Lee B

That is exactly what they mean - IR 2024 - 201

No, the FAQs have a definite answer about sole proprietors filing Schedule C with a "dba"

Perhaps your client took what the attorney said "out of context" My clients have perfect memory

On July 8th, FINCEN released about 50 pages of updated FAQs. https://www.fincen.gov/boi-faqs

"Coca-Cola said Friday it plans to pay a tax penalty worth $6 billion while it pursues an appeal in a long-running dispute with the Internal Revenue Service. "The company believes it will prevail on appeal," Coca-Cola said of a US tax court ruling dated July 31 that covered the years 2007, 2008 and 2009. The back taxes amount to $2.7 billion, which with interest makes the total owed "approximately $6.0 billion," the company said." "The case dates to 2015 when Coca-Cola received a notice from the IRS contesting the company's accounting of income from foreign affiliates over the need for "arms-length" pricing of transactions with these entities, Coca-Cola said in a securities filing." The big international conglomerates have been very adept at manipulating our tax system for decades Inquiring minds might ask, why does Apple with its Billions of dollars in profits have a US Federal effective tax rate of only 8% ???

I just called Hiscox directly and gave them my Policy #. I was told that I am definitely not covered and that the CTA BOI Reporting is specifically listed in my policy exclusions.

You definitely have a mystery on your hands. All you and your client can do is call. A "Record of Account Transcript" might be helpful.

If the other accountant wants something in writing , they should provide the release document

Thanks Terry, I have used Hiscox for years. Even if they did offer coverage, I still wouldn't assist my clients with BOI. I am informing them of the CTA and BOI reporting.

I have used a desktop for so many years that I really have no interest in trying to use a laptop for work.

Welcome back Marilyn Yes, trying to work when you don't feel good is hard. I have been struggling with some health issues this month. So far I have missed working 9 days in July. Today, I just finished my payroll reports for the 2nd quarter Hopefully, I am on the way to recovery but it may take another month or two before I am close to normal.

I think the Part II Taxpayer Declaration will answer your question

Call the practitioners hotline. While they may not give you a specific answer without a POA ,they will at the very least tell you how to find out what you need to know. I used this approach twice last year and was very happy with their assistance.

I think it's the money spent lobbying by the fee charging third party software providers that keeps the current restrictions in place. Dennis, I use your payroll software for all except my largest client who has 60 employees. I would happily pay you a reasonable per form fee to e-file Form 940 & Form 941

If I do that, I would increase my fees to cover that time.

I do live payroll processing. Never heard of them. Nice website which is short on details and examples of reports.

There was a lengthy discussion about this that started on May 24th.

I use Login.gov to access the SSA and EFTPS. I am concerned about how ID.me handles personal privacy so I haven't used it so far.

I have clients under 75 that I would never suggest that they set up their own online account.

I really have mixed feelings about whether or not I should encourage my clients to set up their own online accounts. We may end up with phone calls from clients while they are logged into their online account who do not understand what they are doing.

Copied from IR 2014 - 196 "The IRS continues to expand the functionality of its online platforms, including several new features in Individual Online Account that give taxpayers the ability to: Retrieve all their tax related information from one source, including Wage & Income, Account, Record of Account, and Return transcripts; Request an update to their Identity Protection (IP) PIN using their smartphones or tablets; View information about the status of their audit at their convenience, instead of having to call the IRS to obtain audit information; Use a Lien Payoff Calculator to access lien information, calculate their lien payoff amount and generate a letter for download/print; Complete the Pending Installment Agreement process within Online Account without having to be re-routed to a separate application and View a comprehensive overview of their account information, including the status of their tax refund as it’s being processed. " It will be great if all these features work

The IRS is really cracking down on "offshore tax schemes" and your client was caught up.

Well the Windows 95/Windows 3.1 stories are debunked: Thom Holwerda 2024-07-23 "Let’s start with the actual source of the claim that Southwest Airlines was unaffected by CrowdStrike because they’re still using Windows 3.11 for large parts of their primary systems. This claim is easily traced back to its origin – a tweet by someone called Artem Russakovskii, stating that “the reason Southwest is not affected is because they still run on Windows 3.1”. This tweet formed the basis for virtually all of the stories, but it contains no sources, no links, no background information, nothing. It was literally just this one line. It turned out be a troll tweet. A reply to the tweet by Russakovskii a day later made that very lear: “To be clear, I was trolling last night, but it turned out to be true. Some Southwest systems apparently do run Windows 3.1. lol.” However, that linked article doesn’t cite any sources either, so we’re right back where we started. Southwest uses internally built and maintained systems called SkySolver and Crew Web Access for pilots and flight attendants. They can sign on to those systems to pick flights and then make changes when flights are canceled or delayed or when there is an illness. “Southwest has generated systems internally themselves instead of using more standard programs that others have used,” Montgomery said. “Some systems even look historic like they were designed on Windows 95.” SkySolver and Crew Web Access are both available as mobile apps, but those systems often break down during even mild weather events, and employees end up making phone calls to Southwest’s crew scheduling help desk to find better routes. During periods of heavy operational trouble, the system gets bogged down with too much demand." ↫ Kyle Arnold at The Dallas Morning News "That’s it. That’s where all these stories can trace their origin to. These few paragraphs do not say that Southwest is still using ancient Windows versions; it just states that the systems they developed internally, SkySolver and Crew Web Access, look “historic like they were designed on Windows 95”. The fact that they are also available as mobile applications should further make it clear that no, these applications are not running on Windows 3.1 or Windows 95. Southwest pilots and cabin crews are definitely not carrying around pocket laptops from the ’90s." A classic example of online media repeating misinformation. It's getting really hard to tell the difference between fact and fiction

The point is that SWA has a decades long history of under investing in IT technology which has been widely know throughout the airline industry for many years.

Now here is a quote that emphasizes the "single point of failure" problems of our current world wide IT infrastructure: "The reality is despite CrowdStrike's epic failure last week, there are few alternatives to CrowdStrike and the switching costs are high," Gene Munster, managing partner at Deepwater Asset Management, which is known for its tech investments, wrote on social media."