte?

Click Add on the left navigational panel to create a new asset.

Enter a Description of Property.
Select the applicable Form from the drop down menu.
Select the applicable Activity name or number from the drop down menu (if applicable).
Select the Category from the drop down menu: …
Enter the Date Placed in Service.

Click Add on the left navigational panel to create a new asset.

Enter a Description of Property.
Select the applicable Form from the drop down menu.
Select the applicable Activity name or number from the drop down menu (if applicable).
Select the Category from the drop down menu: …
Enter the Date Placed in Service.

How do I create a Form 4562 in ProConnect?

To force Form 4562 to generate for a 990 or 990-PF return

Go to the Input Return tab.
On the left-side menu, select General and then Misc. (990-N, 990, 990-PF, 990-T).
Scroll down to the Return Options subsection.
Enter 1 in Form 4562 (990): 1=yes, 2=no [Override] or Form 4562 (990-PF): 1=yes, 2=no [Override].

To force Form 4562 to generate for a 990 or 990-PF return

Go to the Input Return tab.
On the left-side menu, select General and then Misc. (990-N, 990, 990-PF, 990-T).
Scroll down to the Return Options subsection.
Enter 1 in Form 4562 (990): 1=yes, 2=no [Override] or Form 4562 (990-PF): 1=yes, 2=no [Override].

How do I create a status in Lacerte?

To change the status for multiple clients:

Select the Clients tab (to view the list of your clients).
To highlight specific clients hold down the Shift key and select the Clients.
To highlight all clients, use the F3 key and select All Clients.
Select OK.
Hold down the F4 key.
Select an update method: …
Select OK.

To change the status for multiple clients:

Select the Clients tab (to view the list of your clients).
To highlight specific clients hold down the Shift key and select the Clients.
To highlight all clients, use the F3 key and select All Clients.
Select OK.
Hold down the F4 key.
Select an update method: …
Select OK.

How do I add someone to my ProConnect tax online?

You need to enable JavaScript to run this app.
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To invite a new user:

Press Settings in the lower-left corner.
From that menu, select Manage and Invite Users.
Click Add User in the upper right corner.
Enter the user’s First name, Last name, and Email address.
Choose the user’s firm access level — Basic or Full.

You need to enable JavaScript to run this app.
…
To invite a new user:

Press Settings in the lower-left corner.
From that menu, select Manage and Invite Users.
Click Add User in the upper right corner.
Enter the user’s First name, Last name, and Email address.
Choose the user’s firm access level — Basic or Full.

What is a Schedule E?

Use Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in real estate mortgage investment conduits (REMICs).

What is Schedule D?

Use Schedule D (Form 1040) to report the following: The sale or exchange of a capital asset not reported on another form or schedule. Gains from involuntary conversions (other than from casualty or theft) of capital assets not held for business or profit.

What is a 1231 gain?

Section 1231 gains are gains from depreciable property and real property used in a trade or business and held for more than one year, other than inventory or property held for sale in ordinary course. Such gains have traditionally enjoyed “favored nation” status in the Code.

How does depreciation recapture work?

“Depreciation recapture” refers to the Internal Revenue Service’s (IRS) policy that an individual cannot claim a depreciation deduction for an asset (thereby reducing their income tax) and then sell it for a profit without “repaying the IRS” through income tax on that profit.

What does EA mean after a name?

If you’re exploring hiring a professional to do your taxes, you may come across the terms enrolled agent (EA) or certified public accountant (CPA). You might know that both are designations for tax preparers, but when it comes to the details you could be asking, “enrolled agent vs. CPA—what’s the difference?”

How many years can you claim a business loss on taxes?

The IRS will only allow you to claim losses on your business for three out of five tax years. If you don’t show that your business is starting to make a profit, then the IRS can prohibit you from claiming your business losses on your taxes.

What does EA stand for in tax preparation?

An enrolled agent is a person who has earned the privilege of representing taxpayers before the Internal Revenue Service by either passing a three-part comprehensive IRS test covering individual and business tax returns, or through experience as a former IRS employee.

Where does depreciation recapture go on tax return?

The recapture amount is included on line 31 (and line 13) of Form 4797. See the instructions for Part III. If the total gain for the depreciable property is more than the recapture amount, the excess is reported on Form 8949.