Randall

I'm just one person so I only have a stand alone PC. I still like to get a new computer every several years. I don't trust the hardware lasting that long. It's just me. I also like to purchase two new external hard drives every couple of years for the same reason. I would hate to try to access them and learn I can't access them. Maybe I'm paranoid.

I too don't like to update an existing computer to a new os. I have been waiting for Win12 but there is no word. I will probably get a new computer next year whether Win12 comes out or not.

Oh, the tangled web we weave.

Yes, I would expect an LLC to have an EIN. There is a place on Sch C for the SSN and the EIN. I doubt everyone includes the EIN if they do have one though.

I'm a sole practitioner with no employees. I am not a SMLLC. I do have an EIN though. I did not want to use my SSN on the tax returns I prepare. I also give it out if anyone needing to 1099 me. I put the EIN on my Sch C. I don't know why IRS would care one way or the other on 1099s using SSN or EIN. But I haven't heard anything from them on that. I have a separate business checking account. It was opened long ago probably before I got the EIN. I used my SSN. I think a bank would take a person's SSN if they were opeating the business as a sole proprietorship.

That's what I thought. Thanks.

The IRS efiling allows for the current year and two prior years. Right now, the current year is 2023 and the two prior years are 2021 and 2022. Does anyone know if the 2021 prior year just ended with the October extension due date or will continue until IRS closes their efiling system later in November and keep it closed until sometime in January, 2025?

I mostly get paid by check, some cash. I deposit it all. I've had some ask if I take cc. I did get one of those Square devices to plug into my phone. But it's so rare, it would take me an hour to figure it out. Usually clients understand and pay by check. One younger client says it's the only check he writes each year. Ha.

Thanks.

Can you change a tax year for an S Corp? I thought they were required to use the calendar year. Unless there's a good reason to use a different fiscal year. I have a client asking. I see Form 1128 but I haven't gone thru the reasons yet. Does anyone have any experiences in this and is the procedure routine? Or does IRS require a very good reason for approving?

I don't use Drake so maybe I'm off base here. But above in Patrick's instructions, under the Note, doesn't it say FinCen114 must be done thru the BSA website? Is BSA the new parent of Drake? Does this take you to another website for the FinCen filing? So maybe this is an indirect way to file directly with Fincen. Maybe you're both right.

I complete the Form 8938 with the return. But when FinCen went to required online reporting, I turned it over to the client for him to do himself.

I'm going to check into some of the things Medlin has posted. There has to be a way to satisfy the regs without doing the absurd.

It seems to me that the employee should also have access to the money (funds) in order to pay the withheld taxes. But then that's me and not the court system. I agree, don't sign anything.

I still have questions about this. First, if the tax software has a MFA to access the software (currently I think ATX has only the password), what happens to the Program Files and Program Data that the software stores on my c drive. Isn't that still subject to hackers without opening my software? Second, if I get a MFA app, once I'm into my computer, isn't my computer subject to any of the hacking out there in cyberville? And how can I trust a 3rd party app anymore than my own computer? Third, does Microsoft have somthing like this thru their os system? I'm just wondering why I would need to send myself a code by text to my cell phone in order to access my own computer? And once I have access to my own computer, isn't my computer susceptible to any online hacking that might be going on? I'm just a one person office, no staff. I turn my computer off every night. I come in the next day, use a key for the outside door of the building, use a second key for the inside door of my office, then turn on my computer, enter the password. Isn't that MULTI-FACTOR??? That unlocks the computer and my c drive. I have a second password for a second hard drive (where I store my pdf files and scan client documents). But the software (ATX) I let install where it installs (the c drive) and I let the software program files and program data install where their software tells it to (the c drive). I learned long ago not to mess with changing this.

It's like watching a 3 Stooges movie. If it weren't so real, it would be hilarious.

I don't think they can ever do anything about it now. It's too late. They won't be able to increase taxes enough or cut spending enough. Oh well, wait for the crash and burn.

I've reminded clients to continue to track their itemized deductions even if they use the higher standard deduction because the current law expires after 2025. We won't know what they'll do until they do it. Ha.

I've had similar thoughts. I've told clients three more years. But maybe only two thru 2025 tax year. Whatever the election results, they'll have to do something about the expiration date of the current tax law at the end of 2025.

Should a US company have on file Forms W-8 for any subcontractors in another country if no US tax is required to be withheld?

Meanwhile, the debt bomb keeps ticking.

I don't know the order but I had a client with custody of grandchild. The mother/daughter was out there in never never land. He has been claiming the child as a dependent. But mother/daughter has been efiling early and claiming the child. This past year, she must have claimed the market place credit so my client's return was accepted but IRS claimed back the advance credit from his refund. He recently got it straightened out and received his full refund. But the original IRS letter noted that a dependent ssn was the catch. So yes, the ssn is checked somewhere along the line and matched up with everything else going on.

Is it the Borg or is it Landru?

We may be able to do that ourselves, without AI.

Yes, I forgot about that. Good point.