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IRS has on demand video of webinar: https://www.irsvideos.gov/Webinars/BeneficialOwnershipInformationpresentedbyFinancialCrimesEnforcementNetworkFinCEN

It's pretty easy reading. I got through it in around an hour. See chart on page 2. The form they file doesn't matter so much as if the C, E or F business is a LLC.

Here is a link to register for a FINCEN online webinar about Beneficial Ownership Reporting this Wednesday: https://fincen.zoomgov.com/webinar/register/WN_lh7pK9P8T5WD7w4ZPAYCGw

Maryland hasn't had the unemployment rates ready for the first payroll of the new year, in many years. They used to get it out on time, but I guess the computers are slowing them down.

Click on English in link to download pdf guide. https://www.fincen.gov/boi/small-entity-compliance-guide

Overwhelming demand for knowledge and compliance guidance.... Tom Longview, TX

Also, bear in mind that the preparer should advise the client of "Reasonable Compensation". Failure to do so could result in a $5000 penalty for each year involved.

This is a few years old, so there may be some changes, but it does a good job of explaining preparer penalties. https://www.thetaxadviser.com/issues/2017/feb/preparer-penalties-sec-6694-6695.html When you prepare and sign a return you are stating that it is true and correct. If there is reasonable doubt, I wouldn't sign. If client can not provide financial statements that make sense, I will tell them: 1. Where I have issues for them to try to fix them or 2. That they need to hire a qualified bookkeeper or 3. They need to provide me with all documents to create accurate statements, or 4. Go somewhere else If they don't take any compensation and come to me after year end, I may or may not prepare one return based on that with a clear understanding that they immediately start taking compensation. If they appear to have a genuine interest in doing so, I'll likely prepare the return. If they want to argue with me, I'll decline the engagement. Same thing if they take what I believe is substantially lower than reasonable compensation. Remember that clients talk with other business owners. If they see that they can push you around to doing things the way they want rather than what you know to be an accurate return, they will tell others. Do you want your business built on a client list like that? I've walked away from quite a bit of fees over the years if the potential clients didn't live up to my expectations. I've also left jobs where I was the internal accountant and pressured by owners to provide misleading financials for bank or tax purposes. One of the main reasons I started my own firm was so that I am the one making the decisions that effect my integrity.

With both of your questions, I had a 2553 denied for improper signature from Verifyle who is approved by the IRS. They required a wet signature. I had this looked into by an upper level person from the IRS whom I met in a tax update class and the response was "wet signature" For the 2848 I have had them accept a digital signature and reject a digital signature. I've not ever been successful using the online method or the account method to obtain a 2848. so again, to save headaches, I just get a wet signature and be done with it.

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