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Sorta on topic, I think the "reduced penalty" amounts are actually a way to start applying the penalty. I have never had the penalty apply because when you find out they missed, you have them get caught up and you send a penalty waiver request with reasonable cause as "the client is old" and the penalty is always abated. The new rules do not have a reasonable cause exception, or they did not when I looked at them a few months ago. I think this a a slick way for the IRS to say they are reducing an overly punitive penalty while actually increasing revenue because there is no way to abate anymore. Tom Longview, TX

You have to have a separate Pin and Password for each client. I have been doing this for over 15 years. Setting up an account is a bit tedious, but not not that hard.

Form 5329 provides for the calculation of additional taxes on excess accumulation; I recommend you request a waiver of those taxes when you file (it is compatible with e-filing) rather than paying and then asking for the money back. As Catherine points out, penalties cannot be waived before assessment.

I absolutely love Excel! Not a day goes by when I don't use it for something. I have some templates set up the significantly reduce time for longer term tax planning. You can use google sheets for free. I don't use them much as I find it frustrating that the command layout is different, but they are great if you need to collaborate with others. For anyone that wants to up their Excel game, I highly recommend Jeff Lenning. I've done webinars that he has led. He also has youtube videos and several no charge blogs on his website.

I have successfully requested penalty waiver when an elderly person died late in the year. The beneficiaries are generally unable to get distributions by EOY simply because there is insufficient time to get paperwork complete. Death certificates and notifications to beneficiaries and proof of who they are and setting up new accounts - and that's all after someone gets appointed as executor and can start to notify retirement plan custodians that there has been a death. Working on one case now where the retirement plan custodian is not accepting a state-certified death certificate sent by an executor, simply because the executor appointment was delayed by several months due to reasons out of control of the executor. By the time that dust settles, there will be a couple of years of missed RMDs, simply because the custodian refused to cooperate. But you have to wait for penalties to be assessed before you can request the abatement. You can, however, and while it's all fresh in your mind, write up the reasons for the abatement request, and have it waiting.

Wages are not reduced on form 941, just the employer's deposit liability by the credit. That is true to prevent a double benefit.

I agree; probably the same thing that is happening with BOI and the draconian $500 a day penalty. I did acquire a client who had to pay some of the penalty on an inherited IRA. They had taken an initial distribution, then nothing for five years. After requesting a waiver on every year, the IRS waived the penalty on years 1 and 5, but enforced it on years 2-4.

This is why I recommend that everyone take their RMD no later than September, so that there is time to take any needed RMD by 12/31. I learned this after a client died late in the year and normally took their RMD in December, and it was not possible to get the RMD out on time.

Lately, I have not been impressed with the postal services handling of return receipt mail. Twice I have received mail addressed to me with return receipt cards attached that was just placed in my box with the return receipt cards attached. I could sign or not sign as i chose as no one attempted to get a signature from me. In both cases, I did sign the cards and drop them back in the mail, but I have to admit in at least one instance it was several days after I received the certified letter that I got around to dealing with it. This is not the way that is supposed to work.

Correct me if I'm wrong, but don't you have to renew by Jan 31st? The November 1, 2023 - January 31, 2024 renewal cycle is for SSNs ending in 7, 8, 9, or no SSN Drake, CCH, NAEA, Gleim, CPA Academy and a few others are offering CE classes. It will be a crunch to get them in by December 31. I hope you are not just starting, 72 hours is a lot.

I stayed with Drake when I retired. I do six returns and have two that cover the software cost. (But not license etc, no big deal.)

There was a case presented in my Ethics course this week that I'm still laughing about. A CPA paid an IRS agent $1,250 in a bribe. Not bad enough? He told the clients he was representing that the IRS agent wanted $2k, which the clients paid him and he pocketed the difference (and needless to say didn't report on his own tax return). I didn't really need an ethics course to instruct me not to try either maneuver.

I use ATX1040 package to do about 10 returns. Half were mine or close family that were not billed but the other 5 more than paid for the software (1k).

"Jack Fisher & James Sinnott were convicted of conspiracy to defraud the United States, conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false tax returns. The convictions stem from Fisher and Sinnott’s fraudulent tax shelter scheme involving syndicated conservation easements dating back nearly two decades. In total, the defendants sold more than $1.3 billion in fraudulent tax deductions through this scheme. Fisher and Sinnott face a maximum penalty ranging between three and 20 years in prison for each count of conviction. The government is also seeking the forfeiture of monetary proceeds and real properties purchased by Fisher and Sinnott in connection with their fraud scheme." They got away with this scam for almost 20 years