Require DD & EM Returns to be Paid before Transmitting? DD = refund by direct deposit; EM = refund by check. If set to Yes, non-bank product completed returns aren’t pulled into the Transmission Table until they are paid in full. Ask Why Preparer Fee is Less Than that Calculated? If…

The Tax Cuts and Jobs Act of 2017 provided for certain economically distressed census tracts to be designated Qualified Opportunity Zones (QOZ) for the purpose of attracting investment.  A Qualified Opportunity Fund (QOF) is a corporation or partnership created for the purpose of investing in QOZs. With respect to tax…

Form 4562, Depreciation and Amortization (Including Information on Listed Property), is generally completed in Keystone Tax Solutions Pro via the Depreciation Module. The Depreciation Module is accessible from four places in a tax return: Schedule C, for a sole proprietorship Schedule E, for rental property Schedule F, for a farm…

There may be an occasion when you wish to switch the taxpayer and spouse on a married filing joint return between being the primary and secondary taxpayer. For example, The primary taxpayer passed away during the tax year, so making the spouse the primary will assist in pulling their info…

Allow Another Person to Discuss Return with IRS – Select this option to set either the preparer or another individual as the Third-Party Designee with whom the IRS can discuss the return. The third-party info will print on the second page of Form 1040 (or in 2018 on Schedule 6). If…

Generally, a taxpayer’s marital status on the last day of the year determines their filing status for the year. Single: A taxpayer’s filing status is single if, on the last day of the year, they were unmarried or legally separated from their spouse under a divorce or separate maintenance decree,…

The Dependents & Qualifying Dependents Menu displays all previously entered information for dependents.  All information on this screen can be altered by simply selecting the line item you wish to change. Months – Enter the number of months that the dependent lived with the taxpayer. If the dependent was born…

The Name & Address Menu displays all previously entered information for the taxpayer and spouse.  All information on this screen can be altered by simply selecting the line item you wish to change. Dependent on Another Return – If someone else (such as a parent) is claiming the taxpayer as…

To access the Other Dependent Information Menu in Keystone Tax Solutions Pro, from the Main Menu of the tax return (Form 1040) select: Personal Information Dependents & Qualifying Children Other button Form 2120 & Noncustodial Parent Dependent Selections – The custodial parent is the parent with whom the child lived…

Residents of Puerto Rico who are not required to file a U.S. income tax return generally must file Form 1040-PR (Spanish Form) or Form 1040-SS (English Form) to report self-employment income derived from a trade or business in Puerto Rico and if necessary, pay self-employment tax on that income.  File Form 1040-PR or Form…