Lee B

You don't say what kind of SIMPLE Plan, what kind of business entity, whether there are other employees? Standard answer is employee contributions must have have been deducted from wages/paychecks as of 12/31/21 And as Margaret says,both the employee and employer contributions need to be paid no later than January 31 2022.

First step is to compare Schedule L to last years trial balance or balance sheet to to see where things are out of balance. Is there a bank account reconciliation for 12/31 available? Does the Depreciation Schedule tie out to Schedule L and the balance sheet? Every amount on Schedule L should tie out to something i.e. Accounts Receivable Detail Report, Accounts Payable o/s Detail Report and etc.

In addition the employer should refund the FICA Taxes that were withheld in error.

I transmitted some Business Entity Extensions this morning and received my acks in less than 15 minutes.

The rules that apply to this situation require the employer to issue a 1099 not a W 2.

Abby, I know that you have posted about this before. Do you use this number for other things too?

Lion, we're not old, we just have lots of knowledge and experience

Lion, Have you considered a career change

Words to live by.

I have a 79 year old client who can't figure out how to use her email anymore.

Good Luck with this one. Over the years I have observed that other professionals have a tendency to think they are the smartest person in the room and when someone sells them on a convoluted tax savings scheme like this they jump all over it!

I wouldn't do that, smart phones are very easy to hack. There is nothing on my smart phone that is identity related or financial related.

Yeah, they are definitly on my s**t list!

https://www.irs.gov/identity-theft-fraud-scams/retrieve-your-ip-pin

There are a number of TaX Court cases in this area.

Yes you can elect out by asset class or or by all classes. It s a year by year election. Bonus depreciation % for 2021 is 100 %. If you elect out then Section 179 or standard depreciation applies. Don't know what you mean by "manually entered 50% depreciation"?

IR 2022 - 56 "IRS unveils voice and chat bots to assist taxpayers with simple collection questions and tasks; provides faster service, reduced wait time" "The bots are now available to help taxpayers with: How to make One-Time Payments Answers to Frequently Asked Questions Collection Notice Clarification" It will be interesting

Is this similar to players of pro sports who have to file and pay taxes in every state where they play a game ?

This thread is kinda amusing in a weird sort of way.

Great, just finished the return that has been on hold for 3 weeks.

Renewal Fee from $67 to $140 SEE Fee from $81 to $99 plus third party fees

That's my point, he purchased the LLC, he didn't purchase the assets.

Based on your original post, I had the impression that your client purchased each Partner's Partnership Interest in the LLC? Do you have a copy of the Purchase Documents?

Here's more than you ever wanted to know: https://www.irs.gov/pub/irs-utl/Fixing-Your-XML-Error.pdf More than likely ATX has a small glitch to fix.

Your client's situation is a bit unusual, I wonder whether the property's basis inside the LLC (substantially depreciated) affects his basis?