Lee B

I am puzzled about the selective enforcement. I had logged into my client's account on November 4th with an 8 character password then when I tried to log in on November 20th EFTPS wouldn't accept the same 8 character password and forced me to create new 12 character password. Perhaps it was because I had to change my clients Bank Account information due to fraudulent activity.

I have used Online File Taxes for a number of years. It's been trouble free and I am very satisfied. https://www.onlinefiletaxes.com/default.aspx

"The party that pays a taxable settlement or judgment to the injured party and/or their attorney will issue a Form 1099-MISC, Form 1099-NEC, or W-2 to report the settlement. In some cases, the claimant and attorney are issued separate 1099s reporting the same settlement dollars.Jun 15, 2023"

The IRS probably received a lot of pressure from the entities required to submit the 1099 Ks saying they weren't ready to comply.

https://www.irs.gov/government-entities/tax-implications-of-settlements-and-judgments https://hbla.com/the-five-key-irs-rules-of-taxation-for-lawsuit-settlement

What a mess!

I disagree, I don't think the address of a registered agent fulfills the requirements. Do you use your registered agents address on your CA Drivers License?

IRS rules say that if your street address is a deliverable address then you shouldn't use a P O Box.

I had to schedule a payroll tax deposit today due to the termination of an employee by a client ( Semi Weekly Depositor ). EFTPS now requires your password to be 12 characters or longer so if your old password was shorter you or your client will be forced to change.

The AICPA has published some very useful guidelines: https://www.cpai.com/Education-Resources/my-firm/Tax-Services/What-accounting-firms-need-to-know-about-CTA?refID= Two key points: "To help reduce the likelihood of claims asserting a failure to advise a client of CTA, consider sending a newsletter or other general client notification letter to all clients informing them of CTA and its reporting requirements. Retain a copy of the newsletter as well as the distribution list. " "Unless specifically engaged to provide CTA assistance under a separate engagement letter, include a provision in all engagement letters, regardless of service, disclaiming a responsibility to do so. A sample provision is provided in this Risk Alert." After reading this, I am going to draft a separate letter notifying my clients of the CTA and the reporting requirements declining to provide any services or advice related to the CTA and it's reporting requirements which I will require my clients to sign in addition to my annual tax authorization/engagement letter.

Just received my new quote, my annual premium for 2024 will be $411.

Yes, it's very interesting how some clients will as a knee jerk reaction avoid spending any money on legal fees or spend any extra money on extra tax research/consultation

No, cyber coverage is an add on to my General Liability Policy. I have only called once and I did talk to a live person about a year ago.

I have used Hiscox for years. Currently paying $367 a year for $250,000 of coverage.

If he really wants to do a tax free exchange, he could exchange the old rental house plus the second property for a third property land & bldg.

There are extremely complicated tax free exchanges called "Build to Suit Tax Free Exchanges" Here is one article: https://www.exeterco.com/article_build_to_suit_exchange#:~:text=No matter which combined strategy,has been put into place.

Doesn't qualify

No, my GL went from about $440 to $460.

Hooray, I was able to access my SSA BSO Account by using Login.gov I did have submit some additional identity verification details. It went pretty smoothly. I was pleasantly surprised

I have done 3 or 4 including my own using Login.gov. One client needed to have their bank account information changed. It all went smoothly with no problems.

I think QBO doesn't allow that to prevent customers from creating an unbalanced mess.

I don't see any difference between this and knowing any clients checking account number and routing number in order to print payroll checks, accounts payable checks, reconcile a clients bank account or set up a tax refund direct deposit. A dishonest accountant can use any of this information for fraudulent purposes. In over 30 years I recall screwing up a tax deposit amount once and a tax due date another time. I reimbursed my client for the penalties and interest both times.

Interesting, just set up my Login.gov account. All the setup does is confirm your email address and confirm your phone number. I think Dennis is right, it just gives them a way to track who is accessing an EFTPS account which I have done for years for some of my very long term clients.

In order to avoid the transfer tax, I believe that closing statements would have to show the $ 1.00

I don't think so. Click on the link that I provided. It doesn't take that long to review the documentation and sample reports.