Lee B

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.

The only exception I can think of would be if they are using a Professional Employer Organization for all of their payroll responsibilities, in which case there special rules regarding how the ERC is reported.

They should ask Schwab for written documentation of Schwab's advice

My reading suggests that while the beneficiaries are not required to take their own RMD in 2023, they are required to to take an RMD in 2023 if the deceased owner had not taken one before before passing. Are the beneficiaries your clients? I think the key words in your OP are "have been told by their financial advisor"

Yeah, our Postal Service is really struggling right now. Large deficits. The mail carriers are swamped with Amazon (Last Mile Delivery) packages.

Copied from currentfederaltaxdevelopements.com: "Before going on holiday break, the United States House of Representatives passed HR 5119, the Protect Small Business and Prevent Illicit Financial Activity Act, by a vote of 420-1. The bill can be found at https://www.congress.gov/bill/118th-congress/house-bill/5119/text. Changes to Initial Filing Deadlines The bill would make the following changes to the initial filing deadlines under the Corporate Transparency Act: The initial filing date for entities in existence before January 1, 2024 would be pushed back to January 1, 2026, two years after the effective date of the final rule for reporting. This is one year later than under FinCEN's current final rule. The initial filing date for entities formed during 2024 would be 90 days after the entity’s formation. This is the same as under FinCEN's current final rule. The initial filing date for entities formed after 2024 would be 90 days after the entity’s formation. This is 60 days later than would have been required under FinCEN's current final rule. [31 USC §5336(b)(1)(B) and (C) as revised]." I really hope this bill gets signed into law

Intuit is one of the codefendants of the Class Action Lawwsuit.

Reminder: The IRS considers NOL and Capital Gains to be two different classes of Income, which cannot be used to offset each other.

"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