Lee B

Interesting, I prefer email first, texting second and voice third. Although only my regular monthly and payroll clients have my cell phone number and none of them abuse it. None of the few 1040 clients have my cell phone number. Almost all of my regular business clients have a scanner, so I did away with my fax line several years ago. My preferences are partially due to the fact that I only work part time, 3 to 4 hours per day. I do have one 82 year old business client who always calls when I am not in my office so the calls go to my answering machine then I call him back the next day.

Actually, after giving it some thought a second cell phone with a different number or an iphone with dual sims wouldn't have made any difference. The only thing that would have helped would be the option of receiving a 2FA pin via a secondary email.

"WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) including Venmo, PayPal and CashApp that would have generated Form 1099-Ks for taxpayers. “The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements." It would have been a real struggle for the IRS to deal with the big increase in 1099 K filings, which would have made it harder for the IRS to deal with all of the other various processing difficulties, Wise Decision!

News reports are saying this amendment did not get in the final bill.

In my case I would have needed two different cellphones with different numbers to avoid my access problems. By early afternoon I purchased a new cell phone and was getting it set up.

There is no safe harbor,burden of proof is totally on the taxpayer.

The Senate passed the Omnibus Spending Bill 68 to 29. The House will vote tomorrow.

Trying to apply common sense to what the IRS does, just creates stress and frustration. Neither do I, but the instructions either require the letter or file the K-2 & K-3 and yes the 1065 instructions are different from the 1120 S instructions. The question is which approach is more efficient and takes less time. If I can avoid sending out letters that's way better for me!

This morning my one year old cell phone for which I have a protective cover and I haven't dropped started rebooting over and over. Phone support had me pull the sim card plus hold down both the on/off button and the volume button at the same time. Don't work. Sometimes modern technology doesn't work. Plus without my phone working, I can't log into my gmail account. Aaaargh

Final Instructions have been issued for S Corporations: https://www.currentfederaltaxdevelopments.com/blog/2022/12/21/final-s-corporation-schedules-k-2-and-k-3-instructions-issued-for-2022-returns "Consider the Option to Just Prepare the Forms Advisers may wish to consider the other alternative to qualifying the S corporation to meet either the Domestic Filing Exception or the Form 1116 Exemption Exception—just preparing the Schedules K-2 and K-3 for an S corporation with only domestic activities. *Several professional tax software publishers have added the option to check a box that tells the software that the entity has only United States operations. When the box is checked the software uses the information entered on the forms to complete the rest of the Form 1120-S to populate Parts II and III of Schedules K-2 and K-3 based on the normal allocation information for profits and losses for the return, as well as the average book value for assets reported on the corporation’s depreciation schedule. For many simple S corporations, this procedure will produce either a correct Schedule K-2 and K-3, or a starting point for quickly creating proper Schedules K-2 and K-3 for the corporation. In that case, taking the additional steps to meet the requirements to meet either exceptions may consume far more professional time than simply preparing these forms for filing with the Form 1120-S and providing the appropriate Schedule K-3 to each shareholder.:

I had no problems about 4 weeks ago. However I did it on a weekend when there was less traffic.

As far as I can tell effective 2023.

Dementia is very difficult for other people to deal with for exactly that reason. At this stage, I suspect you will just have to deal with it as best that you can.

I wonder, at what point is a person no longer competent to sign a POA? I know when my wife took her mother to get her to sign a POA, I don't her mother understood what she was signing.

I understand your problem. My Mother In Law who had dementia lived with us for 21 months after she couldn't live by herself anymore. Frankly, it was the most difficult thing that I have ever done! One day she would be very nice and with it. The next day she would be extremely angry and sarcastic and couldn't remember anything. You can deal with the situation as best you can, just smile and be agreeable or you can try to have a meeting with her husband, which could totally backfire! Sometimes it can be very hard to remember that it's a disease and that the lovely person that you used to know is still there.

Posted November 30 "Business MeF Production Shutdown Schedule Shutdown for "Send Submissions" only is scheduled to begin at 11:59 a.m. (noon) Eastern time, Monday, December 26, 2022. Transmitters can continue to use the other service requests except "Send Submissions" until 11:59 p.m. (midnight) Eastern time, Monday, December 26, 2022.

There are reports that SECURE 2.0 has been included in the Omnibus Bill: "Among the key provisions contained in the final bill include: The establishment of a new “Starter K,” supported by the ARA which will allow employers that do not currently sponsor a retirement plan to offer a starter 401(k) plan (or safe harbor 403(b) plan). Research sponsored by the American Retirement Association indicates that it could expand coverage to over 19 million American workers; A 100% tax credit for new plans; An enhanced Saver’s match that will modify the existing Saver’s Credit with respect to IRA and retirement plan contributions by changing it from a credit paid in cash as part of a tax refund to a government matching contribution that must be deposited into a taxpayer’s IRA or retirement plan. Research sponsored by the American Retirement Association suggest that more than 108 million Americans would be eligible for this government match; A new “pension-linked” emergency savings provision; A new student-loan matching program to treat student loan payments as elective deferrals for purposes of matching contributions; Higher catch-up limits at age 60, 61, 62 and 63 (beginning after Dec. 31, 2024); Increasing the required minimum distribution (RMD) age; Expansion of the current QLAC limits; Provisions for auto-portability; Establishment of a Retirement Savings Lost and Found; Expansion of the Employee Plans Compliance Resolution System (EPCRS); and Reforms to the family attribution rules by removing attribution for spouses with separate and unrelated businesses who reside in community property states, and removes attribution between parents with separate and unrelated business who have minor children. " These are mostly provisions that will benefit the Upper Middle Class Baby Boomers.

Copied from Accounting Today: "Chances are dimming that Congress will take up a multibillion-dollar package to renew a cluster of business tax breaks and provide a more generous child tax credit before lawmakers leave Washington for the year. Republicans want to extend three provisions of their massive 2017 tax cuts: a write-off for corporate-debt costs, a broad tax break for research expenses and a tax break that allows companies to deduct all their capital-expenditure costs in one year. Democrats are demanding that any deal restore a more generous child tax credit of as much as $3,600 that was part of President Joe Biden's 2021 pandemic stimulus plan and has since expired. Some key lawmakers say negotiations on a bill that can get the 60 votes needed to clear a Senate split 50-50 are at a standstill."

The Omnibus Spending Bill is 4,155 pages long. I'm sure our elected representatives will read every page before they vote Preliminary reports don't mention any tax changes?

Right during the holidays too! I hope you can recover quickly.

The EIN won't change. Unwanted complications may arise due to how long it will take for a correction letter to be processed versus when the trust return is filed.

"Trusts should enter the date the trust was funded or the date that the trust was required to obtain an EIN under Regulations section 301.6109-1(a)(2)." I believe you have to mail a letter explaining what needs to be corrected. Address should be enclosed with the mailed EIN letter received from the IRS or an online search will pop up the address.

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Thanks, I have changed my gmail settings so that all images are being blocked even those I previously allowed. In Outlook I only seem to be able to block images from unknown senders. I have read about those, however if you are blocking tracking pixels, you may not be able to use that site when you really need to. For example until recently the U S Dept of Education's FAFSA site had tracking pixels.

If you receive a commercial email with the following message at the beginning of your email: "Images are not displayed - Display images below - Always Display images from [email protected]" If you click on this link then you are authorizing the sender to embed Meta Pixels in the current and future emails from the sender. At that point you have no way of knowing what or how much information is being sent back to the sender and to Meta! At my age I am not capable of going "off the grid"