Lee B

Huge Data Breach at National Public Data according to CNET: "According to an August statement from National Public Data -- a data broker that sells personal information to private investigators, consumer public record sites, human resources and staffing agencies -- "a third-party bad actor" hacked into the data and leaked the stolen information on the dark web. National Public Data obtained the information by scraping nonpublic sources without consent, according to a proposed class action lawsuit. " "Two online security companies have put up websites that let you check for free if your Social Security number is part of the stolen store of personal information: One is https://www.npdbreach.com/ from the online privacy company Atlas Privacy; the second is https://npd.pentester.com/ by the Pentester cybersecurity company. " According to these two websites, both my wife and my personal information were exposed in this hack. After the Oregon DMV was hacked back on June 1, 2023, I am really glad we froze our credit. Of course this hack is just now being announced when it happened 4 months ago!

I looked it up, the amount in box 5 is the total mortgage insurance premiums for the life of the reverse mortgage.. The deduction of mortgage insurance premiums ended in tax year 2020.

On a SS W-4V, you can elect to deduct 7, 10, 12, or 22 %

I disagree, most reverse mortgage are used as income replacement which does not qualify as deductible interest, unless the proceeds were used to improve the property. The amount in box 5 may be reverse mortgage origination fees?

In 2021 The IRS signed a 2 year contract with ID.me for $86 Million, which has now expired. I cannot find any publicly available information about the current financial arrangement between the IRS and ID.me. As a side note, the GSA, home of login.gov, will not consider using facial identification and for some unknown reason the required improvements to login.gov are happening slowly.

"The agency described that solution as “short-term” but has still not presented a roadmap for how it plans to transition away from only using ID.me. The IRS did not respond to multiple requests for comment about its transition to Login.gov or its use of ID.me."

I have privacy concerns about ID.me. They started as a direct competitor of Groupon and can be currently used to access retailer discounts. The IRS's official position is that ID.me is a temporary solution to be replaced at some point in the future, possibly by login.gov when login.gov is improved. I am not going to try to use them again!

I had no problems getting set up and using loin.gov However I am apparently too stupid to navigate my way through getting set up with ID.me What an incredible frustrating experience

Yes, I have certainly had a few clients in the past who wanted me to push the envelope as far as I would let them. When the chances of getting audited fell below 1 %, many people stopped thinking that the risk was real. Many big corporations and wealthy individuals who can afford high priced tax and legal advice and are encouraged to use every tax loophole that can be exploited definitely consider it a legitimate game. Our legal and tax systems have never been fair and balanced. Wealthy people and business entities have always received much better outcomes because they can afford much better advice and assistance.

Based on what I remember filling out at the end of last year, this is definitely more detailed and complicated !

Interesting Article in The Journal of Accountancy about this subject: https://www.cpai.com/Education-Resources/my-firm/Tax-Services/IRS-funding-and-a-potential-rise-in-malpractice?refID=renew&utm_source=intern

I have spent the last 4 or 5 days wrestling with the so called "Financial Wellness Department" of my bank. There are lots of bureaucrats in large businesses of all kinds who stay very busy following corporate rules rather than providing "customer service." I ended up having to file an official complaint in order to gain access to the proceeds of several CDs that had already matured.

On the other hand I remember 5 or 6 years ago when the IRS assigned only 1 Revenue Agent to perform a tax audit of Microsoft because they didn't have the necessary expertise to even attempt to audit a company like Microsoft.

Based on what I have read an SMLLC is a reporting entity because the SMLLC was created by the state, whereas a SP is merely registering a "dba" and therefore is not a reporting entity. The fact that the SMLLC is an entity disregarded by the IRS and is filing on Schedule C isn't of any significance in this context. The problem with all of the questions on this thread is that very few if any of us is an attorney and all of these questions are really "legal questions" Please don't rely on anything I have said, it's all my personal opinion.

I have read some medical research articles about using AI to interpret various medical test results that were very promising. For example interpreting MRI results and other scans.

Perhaps - 2001 A Space Odyssey

In The Know With RPO: An Update From The Return Preparer Office. An overview of the Enrolled Agent Program, PTIN compliance, Annual Filing Season Program requirements, and data security responsibilities and protections. Earn up to 1 CE credit (Federal Tax). Live webinar. Free, registration required. https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-tax-practitioners I have taken a number of their free webinars. The quality varies quite a bit. I have had a few good webinars and a few terrible webinars. They do spend too much time on administrative stuff and other non class related information but they are free.

Yes, sms is not secure and phones can be spoofed and phone accounts can be stolen. However based on tech articles I have read 2FA using PINs texted or emailed will stop 98 or 99 % all all attempted hacks, which is good enough.

A "Record of Account Transcript" might be helpful so that you can see what has happened so far.

https://www.atxcommunity.com/topic/29504-remote-access-vendor/#comment-194754

The base of knowledge for AI's has been obtained by scraping the internet of everything,facts, fiction,opinions, conspiracy theories and wild assed guesses. I have read several tech articles which said that some AIs are getting close to running out source materials. There has been some discussion about creating artificial information so that AIs have more stuff to look at To some extent I think the AI explosion has been triggered by the Fear Of Missing Out.

Copied from updated FINCEN FAQs: "K. 3. Who can be held liable for violating BOI reporting requirements? Both individuals and corporate entities can be held liable for willful violations. This can include not only an individual who actually files (or attempts to file) false information with FinCEN, but also anyone who willfully provides the filer with false information to report. Both individuals and corporate entities may also be liable for willfully failing to report complete or updated beneficial ownership information; in such circumstances, individuals can be held liable if they either cause the failure or are a senior officer at the company at the time of the failure." I added the underline emphasis.

Good points. However is anyone aware of any IRS guidance on any deduction or credit that requires the filing of BOI?

The effective for BOI Reporting was January 1, 2024. What would the question even be? As far as 2024 goes, whether your client files their BOI or not has no effect on the filing of any tax returns. We don't ask clients whether they are drug addicts or abuse their children???

What is the purpose of doing that? If they say no, what would you do?