Lee B

About 90 % of my annual income comes from 7 monthly Write up/Payroll/Business Entity Tax Return/Business Owner Tax Return clients. Five of these clients I have had for over 25 years. Including these clients I did less than 40 total tax returns last year. It's a very viable practice niche with less hours and a lot less stress.

The retirement of baby boomers is significantly impacting many professions, including accountants, family practice doctors, dental hygienists, veterinarians etc etc etc.

I attended on 1 Hour online CPE class this morning where Nina Olson, the former National Taxpayer Advocate was the main presenter. One thing she said really caught my attention, that the IRS has a current Backlog of 10 Million Non Filers waiting to be processed. Unbelievable!

It turns out that Taxslayer provides the software used by all of the VITA clinics. The IRS without any indications of investigating these issues has announced that the VITA software did not include any pixels.

"Whether the IRS can accept a durable power of attorney in place of a Form 2848 depends in each case on whether the following requirements are met. As a very general starting point, the IRS will accept a durable power of attorney instead of a Form 2848 if the durable power of attorney includes all of the elements specified in IRS procedural regulations at 26 CFR sections 601.501 – 601.509 (reprinted as IRS Publication 216, Conference and Practice Requirements.). See 26 CFR § 601.503(b)(4) (discussing durable powers of attorney). Specifically, the durable power of attorney must include all the elements of section 601.503(a): Taxpayer’s name and mailing address Taxpayer’s TIN (i.e., SSN, EIN, etc.) An employee plan number, if applicable Name and mailing address of the appointed representative(s) A description of the matter or matters for which the representation is authorized that must include, as applicable— Type of tax involved; Federal tax form number involved; Specific year(s) or non-annual period(s) involved; and Decedent’s date of death in estate matters. “A clear expression of the taxpayer’s intention concerning the scope of authority granted to the…representative(s)."

Final Regs have been issued: "Under section 6056 and § 301.6056-1(e) and (g), every ALE and member of an aggregated group that is determined to be an ALE (collectively, ALE member) is required to file with the IRS an information return and a transmittal on or before February 28 (March 31 if filed electronically) of the year following the calendar year to which it relates and to furnish to full-time employees a written statement on or before January 31 of the year following the calendar year to which the statement relates. The IRS generally has designated Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to meet the section 6056 requirements." The due date for Employee Statements has reverted back to January 31st! Darn!

I am certainly capable of doing what you did, however I would never try to do that.

Copied from Accounting Today: "As a result of Section 2102 of the Taxpayer First Act, the IRS is launching an online portal that will allow taxpayers to electronically file both small and large volumes of Forms 1099, according to Mankowski. "The new portal, known as Information Return Intake System, will launch in January 2023 for tax year 2022," he said. "It's a means for smaller practitioners or small to midsized businesses that only do a handful of 1099s to go in and upload data. They will know that it's been filed and has been received and isn't just sitting there." With IRIS, practitioners will be able to: Submit small or large volumes of the 1099 forms series, and the system will retain the records from year to year; File electronically without software; and Choose an electronic filing option." This sounds promising since it's free, although it doesn't say which 1099s will be available?

Rocket Lawyer has a 50% off deal through the end of the year. An Estate Plan, a POA and a Living Trust and a online consultation with an Attorney for only $19.99 per month.

Exactly,I have two clients where it's just paperwork to be filed away. Then I have to try to keep them from screwing up because they don't understand attorneyspeak and won't ask questions. aarrgh

See the instructions for line 9b

There is no "one size" fits everyone's situation. Every client has different circumstances, needs and preferences. There is a wide variation in probate systems from state to state. I have had several different Attorney's tell me that in my state a well written will is a good choice.

Copied from Accounting Today: "Six dollars. That's around how much your stolen digital data sells for on illicit online markets. That's according to data from tech company NordVPN, which said that at least 5 million people have had their online identities stolen and sold on illicit markets for $6 on average. The actual number is likely a little higher, as the NordVPN findings only apply to information stolen by automated data-harvesting malware. The data is sold in packets, which include logins, cookies, digital fingerprints and other information — the full digital identity of a compromised person." Gosh, I thought I was worth $20 at the very least

Sound s like Drake is changing the underlying structure that supports the program, probably preparing to rewrite the program.

And Microsoft extended support for Win 7 Pro finally ends next month.

Do this step by step very carefully, this is a can of worms!

Today the IRS CID and the Eugene Police Financial Crimes Unit visited an EA located several miles from me. Supposedly she had been taking funds from her payroll client's checking accounts, comingling the funds with her own money and spending it on personal expenses without making the payroll tax deposits for her payroll clients. Whenever I read stories like this, I am always amazed. How did they ever think they would get away with something as obvious as this ???

I absolutely detest so called experts who are alarmist fruitcakes. Anyone remember Y2K! Current surveys show that 69 % of all desktops are still running WIN 10.

I would definitely contact my E & O Insurance Carrier. According to the AICPA's Insurance Carrier, Divorcing Clients are one of the leading causes of Legal Proceeding against CPAs. Being prepared is far better than being caught of guard by surprise.

My current progressive bifocals have a magnification of 15 % above normal. It really helps.

IRS NEWS WIRE 2022-213 "Some tax credits return to 2019 levels. This means that affected taxpayers will likely receive a significantly smaller refund compared with the previous tax year. Changes include amounts for the Child Tax Credit (CTC), Earned Income Tax Credit (EITC) and Child and Dependent Care Credit. Those who got $3,600 per dependent in 2021 for the CTC will, if eligible, get $2,000 for the 2022 tax year. For the EITC, eligible taxpayers with no children who received roughly $1,500 in 2021 will now get $500 in 2022. The Child and Dependent Care Credit returns to a maximum of $2,100 in 2022 instead of $8,000 in 2021."

I had a pair of computer glasses for several years, but it was a big pain switching back and forth. Now I do fine with a pair of progressive bifocals although it did take about 6 months for my brain to adjust to the progressive bifocals.

Perhaps you're thinking about the requirement for anyone filing more than 10 returns to have an EFIN?

Second Draft of Form 1065 K-2, K-3 Instructions has some improvements: https://www.currentfederaltaxdevelopments.com/

"Congress bailed out large, white shoe, professional firms with billions of taxpayer dollars during the pandemic. Yet, the vast majority of these firms had no demonstrated financial hardship.Our auditors at OpenTheBooks.com found an astonishing $1.4 billion in forgiven PPP loans that flowed to the largest and most successful law and accounting firms across America. In fact, 126 law firms in the Top 300 took $809 million in forgiven PPP loans and 236 accounting firms in the Top 300 received $635 million in forgiven PPP loans." The rich get richer