Lee B

Copied from the instructions for Form 1095 C: "An ALE member must furnish a Form 1095-C to each of its full-time employees by March 1, 2024, for the 2023 calendar year. See Extensions of time to furnish statements to recipients . Which means that clients wanting their return prepared early very well may not have received their Form 1095 C yet.

Definitely

I wouldn't do it, but is it any different than paying for an extended maintenance contract on a car or a dishwasher?

Post the amount paid on Schedule 3 Part II Line 13 z, assuming she has some proof of payment.

Well, this question definitely pushes the creative envelope

WASHINGTON —The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation’s 2024 tax season when the agency will begin accepting and processing 2023 tax returns." I am a bit surprised it's this late.

Yes I have used Hiscox for years.

Copied from the MeF Status Page: "Filing Season Start Dates: Business tax returns: 9:00 am Eastern January 16, 2024 Individual tax returns: TBD"

Efiling of 1099s doesn't reopen until the 10th so you have Monday and Tuesday to get it fixed.

The property can be both section 1231 and section 1250. Section 1250 refers to the taxation rules that apply if accelerated depreciation was used. I have to refresh my memory ever time this comes up. Maybe one day I will get it nailed down in my mind.

Perhaps you have a passive loss carryover?

"The IRIS system will begin accepting Information Returns on Wednesday, January 10, 2024, at 9:00 a.m. EST"

The self study class from Brass Tax that Lion posted about sounds like a good investment for only $20

Yes, it would all be deducted in 2023. No, remember depreciation is allowed or allowable, so not submitting the 3115 would be a failing to do your due diligence.

I will get to it in about 4 weeks after all my 4th quarter and year end payroll reports are done

What kind of roadblocks? As far as I know the only option is to renew by mail with Form W 12 which takes 4 to 6 weeks to process. The following FAQs cover how to resolve almost any problem https://www.irs.gov/tax-professionals/frequently-asked-questions-ptin-application-renewal-assistance Please contact the PTIN Information Line at 877-613-7846 during operating hours (Monday – Friday, 8:00am – 5:00pm CST

It took me about an hour to go through the sample template and modify it to fit my no employee situation. I still have several small attachments to fine tune but it's almost done.

Copied from The Tax Advisor: "Under the de minimis rules, added by the Protecting Americans From Tax Hikes (PATH) Act, P.L. 114-113, payers are not required to correct an error on an information return or payee statement and are not subject to penalties for failure to file a correct information return or payee statement if the error relates to an incorrect dollar amount and is no more than $100 ($25 for withholdings)." Good, a common sense ruling from the IRS

Perhaps the rules are different in your state? In my state, if an employee gives advance notice of quitting or if an employer terminates an employee, the employer has 24 hours to produce the final paycheck.

What do you do if a client terminates an employee or an employee quits this week? Which is why I always wait.

Or does anyone have a sample plan tailored for an one person (no employee) office. I would also be very interested. TIA

"Shutdown for "Send Submissions" only is scheduled to begin at 11:59 a.m. (noon) Eastern time, Tuesday, December 26, 2023."

In years past I have had a few younger client's state refunds suspended pending conformation of their identity. However I have decided that I will no longer retain any drivers license information.

I don't specifically remember that. However I think data security and the WISP requirements would end up in the same place.

Most of my client contact is via email which works fairly well for me. Some of my younger clients I have to send them a text reminding them to read their email.