Lee B

Then why does the 1099 C have the name and EIN of the S Corp? Why didn't the S Corp pay the liability? It sounds like you have already decided what you want to do?

If this was a debt of the corporation, it seems like the S Corp would have been receiving statements and collection notices which it should have paid. Therefore the 1099 C would be the responsibility of the S Corp.

March 2,2025 "The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either." "The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only." https://home.treasury.gov/news/press-releases/sb0038 These changes were like a leaky faucet, drip,drip, drip . . . . . . now it's gusher!!!

The topic heading did say "divorce"

"WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed." Well, that makes the March 21st deadline meaningless!

"Internal Revenue Service: More than 110 IRS offices that handle taxpayer assistance will be closed, according to a plan from the U.S. General Services Administration obtained by The Washington Post, as the Trump administration began layoffs of about 7,000 workers in mid-February, at the peak of tax season, multiple outlets reported."

"No later than March 21, 2025, FinCEN intends to issue an interim final rule that extends BOI reporting deadlines, recognizing the need to provide new guidance and clarity as quickly as possible, while ensuring that BOI that is highly useful to important national security, intelligence, and law enforcement activities is reported." We'll see what happens

Form 7206 originated last year. Form 7206 originated last year. If you are not using Form 7206 to calculate your SEHI deduction, the amount of your deduction very well may be wrong.

If you email them with a question, they usually respond the next day.

According to the instructions you would file it with Form OR 40 N as a nonresident. Here is a link to the ODR Tax Professionals page which will provide you with an email link or phone number to call. https://www.oregon.gov/dor/programs/taxpro/Pages/default.aspx

I believe the latest Windows update made a number of changes to Outlook.

You have the same privacy and security that you have with Gmail and the Chrome browser or with Outlook and the Bing browser.

There is no privacy with cell phone calls and sms texts.

I will have to try that. I have been using Google Voice for my office phone for over 3 months now and it works fairly well.

Why would you want to have it texted? Just more work for us. As far as I am concerned email me a pdf or give me a paper copy.

Exactly, when has anyone been offered a reduced fee for electing to go "paperless"?

Most states have a 5 year lookback analysis so that won't work.

If it's an S Corp how would the business get hit with any taxes? The stock would be passed on to his estate or his heirs with a step up in basis I really curious as what this lawyer's reasons are???

Depends on what kind of assets the corporation has and what the overall balance sheet looks like. In some cases, this situation might require an appraisal. I wonder why the lawyer advised your client to do so, since there won't be any step up in basis this way.

Cooking The Books

"Caution! You cannot exclude income you receive after the end of the year following the year in which you did the work to earn it." https://www.irs.gov/individuals/international-taxpayers/figuring-the-foreign-earned-income-exclusion

The Colorado Department of Revenue says it will be a little longer before their office will be accepting state tax returns, and this is not the first delay of this year's online filing launch. Earlier this month, a report from the department to the Colorado Society of Certified Public Accountants expected the site to be up by the Feb. 14. After that passed, revenue officials told CBS Colorado the site would be up sometime this week.

There is a growing shortage of Accountants and Tax Preparers. Ten of thousands of accounting/bookkeeping jobs are being outsourced to countries like The Philipines, India and South Africa.

Here is more than you will ever want to know: https://www.thetaxadviser.com/issues/2022/dec/taxpayer-marital-status-and-the-qbi-deduction.html