Lee B

Members of the Senate and the House have priority access to the Tax Advocate's taxpayer assistance service.

This information should be disclosed in Box 17 code AD for any K-1 prepared with a MN resident stockholder.

Don't know about this year but in previous years, the efiling thru acknowledgement process can often take 4 to 7 days.

This increase is part of the potential agreement for another Continuing Resolution to avert the looming government shutdown on January 19. "If Congress reaches a deal on the child tax credit by Jan. 29, lawmakers say eligible families could benefit as soon as next month. That’s because the credit would be available for the 2023 tax year (for tax returns filed early in 2024). However, the expansion, if it does happen, won’t reach as far as it did under President Joe Biden’s American Rescue Plan. Here are some of the possibilities Congress is discussing: Ensuring families with the lowest incomes will qualify for the credit by removing the minimum taxable income threshold Allowing families to submit prior year tax returns to claim the expanded credit Increasing the refundable portion of the child tax credit None of the above possibilities are official, and the details could change as Congress continues to discuss the matter. However, families with the lowest incomes would likely benefit the most." Just what we need another last second change in tax law

I really dislike hypothetical posts because the poster often leaves out important details based on their own preconceived idea of what the answer should be.

OK, here's my excuse. Every year I prepare about 80 1095 Cs for my largest client who is an ALE who does not provide health insurance to their employees. So I was focused on the deadline for filing the 1095 Cs since it takes me about 11 or 12 hours to prepare them.

Excerpts from the report that caught my attention: https://www.taxpayeradvocate.irs.gov/reports/2023-annual-report-to-congress/ "Extraordinary delays in assisting victims of identity theft. At the end of fiscal year (FY) 2023, nearly half a million taxpayers with cases pending in the IRS’s Identity Theft Victims Assistance (IDTVA) unit were waiting an average of almost 19 months for the agency to resolve their identity theft problems. " "Delays in processing amended tax returns and taxpayer correspondence. Despite the IRS’s success in eliminating its backlog of paper-filed Forms 1040, backlogs in processing amended individual income tax returns (Forms 1040-X), amended business tax returns and correspondence continued. At the end of calendar year 2019 (the most recent pre-pandemic year), the IRS’s backlog of unprocessed amended returns stood at 0.5 million. By comparison, the backlog as of late October 2023 was 1.9 million – nearly four times as much. Taxpayer correspondence and related cases more than doubled over the same period, from 1.9 million to 4.3 million. In addition, the percentage of correspondence cases classified as “overage” in 2023 reached its highest level in recent years, with nearly 70% of pending cases exceeding normal processing times as of late October. " For the 2023 filing season, Treasury set a goal of achieving an 85% “Level of Service” (LOS) on the IRS’s toll-free telephone lines, and that required staffing the telephone lines at levels capable of handling most calls during peak periods. However, the report says that meant CSRs often were “simply sitting around waiting for the phone to ring.” During the 2023 filing season alone, CSRs spent 1.27 million hours (34% of their time) waiting to receive calls. That translates to more than 650 unproductive staff years in which these employees could have been processing paper and reducing response times for amended returns and correspondence." It sounds llke the IRS has been playing "Whack A Mole" They shifted staff to answering the phones since that was what everyone was upset about.

At my age, it's possible who knows

Copied from the instructions for Form 1095 C: "An ALE member must furnish a Form 1095-C to each of its full-time employees by March 1, 2024, for the 2023 calendar year. See Extensions of time to furnish statements to recipients . Which means that clients wanting their return prepared early very well may not have received their Form 1095 C yet.

Definitely

I wouldn't do it, but is it any different than paying for an extended maintenance contract on a car or a dishwasher?

Post the amount paid on Schedule 3 Part II Line 13 z, assuming she has some proof of payment.

Well, this question definitely pushes the creative envelope

WASHINGTON —The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns." I am a bit surprised it's this late.

Yes I have used Hiscox for years.

Copied from the MeF Status Page: "Filing Season Start Dates: Business tax returns: 9:00 am Eastern January 16, 2024 Individual tax returns: TBD"

Efiling of 1099s doesn't reopen until the 10th so you have Monday and Tuesday to get it fixed.

The property can be both section 1231 and section 1250. Section 1250 refers to the taxation rules that apply if accelerated depreciation was used. I have to refresh my memory ever time this comes up. Maybe one day I will get it nailed down in my mind.

Perhaps you have a passive loss carryover?

"The IRIS system will begin accepting Information Returns on Wednesday, January 10, 2024, at 9:00 a.m. EST"

The self study class from Brass Tax that Lion posted about sounds like a good investment for only $20

Yes, it would all be deducted in 2023. No, remember depreciation is allowed or allowable, so not submitting the 3115 would be a failing to do your due diligence.

I will get to it in about 4 weeks after all my 4th quarter and year end payroll reports are done

What kind of roadblocks? As far as I know the only option is to renew by mail with Form W 12 which takes 4 to 6 weeks to process. The following FAQs cover how to resolve almost any problem https://www.irs.gov/tax-professionals/frequently-asked-questions-ptin-application-renewal-assistance Please contact the PTIN Information Line at 877-613-7846 during operating hours (Monday – Friday, 8:00am – 5:00pm CST

It took me about an hour to go through the sample template and modify it to fit my no employee situation. I still have several small attachments to fine tune but it's almost done.