Lee B

If you don't respond then there is a good chance your client will receive the same notice next year.

That's a confidence builder

Copied from the website of Current Federal Tax Developments: "Tax Relief for Working Families This title encompasses provisions aimed at expanding the refundable portion of the Child Tax Credit, as specified in IRC §24. The following changes would be made to the Child Tax Credit under the bill. Per-Child Basis Calculation of Maximum Child Tax Credit. The maximum amount of the child tax credit that can be refunded would be determined by multiplying the earned income of the taxpayer exceeding $2,500 by 15% and then multiplying that result by the number of qualifying children. At present, the number of qualifying children does not affect the calculation of the maximum refundable child tax credit. This provision would be in effect from 2023 to 2025. [Act Section 101] Aggregate Restriction for Refundable Child Tax Credit: In addition to the aforementioned cap, the maximum reimbursable child tax credit is further bounded by a fixed monetary sum per child, which is currently set at $1,600 per child, as per the existing law. The bill proposes to elevate the maximum reimbursable amount per child to $1,800 for 2023, $1,900 for 2024, and $2,000 in 2025, along with an inflation modification for 2024 and 2025. [Act Section 102] Inflation Adjustment. The amount of the child tax credit, which is currently set at $2,000, would be indexed to inflation for the years 2024 and 2025, with the result rounded down to the nearest $100. [Act Section 103] Election to Use Prior Year’s Earned Income. Taxpayers will have the opportunity to participate in an election in 2024 and 2025 to utilize the earned income from the preceding year when calculating the child tax credit. This election is available if the taxpayer’s earned income in the current year is lower than the earned income in the previous year. [Act Section 104] IRS to Attempt to Automatically Issue Refunds to Early 2023 Filers. The implementation of these proposed legislative amendments, should they be enacted, would occur, at best, several weeks into the year 2024. Consequently, a substantial number of taxpayers, particularly those anticipating a tax refund, will likely file their tax returns before the Internal Revenue Service (IRS) is prepared to process returns claiming the revised Child Tax Credit. In order to address this issue, Section 105 of the Act stipulates that, to the greatest extent feasible, the IRS must recalculate the Child Tax Credit based on the aforementioned amendments and any information provided by the taxpayer. In the event that this recalculation results in a refund, the agency is obligated to issue said refund or credit as expeditiously as possible."

If this bill becomes law, hopefully the IRS will handle it like they handled the early filers with Unemployment Compensation in their returns several years ago. The IRS did not require amendments and the IRS handled the tax recalculations internally and refunded the tax overpayments in the late summer and early fall of that year.

Does the name address and EIN of the Fiduciaries that you entered in the return match the 1099 Rs? Sometimes the fiduciaries' names, addresses and EIN change from year to year.

https://www.wolterskluwer.com/en/expert-insights/tax-relief-for-american-families-and-workers-act-of-2024

Today this bill was passed by the House Ways and Means Committee by a vote of 40 - 3.

I have a similar situation with a tax payment that I scheduled with the Oregon Dept of Revenue to be paid on Thursday December 28th ( confirmation saved ). However it didn't clear my checking account until Tuesday January 2nd. I am going to treat just like an outstanding check.

I rarely get my screen blocked with pop ups. Having your screen blocked like that is a sign that you may have unknowingly downloaded some malware.

One of the key reasons that I left ATX for Drake was that it took too long for ATX to make state forms available.

Are you an attorney? Check the instructions for SS 4

Oregon has Commercial Activities Tax based on gross receipts which is due and payable even if you have a loss. In my state the partnership would pay the tax. Some people refer to it as a "back door" sales tax.

If you contact a member of Congress, you will need to have all of your documents assembled

Yes, mine is an add on to my General Business Liability package

"WASHINGTON — Senior lawmakers in Congress announced a bipartisan deal Tuesday to expand the child tax credit and provide a series of tax breaks for businesses." "The deal, would enhance refundable child tax credits in an attempt to provide relief to families that are struggling financially and those with multiple children. It would also lift the tax credit's $1,600 refundable cap and adjust it for inflation." "The deal includes expensing for research and experimental costs, restoration of an earlier interest deduction, an expansion of small-business expensing and an extension of bonus depreciation, according to a section-by-section summary released by the two tax-writing committees."

I just find a note form online and fill in the details and print a loan amortization schedule if needed.

The Tax Advocates Assistance Tool https://www.taxpayeradvocate.irs.gov/can-tas-help-me-with-my-tax-issue/ Form 911 https://www.irs.gov/pub/irs-pdf/f911.pdf

Members of the Senate and the House have priority access to the Tax Advocate's taxpayer assistance service.

This information should be disclosed in Box 17 code AD for any K-1 prepared with a MN resident stockholder.

Don't know about this year but in previous years, the efiling thru acknowledgement process can often take 4 to 7 days.

This increase is part of the potential agreement for another Continuing Resolution to avert the looming government shutdown on January 19. "If Congress reaches a deal on the child tax credit by Jan. 29, lawmakers say eligible families could benefit as soon as next month. That’s because the credit would be available for the 2023 tax year (for tax returns filed early in 2024). However, the expansion, if it does happen, won’t reach as far as it did under President Joe Biden’s American Rescue Plan. Here are some of the possibilities Congress is discussing: Ensuring families with the lowest incomes will qualify for the credit by removing the minimum taxable income threshold Allowing families to submit prior year tax returns to claim the expanded credit Increasing the refundable portion of the child tax credit None of the above possibilities are official, and the details could change as Congress continues to discuss the matter. However, families with the lowest incomes would likely benefit the most." Just what we need another last second change in tax law

I really dislike hypothetical posts because the poster often leaves out important details based on their own preconceived idea of what the answer should be.

OK, here's my excuse. Every year I prepare about 80 1095 Cs for my largest client who is an ALE who does not provide health insurance to their employees. So I was focused on the deadline for filing the 1095 Cs since it takes me about 11 or 12 hours to prepare them.

Excerpts from the report that caught my attention: https://www.taxpayeradvocate.irs.gov/reports/2023-annual-report-to-congress/ "Extraordinary delays in assisting victims of identity theft. At the end of fiscal year (FY) 2023, nearly half a million taxpayers with cases pending in the IRS’s Identity Theft Victims Assistance (IDTVA) unit were waiting an average of almost 19 months for the agency to resolve their identity theft problems. " "Delays in processing amended tax returns and taxpayer correspondence. Despite the IRS’s success in eliminating its backlog of paper-filed Forms 1040, backlogs in processing amended individual income tax returns (Forms 1040-X), amended business tax returns and correspondence continued. At the end of calendar year 2019 (the most recent pre-pandemic year), the IRS’s backlog of unprocessed amended returns stood at 0.5 million. By comparison, the backlog as of late October 2023 was 1.9 million – nearly four times as much. Taxpayer correspondence and related cases more than doubled over the same period, from 1.9 million to 4.3 million. In addition, the percentage of correspondence cases classified as “overage” in 2023 reached its highest level in recent years, with nearly 70% of pending cases exceeding normal processing times as of late October. " For the 2023 filing season, Treasury set a goal of achieving an 85% “Level of Service” (LOS) on the IRS’s toll-free telephone lines, and that required staffing the telephone lines at levels capable of handling most calls during peak periods. However, the report says that meant CSRs often were “simply sitting around waiting for the phone to ring.” During the 2023 filing season alone, CSRs spent 1.27 million hours (34% of their time) waiting to receive calls. That translates to more than 650 unproductive staff years in which these employees could have been processing paper and reducing response times for amended returns and correspondence." It sounds llke the IRS has been playing "Whack A Mole" They shifted staff to answering the phones since that was what everyone was upset about.

At my age, it's possible who knows