Lee B

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

Assuming that he no longer works for this company, the first thing I would have him do is file a Wage & Hour complaint with the Bureau of Labor.

I use Drake's Pay Per Return version which costs $355 this year and includes 10 Form 1040 returns.

Probably, the third party vendor that I use saves all of the issuer and recipient details from year to year

Not all of them do. SUT & FUT don't get picked up. In my state STTX & PFML also wouldn't get picked up.

It does result in a substantial understatement of employment taxes at both the federal and state level. Income taxes are not the only consideration.

What kind of abuse ? What should be changed?

Here is a link to register for a FINCEN online webinar about Beneficial Ownership Reporting this Wednesday: https://fincen.zoomgov.com/webinar/register/WN_lh7pK9P8T5WD7w4ZPAYCGw

My state's normal release date for the new W 4 is is usually the third week of January. There are other states that don't release their new withholding tables until late January. It's been that way for years.

No it just stops late payment penalties.

Tom, I think I read it correctly. Read it again.

"In some of our reports, we called IRS customer service numbers and made tax payments. These techniques help us understand the experience you have interacting with the IRS ─ and opportunities to improve it. Here’s a snapshot of what we've found. We called 102 IRS customer service telephone numbers during this year’s tax filing season. We found that 21 of the lines placed us on hold for more than 30 minutes before we ended the call. We made tax payments with cash at retail stores that partner with the IRS. We described the process as convenient (especially for taxpayers without bank accounts) and determined our payments were applied timely and accurately to our tax accounts. We created 5 fictitious organizations and applied for tax-exempt status using a simplified application form (Form 1023-EZ) to test its effectiveness. The IRS approved 4 of our applications ─ and included them on a list of organizations that can receive tax deductible." The approval of 4 fictitious non profits is troubling.

A family law attorney practicing in NC would be a good resource for person # 1.

Generally retiree health insurance benefits are not taxable. But in this case the reimbursements are not part of a group plan so the reimbursements are probably taxable income. Second SEHI is limited to Schedule C Taxable Income. The OP doesn't mention whether the clients Schedule C makes a profit. Also, how old is his wife is she still working and does she have access to group health benefits?

Form 1096 is only used when you paper file the 1099s.

"In order to prepare for Filing Season 2024/Tax Year 2023, the IRIS Production environment Shutdown/Cutover for all transmissions, including corrections and replacements, will begin on: Wednesday, December 06, 2023, 12:00 a.m. Eastern time"

Just go through the 3115 step by step. You only have to do it once. The total depreciation will be deducted only once in the tax year to be filed. It won't be that bad.

If depreciation was never deducted then a Form 3115 needs to be filed correcting the depreciation which would allow the deduction of the combined years of depreciation in the current year. Then the sale of the house could be recorded using the correct accumulated depreciation. "Form 3115, Change in Accounting Method, is used to correct most other depreciation errors, including the omission of depreciation. If you forget to take depreciation on an asset, the IRS treats this as the adoption of an incorrect method of accounting, which may only be corrected by filing Form 3115."