Lee B

Interesting Article in The Journal of Accountancy about this subject: https://www.cpai.com/Education-Resources/my-firm/Tax-Services/IRS-funding-and-a-potential-rise-in-malpractice?refID=renew&utm_source=intern

I have spent the last 4 or 5 days wrestling with the so called "Financial Wellness Department" of my bank. There are lots of bureaucrats in large businesses of all kinds who stay very busy following corporate rules rather than providing "customer service." I ended up having to file an official complaint in order to gain access to the proceeds of several CDs that had already matured.

On the other hand I remember 5 or 6 years ago when the IRS assigned only 1 Revenue Agent to perform a tax audit of Microsoft because they didn't have the necessary expertise to even attempt to audit a company like Microsoft.

Based on what I have read an SMLLC is a reporting entity because the SMLLC was created by the state, whereas a SP is merely registering a "dba" and therefore is not a reporting entity. The fact that the SMLLC is an entity disregarded by the IRS and is filing on Schedule C isn't of any significance in this context. The problem with all of the questions on this thread is that very few if any of us is an attorney and all of these questions are really "legal questions" Please don't rely on anything I have said, it's all my personal opinion.

I have read some medical research articles about using AI to interpret various medical test results that were very promising. For example interpreting MRI results and other scans.

Perhaps - 2001 A Space Odyssey

In The Know With RPO: An Update From The Return Preparer Office. An overview of the Enrolled Agent Program, PTIN compliance, Annual Filing Season Program requirements, and data security responsibilities and protections. Earn up to 1 CE credit (Federal Tax). Live webinar. Free, registration required. https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-tax-practitioners I have taken a number of their free webinars. The quality varies quite a bit. I have had a few good webinars and a few terrible webinars. They do spend too much time on administrative stuff and other non class related information but they are free.

Yes, sms is not secure and phones can be spoofed and phone accounts can be stolen. However based on tech articles I have read 2FA using PINs texted or emailed will stop 98 or 99 % all all attempted hacks, which is good enough.

A "Record of Account Transcript" might be helpful so that you can see what has happened so far.

https://www.atxcommunity.com/topic/29504-remote-access-vendor/#comment-194754

The base of knowledge for AI's has been obtained by scraping the internet of everything,facts, fiction,opinions, conspiracy theories and wild assed guesses. I have read several tech articles which said that some AIs are getting close to running out source materials. There has been some discussion about creating artificial information so that AIs have more stuff to look at To some extent I think the AI explosion has been triggered by the Fear Of Missing Out.

Copied from updated FINCEN FAQs: "K. 3. Who can be held liable for violating BOI reporting requirements? Both individuals and corporate entities can be held liable for willful violations. This can include not only an individual who actually files (or attempts to file) false information with FinCEN, but also anyone who willfully provides the filer with false information to report. Both individuals and corporate entities may also be liable for willfully failing to report complete or updated beneficial ownership information; in such circumstances, individuals can be held liable if they either cause the failure or are a senior officer at the company at the time of the failure." I added the underline emphasis.

Good points. However is anyone aware of any IRS guidance on any deduction or credit that requires the filing of BOI?

The effective for BOI Reporting was January 1, 2024. What would the question even be? As far as 2024 goes, whether your client files their BOI or not has no effect on the filing of any tax returns. We don't ask clients whether they are drug addicts or abuse their children???

What is the purpose of doing that? If they say no, what would you do?

I am not filing for any clients. I will probably to file my own until November.

To clarify this is the IRS implementation of the FTC's Safeguards Rule.

Copied from IRS News Release 2024 - 32: "The Federal Trade Commission’s safeguards rule now mandates that all tax professionals use multi-factor authentication, or MFA, to secure sensitive client data."

Copied from Business Insider: "The layoffs come as Dell rolls out its new AI strategy. Dell has been trialing AI tools internally since October 2023 and is now putting the plan into action, applying AI across product development, content management, sales tools, and customer service. The tools will make staff more efficient and free up their time for more important tasks, corporate strategy SVP Vivek Mohindra told Business Insider" "Two Dell employees in human resources told BI that layoffs would bring the workforce to under 100,000 people. Given the company had just under 120,000 full-time employees, according to internal data seen by BI in May, tens of thousands of staff are being let go." I really hope that the AI working in product development doesn't hallucinate too much.

Copied from Forbes: "In its 10-Q quarterly report filed with the Securities & Exchange Commission on July 31, 2024, the company warned that if the IRS applies the same argument to other tax years and ultimately prevails, it would owe approximately $16 billion in back taxes and interest, counting interest through the end of last year. Ouch

The Microsoft webcast that I watched said that basic 2FA with either PINs texted to your phone or emailed to you are 99 + % effective. According to the webcast most hackers aren't that sophisticated and that the sophisticated hackers aren't going to spend their time on a single account.

I have read that with some programs if your cell phone is synced then as long your cell phone is on and nearby then you are allowed to log in.

It's good to hear that someone else has had a good experience with authenticators. I tried using Google's authenticator to sign in into my gmail account. It was a very frustrating experience, sometimes waiting as long as 10 minutes for the authenticator to respond. Currently, I rely on PINs texted to my phone or emailed to me.

IMHO, the key thing is to enable 2FA or passwordless login for my computer system. Just watched a MS webcast about this and I am going to try using "Windows Hello"

I assume that you would turn MFA for logging into your Win 10 or Win 11 System. With Drake I can password encrypt the PDFs of tax return copies.