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We keep a 40 year family number via a VOIP service. It forwards to a cell number. A few $ a month.

I know a few Drake clients that didn't like the religious theme of their Christmas cards, but the reason I bring this up, there were no Drakes listed on the Christmas card this year.

"DURHAM, N.C., June 16, 2022 /PRNewswire/ -- BioAgilytix Labs, LLC ("BioAgilytix"), a leading global contract research organization focused on supporting pharmaceutical and biotech partners in all phases of drug development, today announces the appointment, effective immediately, of Euan Menzies as Chairman and CEO." So the current CEO and previous Interim CEO did not come from either the Accounting or Tax World.

The IRS now explicitly agrees that personal gains are reported on Form 8949 and personal losses from Form 1099-K are reported and backed out on Schedule 1. See https://www.irs.gov/businesses/understanding-your-form-1099-k (the section on personal income). The same applies to an incorrect Form 1099-K. The Form 1040 instructions have also been updated. See the instructions for Schedule 1, lines 8z and 24z. Briefly:

I have two business land lines. Believe it or not, we still send and receive fax messages. I HATE when a client texts me for an appointment. The biggest waste of time in the life of a business, as I have stated before. Pick up the phone and TALK! Even call my cell phone, but TALK!!!!

Way I heard it, the "confusing" aspect was going to be computer letters and taxpayer calls and responses in advance and after those - when they still have millions of unprocessed returns in stacks on tables.

I noticed that as well.

WAYYYYY...........over my head!

Issue Number: IR-2022-226 Inside This Issue Note: This is updated to include the correct notice. IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) including Venmo, PayPal and CashApp that would have generated Form 1099-Ks for taxpayers. “The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.” The American Rescue Plan of 2021 changed the reporting threshold for TPSOs. The new threshold for business transactions is $600 per year; changed from the previous threshold of more than 200 transactions per year, exceeding an aggregate amount of $20,000. The law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member or another for a household bill. Under the law, beginning Jan. 1, 2023, a TPSO is required to report third-party network transactions paid in 2022 with any participating payee that exceed a minimum threshold of $600 in aggregate payments, regardless of the number of transactions. TPSOs report these transactions by providing individual payee’s an IRS Form 1099K, Payment Card and Third-Party Network Transactions. The transition period described in Notice 2023-10, delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022. The transition period is intended to facilitate an orderly transition for TPSO tax compliance, as well as individual payee compliance with income tax reporting. A participating payee, in the case of a third-party network transaction, is any person who accepts payment from a third-party settlement organization for a business transaction. The change under the law is hugely important because tax compliance is higher when amounts are subject to information reporting, like the Form 1099-K. However, the IRS noted it must be managed carefully to help ensure that 1099-Ks are only issued to taxpayers who should receive them. In addition, it’s important that taxpayers understand what to do as a result of this reporting, and tax preparers and software providers have the information they need to assist taxpayers. Additional details on the delay will be available in the near future along with additional information to help taxpayers and the industry. For taxpayers who may have already received a 1099-K as a result of the statutory changes, the IRS is working rapidly to provide instructions and clarity so that taxpayers understand what to do. The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect.

"WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) including Venmo, PayPal and CashApp that would have generated Form 1099-Ks for taxpayers. “The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements." It would have been a real struggle for the IRS to deal with the big increase in 1099 K filings, which would have made it harder for the IRS to deal with all of the other various processing difficulties, Wise Decision!

Uncommon sense prevails?

Proof again of guaranteed lifetime employment in any accounting or tax field for anyone so inclined. Similar to the wayfair ruling, as it is a game changer. I read it as budgeting law. A way to show something is getting paid for. Like how the final Q of ERC was clawed back, after the fact, to pay for other grants, some of which were to private firms.

In my case I would have needed two different cellphones with different numbers to avoid my access problems. By early afternoon I purchased a new cell phone and was getting it set up.

I use remote access software so I can be at my computer from any device while my computer remains reasonably safe. Freedom through tech. Computer is not water resistant so phone connection makes it possible to work from hot tub. In my experience, the common flaw is not being prepared and practiced on managing loss of hardware issues (no backup and recover plan in use and tested).

Personally, I think that too many people, clients included, rely on their phones for all of their information. I just cringe when they come in with all of their banking info; bookkeeping, etc on their phone. I rarely read email on my phone, just check it occasionally to get rid of all the junk. I am a firm believer in PCs with external hard drive or USB backups. Just my old-fashioned thinking. I would be lost without my phone, but I consider it to be more of a personal friend than a business friend. I keep it updated with my business information simply because there are so many who do not and will not contact you in any other way. More of my time is wasted in texting for appointments and/or tax questions; than in any other portion of my business.

Merry Xmas to all. With the weather today I've stayed home and am reading a pdf copy of The Logic of Subchapter K I found online. We'll see how this goes.

This morning my one year old cell phone for which I have a protective cover and I haven't dropped started rebooting over and over. Phone support had me pull the sim card plus hold down both the on/off button and the volume button at the same time. Don't work. Sometimes modern technology doesn't work. Plus without my phone working, I can't log into my gmail account. Aaaargh