Lee B

I don't think so. Click on the link that I provided. It doesn't take that long to review the documentation and sample reports.

So if all the paperwork says $1, did they pay the additional $ ??? in cash?

Depending on the financial institution, deposits can be rejected even if the account numbers match when the names on the account don't match.

Yes, each financial institution has its own rules about these deposits.

If the LLC elects to be taxed as a Partnership, then you have to deal with "inside basis" versus "outside basis" which will be different numbers if the partners contribute real estate to the LLC. S Corps are usually avoided since any real estate distributed back out to the stockholders will come out at FMV with the resulting tax consequences. Lots of both tax and legal issues need to be considered in advance, which is not what actually happens too many times.

"1040 MeF Production Shutdown Schedule Shutdown begins on Saturday, November 18, 2023, at 11:59 p.m. Eastern time, to prepare the system for the upcoming Tax Year 2023 Filing Season." Don't recall the IRS announcing the 1040 shutdown this early before.

SSA gets notified of deaths fairly quickly. It may get rejected.

How many clients could answer question # 1 ? I would think that the depreciable basis and the sales basis would be the same? For me this discussion reinforces my decision to stay within my area of expertise and to stay away from Estate and Trust work

" Interim Guidance Memorandum PGLD-10-1023-0002, provides for receipt and transmission of documents through Oct. 31, 2025, using email with encryption when working person-to-person with IRS personnel to address compliance or resolve issues in ongoing or follow-up authenticated interactions (mainly with field compliance, Independent Office of Appeals, Counsel and Taxpayer Advocate Service personnel). This guidance will remain in effect until the IRS fully implements long-term solutions for secure electronic communication channels with taxpayers as alternatives to encrypted email." Apparently this will only happen when initiated by the IRS.

FYI: According the industry experts that follow Intuit closely, in the long run Quickbooks Desktop will disappear and only QBO will be available.

Medlin has a solid accounting program at a very reasonable price: https://medlin.com/accounting-software.html Medlin also has a separate Receivable program that does invoicing: https://medlin.com/accounts-receivable-software.html I have reviewed all the documentation for the accounting program three different times. and it should do everything a small business would need. I don't use it because my larger clients need departmental accounting which it won't do. I have used Medlin's Payroll Software for 4 years now and I am very satisfied .

Quick online search found a long list of detailed articles about this. Correct answer is "a"

According to the attached TIGTA report dated 9/27/23 Login.gov is not as secure as it should be. https://www.tigta.gov/sites/default/files/reports/2023-10/20232S070fr.pdf In fact the use of both Login.gov and ID.me will be temporary until they can be replaced. "In July, the IRS approved a road map for a future credential service provider outlining the need for two or more CSPs, including a government and non-government option, to provide taxpayers with a choice."

Secure 2.0 added a lengthy list of exceptions to the penalty which you should review

Not sure which aspect you're referring to however: "Although the initial provision for penalty-free 401(k) withdrawals expired at the end of 2020, the Consolidated Appropriations Act, 2021 provided a similar withdrawal exemption, allowing eligible individuals to take a qualified disaster distribution of up to $100,000 without being subject to the 10% penalty that would normally apply. This extended the timeline for penalty-free distributions through June 25, 2021.

I am wondering the same thing. I guess I won't find out until I return from vacation the beginning of November I still do live payroll processing but since I am semi retired I have less than 10 .

In recent years it's been sometime Thanksgiving week

I will first try to use Login.gov: "When you’re ready to create your secure Login.gov account, you’ll need to provide a few pieces of information: 1. Email address We recommend a personal email address that you’ll always be able to access rather than a work email address. If you already have an account with Login.gov with that email address, we’ll send you an email to let you know how you can reset your password and access the account. 2. Secure password Passwords must be at least 12 characters and should not include commonly used words or phrases. Depending on the security needs of the agency, you may need to prove your identity using a social security number, address, and/or U.S. based state-issued identification 3. One or more authentication methods such as: More secure Face or touch unlock Security key Authentication application Federal government employee or military identification (PIV/CAC) Less secure Text/voice message Backup codes"

As far as I can tell, this announcement first showed up on October 18th on the EFTPS Home Page. I subscribe to the IRS Payroll News and there has been no mention of this change. This is a perfect example of how not to implement a change!

Fortunately, I don't have any weekly or biweekly payroll clients, so I won't get any calls until next month when I return from vacation.

I last logged in on October 11th as usual with no notice of any upcoming changes? "Notice to 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. Please note: Your tax payment is due regardless of this Web site's availability. You can always make a tax payment by calling our voice response system at 1.800.555.3453. Follow the prompts to make your payment."

7. News from the Justice Department’s Tax Division Lance K. Bradford, a CPA of Henderson, Nev., pleaded guilty to aiding and assisting the filing of false tax returns for his role in a purported investment scheme to sell false tax deductions. In total, Bradford’s scheme caused a tax loss to the IRS of at least $8 million. Bradford is scheduled to be sentenced on Jan. 16, 2024, and faces a maximum penalty of three years in prison. He also faces a period of supervised release, restitution and monetary penalties. I really think he deserves a longer sentence than 3 years!

If it was my client I would just show the adjusted CF on the 2022 1040.

If you read about personal tax compliance in other countries like Italy or India, it barely exceeds 50 %