|
|
Release Notes for Version 7.09 Build 358.01, released
11/28/2005
This release contains a number of enhancements that have often been requested: residence sales and refinancings no longer affect after-tax cash; we now have state tax rates and brackets for all 50 states; and the carries from Client Data to financial forms are clearer in New York and Connecticut.
1. Residence Sales and Refinancings. In this release, residence sales and refinancings no longer affect after-tax cash.
Net cash (after mortgage payoff) from the sale of a residence goes directly into Accumulated Savings.
If there is a deficit in after-tax cash in the same year that a residence is sold, the proceeds from the sale of the home are used to fund the shortfall. Any remaining proceeds are sent into Accumulated Savings. They do not appear as part of after-tax cash.
The advantage of this approach is that cash projections based on different potential alimony amounts are not distorted by this one-time event.
2. State Tax Rates. We now have the actual state tax rates and tax brackets for all 50 states (that is, for those the state that have income tax).
We calculate state tax by applying the rates and brackets to a federal tax value. The federal tax value may be gross income, or adjusted gross income, or taxable income, depending on the basic approach of the state.
You may view the tax brackets and tax rates on the Assumptions screen or on the State Tax Report.
Also, you may change the tax bracket or tax rate on a state-by-state basis for any case.
3. New York Net Worth Carries. It is now possible to specify for each asset the party on whose Net Worth Statement the asset should appear. The same applies to debts.
The way to do this is to use our new column, which is labeled "Form H/W/J."
If this field is set to "H," then the assets will carry to the husband's Net Worth statement but not the wife's. Similarly, the reverse will apply if the field is set to "W." This will happen regardless of the title or property division.
Thus, you now have complete flexibility to cause items to appear on whichever Net Worth statement you choose.
It is also possible to specify that an item should appear on neither party's Net Worth Statement. You can do this by clicking the "X" box on the "More Info" screen for the asset, on the line labeled "Do not include on the Affidavit."
4. Connecticut Affidavit Carries. This works the same as the New York Net Worth Carries, above.
5. New York Child Support Guidelines Combined Income Ceiling. It is now possible to specify a ceiling for combined income to be counted for the New York child support guidelines.
The first $80,000 of combined income is always counted. If you do not specify a ceiling, then all income above $80,000 is counted as well.
Now, you may optionally specify a ceiling of, for example, $200,000. Then, if combined income goes over $200,000, only the first $200,000 will be counted.
You may specify this ceiling on the Wages line on the "More Info" screen for Wages.
6. Taxes on the New York Net Worth Statement. You now have the option of using the system-calculated taxes on the New York Net Worth statement. Simply "X" the box on the Income and Expense page, above the lines where taxes are entered.
7. Automobiles on the New York Net Worth Statement. We have improved the handling of automobiles on the New York Net Worth Statement. It is now possible to enter data for an automobile directly on the "Expenses" screen in the Affidavit Data section on the Lawyer tab.
8. Loan Payments on the New York Net Worth Statement. We now automatically calculate the loan payment amounts on the New York net worth statement. The calculated amount appears on line (n)(15) on the "Expenses" screen in the Affidavit Data section on the Lawyer tab. The amount is calculated as the sum of the monthly payments that you enter in the Client Data section, on the Assets & Liabilities screen, in the section for Debts. The amount that appears is the total payment you enter in the section for Debts multiplied by the property division percent shown for this debt on the Property Division screen.
9. Connecticut Child Support Guidelines. If no alimony was entered, lines 22-27 of the Connecticut child support guidelines worksheet had not been calculating correctly. That has been fixed.
10. Property Division. The Property Division worksheet now shows subtotals for retirement and nonretirement assets.
This was requested by planners who prefer to equalize retirement assets separately from nonretirement assets. This is now possible.
At the top of the screen, you see Subtotals for retirement assets, nonretirement assets, and debt, along with grand totals.
At the bottom of the screen, you may now view the marital property division report, the total property division report, and the report showing marital property division after-tax effects.
11. Sending Files. It is now possible to send the file you are currently working on to another Family Law Software professional.
To set yourself up to send files to another professional, click the Files tab, click "Set Up Services" and click the "Set Up Services" button. Enter an access code (which is a public identifier such as your last name or your firm name), and a password. Fill in the rest of the entries, then click the "Set Up Services" button. Your PC will send the information (except for your password) to our server, and then you will be set up. You have to do this only once.
Once you are set up, you may also send a file to yourself (from the office PC to the home PC, or vice versa).
To send a file to another professional, go to the Files tab, click the screen labeled "Send Files," and click the button labeled "Send File to Professional." Enter that professional's professional ID and access code. (That professional must have set himself or herself up as well.) You may find your professional ID and the access code by clicking the screen on the Files tab labeled "Set Up Services."
12. Marginal Tax Rates on Alimony Calculator. In the Negotiate tab, on the alimony calculator, on the expanded report, the marginal federal and state tax rates were not appearing on the report. That has been fixed, and the rates now appear on the report.
13. Filing Status. On the Negotiations tab, on the filing status screen, we revised the calculation of filing status to not permit one party to file as "single" while the other filed as "head of household."
14. Pension Overrides. It is now possible to override the calculated pension value, the coverture fraction, and the marital amount. However, currently, overriding the coverture fraction does not automatically update the marital amount. If you override the coverture fraction, please it manually calculate the marital amount and override that as well.
15. Child Support and Alimony (Spousal Support). We have reorganized the child support and alimony screens so that the first number that appears on the top of the screen is the monthly payment amount.
We have added on the child support screen a check box that allows you to specify that you want to use the calculated guideline amount. This will appear only in states for which we have child support guidelines calculations.
Also, on the Lawyer tab, we have shifted that screen to be in the group of "Client Data" screens, to reflect that it is a data entry screen. Previously, the screen for child support and alimony was grouped with the "Negotiate" screens.
16. Client Edition Software. We have streamlined and improved the process for ordering client edition software and setting up your client to enter data over the Web. Either approach costs $79, which typically is paid directly by the client. To sign your client up, set yourself up on our server using the "Set up Services" screen on the Files tab, then click the screen for "Web Data Entry" or "Client Software." The screens will guide you through the process.
17. Negative Numbers. We had been blocking the entry of negative numbers. It is now possible to enter negative asset values and other numbers.
Back to "About This Release"
Page
|
