Lee B

"WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed." Well, that makes the March 21st deadline meaningless!

"Internal Revenue Service: More than 110 IRS offices that handle taxpayer assistance will be closed, according to a plan from the U.S. General Services Administration obtained by The Washington Post, as the Trump administration began layoffs of about 7,000 workers in mid-February, at the peak of tax season, multiple outlets reported."

"No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported." We'll see what happens

Form 7206 originated last year. Form 7206 originated last year. If you are not using Form 7206 to calculate your SEHI deduction, the amount of your deduction very well may be wrong.

If you email them with a question, they usually respond the next day.

According to the instructions you would file it with Form OR 40 N as a nonresident. Here is a link to the ODR Tax Professionals page which will provide you with an email link or phone number to call. https://www.oregon.gov/dor/programs/taxpro/Pages/default.aspx

I believe the latest Windows update made a number of changes to Outlook.

You have the same privacy and security that you have with Gmail and the Chrome browser or with Outlook and the Bing browser.

There is no privacy with cell phone calls and sms texts.

I will have to try that. I have been using Google Voice for my office phone for over 3 months now and it works fairly well.

Why would you want to have it texted? Just more work for us. As far as I am concerned email me a pdf or give me a paper copy.

Exactly, when has anyone been offered a reduced fee for electing to go "paperless"?

Most states have a 5 year lookback analysis so that won't work.

If it's an S Corp how would the business get hit with any taxes? The stock would be passed on to his estate or his heirs with a step up in basis I really curious as what this lawyer's reasons are???

Depends on what kind of assets the corporation has and what the overall balance sheet looks like. In some cases, this situation might require an appraisal. I wonder why the lawyer advised your client to do so, since there won't be any step up in basis this way.

Cooking The Books

"Caution! You cannot exclude income you receive after the end of the year following the year in which you did the work to earn it." https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion

The Colorado Department of Revenue says it will be a little longer before their office will be accepting state tax returns, and this is not the first delay of this year's online filing launch. Earlier this month, a report from the department to the Colorado Society of Certified Public Accountants expected the site to be up by the Feb. 14. After that passed, revenue officials told CBS Colorado the site would be up sometime this week.

There is a growing shortage of Accountants and Tax Preparers. Ten of thousands of accounting/bookkeeping jobs are being outsourced to countries like The Philipines, India and South Africa.

Here is more than you will ever want to know: https://www.thetaxadviser.com/issues/2022/dec/taxpayer-marital-status-and-the-qbi-deduction.html

You could send client # 2 a collection letter explaining that failure to pay will result in either taking them to Small Claims Court or turning them over to a collection agency. Years ago when I first started I lost $1,000 to a business client when i carried an outstanding balance due. Last time I did that. Now business clients pay me every month and tax return clients pay me when they pick up the return.

Terry, you still haven't explained what kind of tax entity your client's SMLLC will be filing?

Copied from The National Law Review: On February 18, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) released a notice that announced the following key updates: "Unless subject to a later deadline, the new deadline to file an initial, updated and/or corrected BOI report with FinCEN is now March 21, 2025. Before March 21, 2025, FinCEN may “further modify deadlines” for entities that do not pose significant national security risks. If FinCEN does so, it will provide yet another update “recognizing that reporting companies may need additional time to comply[.]” Importantly, “FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.” This is the strongest signal yet that the current Administration will seek formal amendments to the BOI Rule, although no details regarding proposed changes have been publicly released."

Yes, I am claiming a foster child who lived with my client for 7 months during 2024. Hopefully his drug addict mother, doesn't claim him first