Lee B

Don't you get 5 business days to fix efile rejections?

Is operating equipment leasei income and the related depreciation passive?

Does your client have equipment rental or equipment leasing income? If your client has leasing income, are they capital or operating leases? Where does the income on line 1 come from? r

Here is a lengthy article in The Tax Advisor about this subject: https://www.thetaxadviser.com/issues/2018/may/casualty-losses-expenditures-sec-162-165.html

How the heck does someone build up $ 350 K in credit card debt?

This site maintained by an ex IRS employee has everything you need to know about this topic: https://www.irsmind.com/

I have used tenenz, now called TangibleValues.com for many years. Good service, below average prices, never had a single problem. On a scale of 1 to 5, I would give them a 5, which I rarely do. I always use an online service for 1099's, since I have to do 4 different kinds of 1099s

I searched, we don't really have any active members from Michigan. Slippery Pencil posts on the board from time to time.

Death in the family, family health emergency, financial emergency in the family?

Just respond, "Yes I will finish just as soon as I get to it." Take care of yourself, it's job # 1.

I suspect that what happened is a SP incorporated some years ago and they kept using the SP's EIN for payroll purposes. Based what I have seen over the years, this is probably what happened.

Then you are way undercharging for your services. I don't compete with part time bookkeepers working out of a home office. I compete against a few larger non CPA Accounting Firms. My annual fees for my 3 largest clients are in the 5 digits and up.

Yes, outages can be an issue, the online payroll program that I used to use was on Amazon Web Services and they had a significant outage every 2 or 3 years that would last 3 or 4 hours. The current online payroll program that I have my largest client on (60 employees) seems to have a significant latency issue every 2 or 3 months that lasts 30 to 45 minutes where the program is unuseable.

"Free File remains open until Nov. 17 for those who still need to file their 2021 tax returns. This includes those who qualify for the Child Tax Credit, Recovery Rebate Credit or Earned Income Tax Credit but haven’t yet filed a 2021 tax return to claim them." The IRS has sent out 9 million letters to people they think potentially qualify. Get ready for the phone calls.

I am the reverse, I enjoy monthly financial statements, processing payroll and business entity tax returns. Every year I reduce the number of personal tax returns.

The Tax Advisor: "Sec. 199A(c)(4)(B) provides that QBI does not include any guaranteed payments to a partner for services rendered to the partnership's trade or business. Furthermore, the guaranteed payment deduction reduces the amount of income otherwise eligible for the QBI deduction, and the guaranteed payments are not treated as W-2 wages for the partnership's calculation of wage-based limits under Sec. 199A. Taking all three of these changes together makes the usefulness of guaranteed payments minimal and potentially harmfuL"

I have been using Cloud Based Accounting and Payroll Services now for almost 11 years now, so I don't have a problem using it. It depends on who, how does it work and how much it costs.

I would have trouble sleeping at night if this was my client. I have a few mildly annoying clients, but nothing like this.

"The Securities and Exchange Commission (SEC) fined RSM US $3.75 million on Sept. 30 and charged the audit firm with improper professional conduct for failing to properly audit LED lighting solutions provider Revolution Lighting Technologies Inc.’s financial statements over a four-year period when the company was violating accounting principles by inflating revenue with bill and hold sales. According to the SEC’s order, RSM’s planning and supervision of the audit, as well as the evaluation of audit results and review of Revolution’s disclosures, all failed to adhere to the Public Company Accounting Oversight Board’s auditing and quality control standard." Really, what's the problem? This is what every CFO of a Publicly Traded Corporation does, they manage their Quarterly Sales and Earning Reports

Darlene, I have no idea how you handle all the stuff you have going on! So glad I am semi retired!

It's usually a few days before Thanksgiving and announced in early November

While my state has one of the lower Estate Tax Exemptions, our probate system works pretty smoothly and the probate fees are pretty low. Watch out for "The Death Tax!"

There was a thread about this recently but I couldn't find it so I started a new thread "Recent heirs to retirement plans got an unexpected boost when the Internal Revenue Service suggested that they could skip making required withdrawals for this year and last, a reprieve that eliminates one-time tax hits and leaves more money in a nest egg to grow. The tax agency surprised wealth advisors late last Friday when it announced that people wouldn't face an onerous 50% penalty for not taking minimum distributions from inherited plans, such as individual retirement accounts, for 2022 and 2021. Though the IRS didn't spell things out directly and said final rules would come next year, the announcement appears to mean that heirs are permanently off the hook for withdrawals for those two years. "The IRS is now saying there will be no 50% penalty for not taking those RMDs, which to me appears to mean that these RMDs do not have to be taken (even though the IRS did not specifically state that in the notice)," said Ed Slott, a certified public accountant and retirement expert in Rockville Centre, New York."

"The U.S. Department of Labor has published a new proposal on how workers should be classified saying that thousands of people have been incorrectly labeled as contractors rather than employees, potentially curtailing access to benefits and protections they rightfully deserve. Misclassifying workers as independent contractors denies those workers protections under federal labor standards, promotes wage theft, allows certain employers to gain an unfair advantage over businesses, and hurts the economy, the department said Tuesday. The reaction in markets for major gig companies was immediate. Shares of Lyft and Uber tumbled about 13%. in early trading. The misclassification of workers has negatively impacted delivery workers, custodians, truck drivers, waiters, construction workers and more, according to the department. "While independent contractors have an important role in our economy, we have seen in many cases that employers misclassify their employees as independent contractors, particularly among our nation's most vulnerable workers," said Secretary of Labor Marty Walsh in a prepared statement. "Misclassification deprives workers of their federal labor protections, including their right to be paid their full, legally earned wage." The gig worker tax returns that I did didn't even come close to making minimum wage.

So what are the requirements for asking for and receiving an additional 14 days?