Lee B

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.

Copied from The Tax Advisor: "Under the de minimis rules, added by the Protecting Americans From Tax Hikes (PATH) Act, P.L. 114-113, payers are not required to correct an error on an information return or payee statement and are not subject to penalties for failure to file a correct information return or payee statement if the error relates to an incorrect dollar amount and is no more than $100 ($25 for withholdings)." Good, a common sense ruling from the IRS

Perhaps the rules are different in your state? In my state, if an employee gives advance notice of quitting or if an employer terminates an employee, the employer has 24 hours to produce the final paycheck.

What do you do if a client terminates an employee or an employee quits this week? Which is why I always wait.

Or does anyone have a sample plan tailored for an one person (no employee) office. I would also be very interested. TIA

"Shutdown for "Send Submissions" only is scheduled to begin at 11:59 a.m. (noon) Eastern time, Tuesday, December 26, 2023."

In years past I have had a few younger client's state refunds suspended pending conformation of their identity. However I have decided that I will no longer retain any drivers license information.

I don't specifically remember that. However I think data security and the WISP requirements would end up in the same place.

Most of my client contact is via email which works fairly well for me. Some of my younger clients I have to send them a text reminding them to read their email.

Drake has new owners. Changes like this were inevitable. Go read the posts in the Drake category for the last several years.

"Never underestimate the power of stupidity"

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.

IRS Notice 2024-7 https://www.irs.gov/pub/irs-drop/n-24-07.pdf IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause WASHINGTON – In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing about $1 billion in penalty relief. Most of those receiving the penalty relief make under $400,000 a year. RS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause. As a first step, the IRS has adjusted eligible individual accounts and will follow with adjustments to business accounts in late December to early January, and then trusts, estates and tax-exempt organizations in late February to early March 2024. Nearly 70 percent of the individual taxpayers receiving penalty relief have income under $100,000 per year.IRS.

Wow Paychex is not cheap. My largest client has 60 employees and pays a bit less than $5,000 a year with iSolved.

I use Libre Office from time to time which can open Excel sheets

Yes, I get the most of my CPE from the Tax Book Self Study courses

Exactly the same way I do it for my clients.

The reduced penalties were specified in SECURE 2.0 as passed by congress and signed by the president.