Lee B

Don't know how old your client is, but the ultimate fix might be the step up in basis when she passes?

Very tricky situation since post 2020 NOLs cannot be carried back. Will this client ever be able to use this NOL? If she can't use the NOL carried forward, then it would be preferable to create suspended passive losses. My strategy if possible, would be to take the position that she was not an active participant in the rentals Therefore all passive losses would I believe,be suspended and ultimately deducted against the properties when sold. Don't know whether that can be done, but it certainly is worth exploring. Good Luck,

For example, the consulting firm of Booz Allen Hamilton just received a modernization contract of $2.6 Billion. Last month the consulting firm of Accenture also received a modernization contract of $2.6 Billion.

As far as I know, all of their programming and most of their data management functions are outsourced.

It seems to me that any answer lets them know that your number is active?

"The Federal Communications Commission (FCC) has announced a record-breaking $299,997,000 fine imposed on an international network of companies for placing five billion robocalls to more than 500 million phone numbers over three months in 2021. The fined companies operated as Sumco Panama, Virtual Telecom, Davis Telecom, Geist Telecom, Fugle Telecom, Tech Direct, Mobi Telecom, and Posting Express. The enterprise violated a multitude of robocall prohibitions by making pre-recorded voice calls to mobile phones without prior express consent, placing telemarketing calls without written consent, dialing numbers included on the National Do Not Call Registry, failing to identify the caller at the start of the message, and failing to provide a call-back number that allowed consumers to opt out of future calls," explained the FCC press release." Finally these calls are so annoying! Probably 90 % of calls to my office landline are robocalls!

"Hackers breached the computer system of a technology contractor to the Oregon Health Plan and other healthcare operations and gained access to the personal information of as many as 1.7 million clients. PH Tech disclosed Tuesday that a “coordinated attack” by hackers led to the breach. The company suspected there had been a breach in June. The firm said it suspects the hack took place on May 30. Information exposed is believed to include some personal information, including names, dates of birth, social security numbers, mailing addresses and email addresses, as well as health records that could include diagnoses, procedures, claims and member and plan ID numbers." Again, here it is two months later before the hack is acknowledged. Many of these hacked firms view this as a public relations issue. "Lets delay announcing bad news!" It's becoming very clear that most CEOs and Board Members don't value IT Security because it doesn't create any profits!

"A far-reaching data breach by a government contractor has put Social Security numbers, birth dates, driver’s license numbers, health insurance claims, medical history notes, prescription information and other personally identifiable information of 612,000 Medicare beneficiaries at risk. The Centers for Medicare & Medicaid Services (CMS), the federal agency that manages Medicare, as well as the contractor in question, Maximus Federal Services, have begun sending apology letters to individuals whose data may have been impacted by the May 2023 security breach. In an 8-K filing with the Securities and Exchange Commission on July 26, Maximus estimated the cost of the investigation and “remediation activities” thus far has been approximately $15 million, though the investigation is ongoing. Moreover, Maximus says files impacted by the cybersecurity hack contain Social Security numbers and protected health information “of at least 8 to 11 million people” whom the company anticipates having to notify. According to the Centers for Medicare & Medicaid Services, Information at risk includes: Name Social Security Number or Individual Taxpayer Identification Number Date of Birth Mailing Address Telephone Number, Fax Number and Email Address Medicare Beneficiary Identifier (MBI) or Health Insurance Claim Number (HICN) Driver’s License Number and State Identification Number Medical History/Notes (including medical record/account numbers, conditions, diagnoses, dates of service, images, treatments, etc.) Health Care Provider and Prescription Information Health Insurance Claims and Policy/Subscriber Information Health Benefits and Enrollment Information" This is another one of the MoveIt related hacks. It's taken almost two months for the hack to be publicly acknowledged and they still have 8 to 11 million people still to notify!

"In a recent survey by financial app developer Capterra, 60% of respondents now seek advice from personal finance apps before reaching out to financial professionals. Furthermore, 64% of fintech users feel that these tools have significantly reduced their reliance on financial advisors." "The most popular solutions for fintech users include banking (82%), payments (63%), and personal finance management tools (57%). Overall, 73% of fintech users actively use between two to five tools, which include everything from do-it-yourself investing apps to AI-powered planning tools." "Despite the high adoption of these apps, some fintech users still prefer an accountant to handle tax planning and preparation (47%), estate planning (42%), auditing and assurance services (34%), and business consulting (28%)." Almost all of my clients are older than 50, but that in itself is concerning because when my clients use these apps they don't really understand the relevance of the information or the risks and issues associated with these apps.

I have never had a monitor die. My current monitor on my Win 10 system is about 9 years old and still works fine.I used it on my previous Windows system. I am semi retired and don't work full time any more so my monitor probably has the equivalent of 4 full time years of use.

https://www.thetaxadviser.com/issues/2022/nov/federal-implications-passthrough-entity-tax-elections.html

The way it works in my state is as follows Lets assume taxable income of $100,000 and a state tax rate of 10%. PTE Tax = $100,000 x 10%= $10,000. S Corp pays 4 estimated payments totaling $10,000 which reduces Federal Taxable Income - $100,000 - $10,000 = $90,000 thus reducing shareholders Federal Income Tax by $10,000 x 24% (marginal tax rate) = $2,400. In my state the $10,000 is an add back to state taxable income and the $10,000 increases the shareholder state income tax paid. Net Result is a $2,400 reduction in Federal Income Tax and no change in State Income Tax.

The Economic Impact Payment scheme "This is currently the highest volume email scheme the IRS is seeing. Emails messages are hitting inboxes with titles like: “Third Round of Economic Impact Payments Status Available.” The IRS routinely sees hundreds of taxpayers forwarding these messages each day; the IRS has seen thousands of these emails reported since the July 4 holiday period."

Obviously there is a due diligence question here. If it had been just one client, it would probably have never happened. It appears that he was targeted because he had multiple clients in this situation. Years ago I picked a new client, an 1 employee S Corp who had an appliance repair business. At the time I picked him up he had a very low monthly salary which was not reasonable. It took me 4 or 5 years gradually raising his monthly salary bit by bit before it was at the low limit of reasonable. It took me that long because he had cash flow limitations due to spending everything he made.

If the $203 was a charitable contribution, I would think the deductible amount would need to be reduced by the value of the service provided. If Habitat for Humanity considers the value of the hauling service to be $203 then the deductible amount would be $ 0.

If you could do this could you deduct mileage for hauling your donations to Goodwill or another charity???

I think what Danrvan is asking is. 'Since January 1st 2022 have their legal, accounting and payroll activities been handled as a Partnership or as an S Corporation?"

Oregon has published an online list of about 2,000 delinquent taxpayers who owe more than $50,000. The grand total is $332 Million. If the delinquent taxpayers pay or make arrangements to pay the balance due then their names are removed from the list. Oregon passed the law back in 2019. None of my clients are on the list.

Temporary Relief provided to taxpayers born in 1951, to RMD requirements for beneficiaries and RMD/Rollover confusion. https://www.com.currentfederaltaxdevelopments.com/blog/2023/7/14/irs-defers-proposed-regulation-rmd-requirements-by-at-least-one-year-provides-temporary-rollover-relief-to-those-born-in-1951 Secure 2.0 definitely needs a CPE class of it's own!

I did one over ten years ago but it was only 5 or 6 months late.

Decades ago after 4 years in the Army, I worked at the Eugene Postal Sectional Processing Center for several years before I decided to go back to college. Even back then in the 1970s theft by postal employees was a problem. Employee theft has been one of the primary focus of Postal Inspectors for a long long time.

The way I learn things is by reading. Others learn verbally which is why they prefer in person seminars. When i used to go to in person seminars I would follow the presenter from topic to topic reading the handout material and adding notes. Here in my state the CPA in person seminars now cost about $50 per CPE hour. Like Sara, I used to belong to NAEA, but even though I am in an area with over 300,000 people there has never been a local EA chapter. The NATP doesn't have a presence in the Northwest so that leaves me with self study or online classes.

"Last month, U.S. government safeguards identified an intrusion in Microsoft's cloud security, which affected unclassified systems. Officials immediately contacted Microsoft to find the source and vulnerability in their cloud service," wrote Adam Hodge, the acting senior director for press at the White House's National Security Council, in a statement. "We continue to hold the procurement providers of the U.S. Government to a high security threshold. Tech giant Microsoft disclosed on Tuesday evening that it discovered a group of Chinese hackers had broken into some of its customers' email systems to gather intelligence."

My first choice is self study preferably thru The Tax Book. My second choice is online. I haven't done in person since 2019.

"In the process of drafting conforming amendments, the Act inadvertently deleted the provisions in the Internal Revenue Code that permit catch-up contributions. As a result, catch-up contributions, either pre-tax or Roth, will not be allowed after this year. To address this error in the legislation, Congress would need to pass additional legislation to reinstate the catch-up provisions. Although it seems that Congress will act on this, the time frame is unknown. " Assuming that Congress fixes this glitch, catchup contributions made by employees whose wages exceed $145,000 will no longer be tax free! Watching laws being created is like watching the ingredients going thru a grinder to make sausage - a frigging bloody mess!