Lion EA

https://www.tangiblevalues.com/category/w2-1099-aca-forms-envelopes-and-software/215

I've gone through QB. And, I've used a few of the services, such as tax1099.com that eFiles Forms W-2: Early Bird Sale - IRS Updates and Tax Reporting Guides, Tips 2024 (tax1099.com) 

What software do you use not? ATX? Something else (many of us do but remained on this forum for the tax advise instead of the ATX advise)? Whatever it is, put your sales rep to work to get you the best price, letting him/her know that you will stay if the price is appropriate for your retirement needs. That you are demoing other software. Long time customer. Blah, blah, blah.

How about TaxWise Online? Is Wolters Kluwer involved in that?!

Thanks for the Guide. Just what I need: 57 pages! It's on my desktop to be handy. Hope someone does distill this for us.

I'm really leaning toward NO new tasks that don't improve my clients' tax situations. However, I need to know what to tell them or not tell them. Maybe a 2nd page in my engagement letter for those with Schedules C and entities.

By the way, do Schedules E & F count?

And, I've yet to contact my E&O carrier. Probably because I'm hoping they say NO.

In the same boat, but some owe. I'm giving clients a choice between mailing now or waiting until January to e-file. HOWEVER, I'm telling them to PAY NOW via IRS's DirectPay and the state's versions, so they have immediate confirmations of their payments.

I'm open to better suggestions...

The best $20 you'll ever spend:

https://brasstax.com/shop/ols/products/form-3115-line-by-line-correcting-depreciation

Add your cost to your invoice to your client. He should pay your $20 Research Fee.

Some forms ask for mailing address AND physical location. Has anyone seen the new BOI information required?

The University of Illinois Tax School still exists:

University of Illinois Tax School - IRS-Approved Continuing Federal Tax Education

CCH's Scan & Flow. I'll be taking a webinar next month.

Isn't it 2022 software for returns beginning in 2022? (My brain's fried right now, but giving you something to research.) And, I don't use ATX, but I e-filed Form 7004 in ProSystem fx.

I use whatever the group plan is by NAEA, their E&O plus cyber rider. They've had various companies in different years, and by state. Can't remember if mine (in CT) is currently AON or Calsurance or... Check with your professional organizations for group rates for our profession.

NY/CT-ATP Annual Tax Update Seminar

Thursday 30 November - Friday 1 December

Danbury CT off I-84

Ryan Reichert/Brass Tax Presentations

We INCLUDE the printed book!

3-ring 2-3" binder with hundreds of pages (last year's was over 500 pages)

Continental breakfast, sit-down lunch (NOT buffet), morning & afternoon break snacks each day.

Cocktails 5-6:30 pm Thursday with hot & cold appetizers & 1 free drink included.

https://www.nyctatp.org/event/annual-tax-update-seminar-2/

Ethan Allen Hotel group room rate $109 + taxes.

I'm glad I have no clients with rentals. However, as I age, my clients age, and I'm thinking about those personal residences, how to find out how they're titled, what will be the adjusted cost basis if a surviving spouse sells. Or, if one of my clients is a kid/heir to parent's personal residence, and sells it. Or rents it out for a couple years before selling!

Had a long-time client who inherited shares of her mother's investments that included 3 rental real estate partnerships, as well as other complex investments. I told her I would no longer prepare her returns. (Divesting myself of CA clients, so that gave me a reason to tell her to find someone local to her sooner rather than later.) Client had moved from CT where I am to CA to care for her mom; went from a W-2 to a 1099-R to inheriting 1/3 of apartment building partnerships and other complex investments with no depreciation tables and no CA K-1s and her HRB-employee sister and her TurboTax sister telling her how to report things. She would never accept my price increase to account for my time and research and listening to her arguments from her siblings. She wanted me to prepare her taxes one more year before she found a local tax preparer. I refused to spend my time setting up her new situations now for her new preparer next year, and told her that THIS is the year for her to begin with a new preparer. Hated to lose her, but knew she wouldn't be happy with the fee I needed to charge for my time -- especially since she's comparing my fee to her siblings' TT price and HRB-employee probably free returns.

So, what document do we need to see if the property on a joint return was held in a joint tenancy with the right of survivorship or tenancy by the entirety? What other ownership structures are available? What would be the outcome for those other structures? What ownership structures would result in 1/2 step-up basis and 1/2 original basis/depreciation? Will the new basis for depreciation always be the same as the new basis for sale?

I haven't researched it yet, but QB has a new ledger that has limited transactions at a lower price. I don't see it posted rn. I'll add a link when I see it.

An email I received Monday 16 October:

Dear Partners,

Just in case you missed the notice on the EFTPS website when logging into EFTPS, as of October 19, 2023 multifactor authentication will be required to log into EFTPS. See the notice from the EFTPS homepage below.

Notice to EFTPS Website users:

What is happening?
Fiscal Service is requiring Multifactor Authentication (MFA) for system access. The new authentication process supports Executive Order 14028, requiring all federal agency applications to implement MFA. This will provide an additional layer of security, protecting against unauthorized access threats. EFTPS is partnering with third-party credential service providers Login.gov and ID.me for MFA services.

When is it happening?
Secure sign-in via Login.gov or ID.me will be required on October 19, 2023.

How do I register?
Upon logging in to this site, you will be prompted to register and/or authenticate with either Login.gov or ID.me, prior to the normal process of inputting your EIN or SSN, PIN, and password.

Where can I go for help?
For assistance with Login.gov please call the Login.gov help desk at (844) 875-6446.
For assistance with ID.me visit help.ID.me.

Attached are instructions to the two ways taxpayers can validate their identities using ID.me. Please feel free to distribute this information to your membership.

Sincerely,

Joseph McCarthy CPA

IRS Senior Stakeholder Liaison

What TexTaxToo says sounds about right. But, don't you use Sch 1 for SEHI, income allowing, with only the excess going to Sch A? And, can he use Sch F for premiums paid for an employee & her family? Yes, to the circular calculation if a PTC is in play.

If a Sch F is similar to a Sch C, and if my memory is not too fried tonight, a self-employed person can provide health insurance to his employee/spouse for the employee's whole family. It's deductible to the SE taxpayer, I think on Sch F, because it's for the employee. The SE taxpayer's own Medicare premiums are deductible as SE health insurance on Sch 1 line 17, income allowing, with any excess to Sch A line 1.

But, don't trust me on the above! Two more complex returns to get done, and not much sleep last night, or for the last week or more or...! So, research more yourself or wait for someone to jump in with cites for you to rely on.

I'm so very sorry. It's hard to lose a furry family member, and an office staffer, too. I'll miss seeing his pic. Hugs to you.

I've been trying to convert my clients that insist upon mailing checks to use IRS's DirectPay instead so they get an immediate confirmation. CT has a similar system; although, not as user-friendly as DirectPay. Most states I prepare have something similar.

Of course, I strongly encourage Direct Debit with e-filing, but sometimes clients have to move funds around before they can pay, or we're dealing with ES during the year.

Maybe the SSA has the wrong spouse marked as deceased. Or, the IRS computers flagged the wrong spouse. I've seen other preparers say the IRS requested a 1310 when it was not needed in the situation (such as MFJ). Good luck.

I think it can get into how the property was held, also. But, I can't give you any details about the different ways a couple can title property might or might not make it community property in CA. You might need to talk with the family's lawyer about that specific legal title.

You're NOT filing an inaccurate return. You're reporting what the biz did last year. Not what it should've done, because it didn't do what it should've done. The BIZ was not accurately following the regulations for an S-corp if it wasn't paying reasonable compensation. Circ 230 tells us to explain to the client what they did wrong and the consequences. We do NOT have to repair their prior acts, unless they engage use to do so.

Sound like November clients to me, especially if they're getting a friends & family discount.

https://www.irs.gov/pub/irs-pdf/p5709.pdf

Also, IRS Pub. 5708