Lee B

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.

So if all the paperwork says $1, did they pay the additional $ ??? in cash?

Depending on the financial institution, deposits can be rejected even if the account numbers match when the names on the account don't match.

Yes, each financial institution has its own rules about these deposits.

If the LLC elects to be taxed as a Partnership, then you have to deal with "inside basis" versus "outside basis" which will be different numbers if the partners contribute real estate to the LLC. S Corps are usually avoided since any real estate distributed back out to the stockholders will come out at FMV with the resulting tax consequences. Lots of both tax and legal issues need to be considered in advance, which is not what actually happens too many times.

"1040 MeF Production Shutdown Schedule Shutdown begins on Saturday, November 18, 2023, at 11:59 p.m. Eastern time, to prepare the system for the upcoming Tax Year 2023 Filing Season." Don't recall the IRS announcing the 1040 shutdown this early before.

SSA gets notified of deaths fairly quickly. It may get rejected.

How many clients could answer question # 1 ? I would think that the depreciable basis and the sales basis would be the same? For me this discussion reinforces my decision to stay within my area of expertise and to stay away from Estate and Trust work

" Interim Guidance Memorandum PGLD-10-1023-0002, provides for receipt and transmission of documents through Oct. 31, 2025, using email with encryption when working person-to-person with IRS personnel to address compliance or resolve issues in ongoing or follow-up authenticated interactions (mainly with field compliance, Independent Office of Appeals, Counsel and Taxpayer Advocate Service personnel). This guidance will remain in effect until the IRS fully implements long-term solutions for secure electronic communication channels with taxpayers as alternatives to encrypted email." Apparently this will only happen when initiated by the IRS.

FYI: According the industry experts that follow Intuit closely, in the long run Quickbooks Desktop will disappear and only QBO will be available.