Lee B

New update on FINCEN BOI: "With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies."

When was the appt and how long did they live with your clients during 2024?

In my state PTET is filed as a separate tax return and yes entering it is awkward and a pain in the butt.

In my state you file the PTET forms online via the Dept of Revenue's website instead of using my tax software.

Copied from the Journal of Accountancy: "A federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required." The FINCEN website has not posted an update at this time.

The Fair Labor and Standards Act administered by the U S Dept of Labor Fact Sheet: "Employers, Including Managers and Supervisors, May Not “Keep” Tips: Regardless of whether an employer takes a tip credit, the FLSA prohibits employers from keeping any portion of employees’ tips for any purpose, whether directly or through a tip pool." "A manager, supervisor or owner may keep only those tips that they receive directly from a customer for the service they directly and solely provide. For example, a restaurant manager who serves their own tables may keep their own tips from customers they served but would not be able to receive other employees’ tips by participating in a tip pool."

It depends. If the owner is a SMLLC as a disregarded entity reporting on Schedule C and working at the counter, then the owner can receive tips and report them as sales revenue. What the owner cannot do is pool all of the tips and take a share of them. All of the tips made to the employees have to go to the employees.

Yes that would be a real problem in my state!

No, the tips received by the owner should be added to the LLC's sales revenue.

I believe the prior year's recalculated credit can be recaptured on the 2024 return or reduce the education credit on the 2024 return.

The Center for Agricultural Law and Taxation is a good resource: https://www.calt.iastate.edu/

Depends on the state. In my state, I believe no tax would be due and the PTET payments would be refunded.

You can exclude ATX files from being scrutinized by Avast then you won't have to turn Avast off.

Or with your firewall or antivirus program

So do I

Windows 10 22H2 was originally released back in the fall of 2022. This is the latest revision to fix known problems of 22H2.

Your client's identity may have been used to obtain Health Care through the Marketplace by the other women. Your client may want also check her credit with Experian, Equifax and Transunion.

Or a stockholder receivable to be repaid by the H & W or which I have seen reclassified as a distribution of profits.

I would call the tax practitioner hotline, explain the situation and ask for their advice. I have had good results doing this without a POA or using my client's specific info. Good Luck

Copied from The Journal Of Accountancy: https://www.journalofaccountancy.com/news/2025/feb/boi-smith-case-fincen-motion-to-stay.html

Christian, as Lion has pointed out several times all Income is taxable unless specifically exempted by law. The $ amount of the reporting threshold whether it's $20,000, $5,000 or $600 does not determine the taxability of of your client's $1,300.

It would have been helpful, if your original post had included these numbers.

Your State submission does not match the latest published FTB Schema or is not well formed. You must contact your software provider to resolve this error.

Innocent spouse relief can relieve you from paying additional taxes if your spouse understated taxes due on your joint tax return and you didn't know about the errors.

My largest client on Medlin has 13 employees and it's my most complicated payroll. Entering payroll in Medlin is fairly quick for me. I do have another client with 60 employees but I use a different online program for that payroll.