April 11, 2008
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1040
Q: When are the IRS drain times on April 15th, 2008?
A: Drain times are the IRS cut-off times for processing and posting refunds. Between January 13, 2008, and April 22, 2008, there are three (3) drains daily: 11:00 AM, 6:00 PM, and 2:00 AM local Home Submission Processing Center time.
Q: Why do I see some of my e-files being sent to different processing centers?
A: The processing center for an e-filed return is contingent on a variety of items. So you may see most of your returns filed at one processing center and some of your returns filed at another processing center. Some of the reasons may be:
- a piggyback state is attached that requires a different processing center;
- the taxpayer has a foreign address (the return will be processed through Philadelphia, PA);
- the return contains a foreign form (the return will be processed through Philadelphia, PA); or:
- the taxpayer is filing a return using an EFIN originally registered with another processing center (returns will be processed through the center for the address that the EFIN was originally registered with).
Q: What are the deadlines for submitting e-filing requests for 1040 returns and extensions?
A: The recommended deadlines for submitting e-filing requests for both 1040 returns and 1040 extensions are:
- For RS clients, 2:00 PM CST on April 15, 2008
- For CD clients, 11:00 AM CST on April 15, 2008.
On April 15th after these deadlines, we will continue to submit e-filing requests. If your return has issues, it may not be timely e-filed by the IRS posted drain times. We recommend these deadlines so there is sufficient time to handle any possible issues (such as batching or transmission errors) that might occur. Sometimes, issues are discovered after a batch is sent. Time must then be allotted to examine the batch and determine the source of the problem. If returns with issues are submitted after the deadlines shown above, there may not be enough time to address any issues that arise and get the return timely e-filed. So it is best to submit returns by the recommended deadlines.
Q: How long do I have to timely file a 1040 return or extension rejected on or before April 15, 2008?
A: The deadline for resubmitting a rejected 1040 electronic file (return or extension) and having that file considered timely is Sunday, April 20, 2008.
Q: Where can I find more information regarding electronically filing 1040 returns and extensions?
A: The 2007 GoSystem Tax RS 1040 Electronic Filing Guide, available on Product Assistance, provides helpful information on how to electronically file returns and extensions as well as state returns.
1041
Q: Why do the estimated tax vouchers not print for a Grantor Trust?
A: The Grantor trust does not have an estimated tax. Therefore, the vouchers will not print.
Q: Why does the New Jersey extension not print?
A: New Jersey does not require a return to be filed if gross income is less than $10,000. To force the New Jersey extension to print:
- Go to Organizer | New Jersey | Basic Information.
- In the Compute/Print Options section, mark Force print of NJ-1041 with Gross Income < $10,000.
1065, 1040, 1041
Q: How do I batch print extensions in RS?
A: To create print files for Extension, select Returns | Process | Estimates and Extensions, and follow these steps:
- On the left menu, select Create Print Files.
- Select the following criteria:
- account number
- tax year
- number of returns
- list by preparer, manager, or reviewer
- list by name, client code, or return
- characters to sort by.
- Click Continue to display a list of returns from which to create print files, or click Get Acrobat Reader to download the Adobe Acrobat Reader.
- If you select Continue, the list of returns appears. Select the returns you wish to print. For quicker processing, create multiple small batches.
- Click one of the following options:
- Continue - Continues to create print files from the list.
- Select All - Selects all returns in the list to create print files.
- Deselect All - Selects none of the returns in the list to create print files.
- Scroll to the bottom of the page, and click Submit.
- If you click Continue, a dialog box appears with a batch number. Click Close.
- To check the status of the batch, click Select for Print.
- Select the originator of the batch from the list of user names in the drop-down list.
- Enter the date when the batch was submitted in the appropriate format.
- Click Continue.
- A list of batches submitted appears. Click the desired Batch ID hyperlink to display the status of the list of returns.
- You can print all of the returns or print them one at a time. Click the return link to print the return, or select the returns you want to print.
- If you want to print all returns listed, click Select All.
- If you want to start over, click Deselect All.
Note: For all tax types we will print only the name, address, and TIN of the taxpayer if the extension is prepared without opening the locator. No balance due will be calculated.
Q: How do I check the status of a batch print?
A: Follow the steps below to find the status of batch print:
- Select Returns | Process | Preseason in Your Office | Organizers | Select For Print. The Batch Status dialog box appears. Enter the date or date range for the batch printing submission.
- Click Continue to view a list of the status of organizer batches submitted for printing.
- A list of submitted batches appears. Click the desired Batch ID hyperlink to show the status of the list of returns.
- You can print all of the returns or print them one at a time. Click the return link to print the return or select the returns you which to print.
- If you want to print all of the returns listed, click Select All.
- If you want to start over, click Deselect All.
1065
Q: How do I print a 1065 federal extension, Form 7004, for one return?
A: Do the following:
- Go to Organizer | Extension Information.
- In the Print Options section, select Return is on 6 month extension, print Form 7004.
- Complete a full recompute and create a new print file.
Q: How do I electronically file a 1065 federal extension Form 7004?
A: Do the following:
- In the Organizer, select Electronic Filing - Extension.
- Complete Steps 1 through 5.
- Go to Step 6, and click Create Federal Electronic Extension File.
- Follow the instructions on Step 7 to transmit the electronic extension file.
Note: Additional assistance can be found in the Organizer under Electronic Filing - Extension | How to File Electronic Extensions.
Q: Can I electronically file any 1065 state extensions?
A: Electronic filing is available for Massachusetts and New Jersey extensions.
Q: How do I suppress the federal extension Form 7004 from printing?
A: Do the following:
- Go to Organizer | Extension Information.
- In the Print Options section, select Return is NOT on extension or Return is on 6 month extension, suppress Form 7004 print.
Q: How do I generate the filing instructions for Form 7004?
A: Do the following:
- Go to Organizer | Letters and Filing Instructions | Step 1 - Enable Letters.
- Make sure that an option is selected other than Suppress All Letters, Partner Letters Only or Transmittal Letter Only - No Filing Instructions.
Q: How do I electronically file a New Jersey extension?
A: Please follow these steps to electronically file a New Jersey extension:
- Go to Organizer | States | New Jersey | Basic Information.
- Mark Return is on Extension on the Extension Information tab.
- Go to Organizer | States | New Jersey | Electronic Filing | Step 1 - Enable Electronic Filing.
- Mark Enable electronic filing for this return, if qualified. (Mandatory).
- Go to Organizer | States | New Jersey | Electronic Filing | Step 4 - Create Electronic File and click the Create Electronic File button.
- A message will appear confirming that you want to electronically file the New Jersey extension instead of the return. Click Yes.
Notes: Before you recreate the electronic file:
- You should recompute the return.
- You must clear Electronic Filing Reject diagnostics.
- You should review Electronic Filing Alert diagnostics.
You are able to make a payment with the New Jersey electronically filed extension via direct deposit. Enter information in Organizer | States | New Jersey | Electronic Filing | Step 2 - Electronic Filing Information.
1120
Q: A half-year convention MACRS asset that is computing no depreciation deduction on the 2007 return was sold on 12/1/2007. The asset was placed in service 2/1/2007 on the 2006 return with fiscal year dates 7/1/2006 to 6/30/2007. The 2007 return is a short year return from 7/1/2007 to 12/31/2007. Those short year dates have been input in the Short Year Return section of the Organizer | General Information | Company Information | Company Information tab screen. Why is the depreciation not computing for this asset?
A: You must input the current fiscal year or short year return dates in Organizer | General Information | Company Information | Company Information tab in the Fiscal Year section of the screen. With no current fiscal year or short year dates entered for this locator, the program is calculating a full calendar year 2007 return. The Short Year Return section dates are for the next tax year dates, not the current year dates.
Since the program is calculating a calendar year 2007 return, depreciation for the asset is calculated as if the asset had been both placed in service and disposed during the 2007 tax year. IRS Publication 946 states that half-year convention assets receive a half-year of depreciation deduction for the first year and for the last year the asset is in service. Half-year convention assets placed in service and disposed in the same tax year are not entitled to a depreciation deduction.
Q: The top section of Page 1 on the federal return is reporting fiscal year dates as 1/1/2007 to 12/31/2007 even though this is a calendar year return. Why are these dates printing?
A: For calendar year returns, do not enter fiscal year dates in Organizer | General Information | Company Information | Company Information tab in the Fiscal Year section. If the fiscal year date fields are empty, then the dates will not print on the top of the federal form.
Q: Is a beginning fiscal year date entry required when an ending date is input in Organizer | General Information | Company Information | Company Information tab in the Fiscal Year section?
A: Both a beginning fiscal year date and an ending fiscal year date are required if one of those date fields is input.
Q: Where is the input to make a 52-53 week return election?
A: The 52-53 week return election checkboxes are found in Organizer | General Information | Return and Print Options | Pg 1-4 Options tab.
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