Lee B

The Fifth Circuit Court has scheduled a hearing to be held on March 25th where the legal arguments pro and con will be heard.

According to Bloomberg Tax, This was a different panel from the Fifth Circuit: https://news.bloombergtax.com/daily-tax-report/corporate-transparency-act-blocked-by-us-appeals-court-again

"WASHINGTON, D.C. (Dec. 27, 2024) – The National Federation of Independent Business (NFIB) applauds the new decision by the U.S. Court of Appeals for the Fifth Circuit in NFIB’s lawsuit challenging the Corporate Transparency Act (CTA), Texas Top Cop Shop, Inc., et al. v. Garland, et al. The court’s latest decision reinstates the nationwide injunction, blocking the burdensome beneficial ownership information (BOI) reporting requirements for small businesses while the court fully considers the government’s appeal. It also nullifies a previous Fifth Circuit order that allowed the government to begin enforcing the CTA and BOI reporting requirements again. " The BOI soap opera rolls on!

Yeah, I need my phone in order to log into my email and my accounting program. What I worry about is dropping my phone

"Request for an En Banc Rehearing on Stay of Injunction in BOI Case Filed By Ed Zollars, CPA on Dec 24, 2024 01:28 pm The plaintiffs in Texas Top Cop Shop, Inc., et al. v. Merrick Garland, Attorney General of the United States, et al. are requesting an en banc rehearing based on several arguments related to the panel decision to grant a stay of the district court’s preliminary injunction.[^1] The plaintiffs contend that the panel decision conflicts with Supreme Court precedent, improperly weighed the equities, and failed to consider key aspects of the case." This is like watching the soap opera, "Days of Our Lives"

I received a letter from my bank informing me that the FDIC required them to have all of the same information as FinCen/BOI. This is a business checking account that I have had for 32 years! So far, I am ignoring them. We will see what happens

According to an Alert update on FINCEN.gov/boi "In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows: Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025." I wonder if this will end up in the Supreme Court sometime next year?

https://www.thetaxadviser.com/news/2024/dec/boi-injunction-lifted-reporting-deadline-is-jan-1-2025.html Well, that sucks!

I'w afraid I would get distracted and overlook something or make a mistake. I need the extra time to double check everything

So you prepare most of your tax returns while your clients are sitting there and following along? I don't think I could do that

I have a work stand that sits beside my monitor which holds any paperwork

I agree, my desk tends to look a bit messy. Once in awhile I even loose things on my desk

The remainder remaining constant is curious since as Judy pointed out the cost of vehicle insurance, parts and repairs have increased.

I have one 21 inch monitor and my paper copies

There were 849,531 PTINs issued for 2024. 464,293 were for tax preparers that were not subject to Circular 230.

What caught my attention, was changes to assure "Technical Competence"?

I haven't used a third party antivirus program for years, since according to tech articles I have read Microsoft does a satisfactory job.

I keep both a paper copy and a pdf copy, since I am semiretired keeping a paper copy isn't a big deal.

It turns out my state has a permit application process for parents to employ their children under the age of 14.

I have done something similar before but not with a child that young. In addition every state has child labor laws that govern the employment of children. In my state, children employed must be no younger than 14.

I apologize, it appears that some of the rules may have changed, since I helped my client. You should read the instructions for Form 1128 : https://www.irs.gov/pub/irs-pdf/i1128.pdf

In my client's case the deposit had to be maintained because by changing to a fiscal year you are deferring taxes until the future. It was not applied to the following year.

I did it years ago. Assuming the same rules apply, the approval is not automatic and you need a legitimate business reason. My client was required to post and maintain a deposit of of potentially deferred taxes.

Any cloud storage that you might use would be subject to the FTC law requiring MFA.

Using your fingerprint or facial recognition meets the requirements, but your tax software gets to choose which method they want to use.