Lee B

No, Form 1096 has a signature line but filing a 1096 is only needed when paper filing. However you should have an signed Authorization Letter or Form on file.

"The wash sale rule currently only applies to assets classified as stocks or securities and other financial instruments that are traded on organized exchanges. Cryptocurrency is classified as property by the IRS and is currently not subject to the wash sale rule. An investor in a virtual currency can sell their position to lock in a capital loss and immediately repurchase the currency without losing exposure to the cryptocurrency." I am sure this will inspire a lot of year end transactions.

I suspect the programming is being done overseas. probably in India.

Yeah, everyone is trying to maximize profit and stock market price by CRM, Data Mining and converting the Data into advertising and marketing $. It been very interesting watching Intuit do exactly that over the last several years.

I have read variations of this list online: 1. Just a friendly reminder . . 2. Don't take this the wrong way . . . 3. Got it 4. How are we doing with . . . . that I'm waiting for 5. If that's what you want to do . . . It does make you think about how you communicate with clients, friends and family. So my New year's Resolution is to be less negative and more positive

I wasn't aware of that. Information I have read says it can be a hobby or a business depending on facts and circumstances. I would appreciate if you have a cite?

Excellent points. The IRS considers Crypto to be capital assets so 2 thru 5 are various capital gains and losses.

If that was my experience, I would be frustrated too. Most of my appointments are made via email. I give them several times to choose from and they pick one. It works well for me.

"DURHAM, N.C., June 16, 2022 /PRNewswire/ -- BioAgilytix Labs, LLC ("BioAgilytix"), a leading global contract research organization focused on supporting pharmaceutical and biotech partners in all phases of drug development, today announces the appointment, effective immediately, of Euan Menzies as Chairman and CEO." So the current CEO and previous Interim CEO did not come from either the Accounting or Tax World.

In essence the Cinven Holding Company that now owns both Drake and Tax Act bought out the Drake family back in early 2021. "Drake Software has appointed Dominic (Dom) Morea as President and CEO. Interim CEO Euan Menzies will continue in his role as Chairman of Drake Software. Dom Morea comes to Drake Software with a strong background of more than 20 years’ experience in FinTech, working with Fiserv and First Data Corporation. He served most recently as Global Head of Fiserv’s Prepaid business. The Fiserv Prepaid business is one of the world’s largest payment service providers, supporting billions of transactions annually across the globe and millions of consumer/app users."

Interesting, I prefer email first, texting second and voice third. Although only my regular monthly and payroll clients have my cell phone number and none of them abuse it. None of the few 1040 clients have my cell phone number. Almost all of my regular business clients have a scanner, so I did away with my fax line several years ago. My preferences are partially due to the fact that I only work part time, 3 to 4 hours per day. I do have one 82 year old business client who always calls when I am not in my office so the calls go to my answering machine then I call him back the next day.

Actually, after giving it some thought a second cell phone with a different number or an iphone with dual sims wouldn't have made any difference. The only thing that would have helped would be the option of receiving a 2FA pin via a secondary email.

"WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) including Venmo, PayPal and CashApp that would have generated Form 1099-Ks for taxpayers. “The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements." It would have been a real struggle for the IRS to deal with the big increase in 1099 K filings, which would have made it harder for the IRS to deal with all of the other various processing difficulties, Wise Decision!

News reports are saying this amendment did not get in the final bill.

In my case I would have needed two different cellphones with different numbers to avoid my access problems. By early afternoon I purchased a new cell phone and was getting it set up.

There is no safe harbor,burden of proof is totally on the taxpayer.

The Senate passed the Omnibus Spending Bill 68 to 29. The House will vote tomorrow.

Trying to apply common sense to what the IRS does, just creates stress and frustration. Neither do I, but the instructions either require the letter or file the K-2 & K-3 and yes the 1065 instructions are different from the 1120 S instructions. The question is which approach is more efficient and takes less time. If I can avoid sending out letters that's way better for me!

This morning my one year old cell phone for which I have a protective cover and I haven't dropped started rebooting over and over. Phone support had me pull the sim card plus hold down both the on/off button and the volume button at the same time. Don't work. Sometimes modern technology doesn't work. Plus without my phone working, I can't log into my gmail account. Aaaargh

Final Instructions have been issued for S Corporations: https://www.currentfederaltaxdevelopments.com/blog/2022/12/21/final-s-corporation-schedules-k-2-and-k-3-instructions-issued-for-2022-returns "Consider the Option to Just Prepare the Forms Advisers may wish to consider the other alternative to qualifying the S corporation to meet either the Domestic Filing Exception or the Form 1116 Exemption Exception—just preparing the Schedules K-2 and K-3 for an S corporation with only domestic activities. *Several professional tax software publishers have added the option to check a box that tells the software that the entity has only United States operations. When the box is checked the software uses the information entered on the forms to complete the rest of the Form 1120-S to populate Parts II and III of Schedules K-2 and K-3 based on the normal allocation information for profits and losses for the return, as well as the average book value for assets reported on the corporation’s depreciation schedule. For many simple S corporations, this procedure will produce either a correct Schedule K-2 and K-3, or a starting point for quickly creating proper Schedules K-2 and K-3 for the corporation. In that case, taking the additional steps to meet the requirements to meet either exceptions may consume far more professional time than simply preparing these forms for filing with the Form 1120-S and providing the appropriate Schedule K-3 to each shareholder.:

I had no problems about 4 weeks ago. However I did it on a weekend when there was less traffic.

As far as I can tell effective 2023.

Dementia is very difficult for other people to deal with for exactly that reason. At this stage, I suspect you will just have to deal with it as best that you can.

I wonder, at what point is a person no longer competent to sign a POA? I know when my wife took her mother to get her to sign a POA, I don't her mother understood what she was signing.

I understand your problem. My Mother In Law who had dementia lived with us for 21 months after she couldn't live by herself anymore. Frankly, it was the most difficult thing that I have ever done! One day she would be very nice and with it. The next day she would be extremely angry and sarcastic and couldn't remember anything. You can deal with the situation as best you can, just smile and be agreeable or you can try to have a meeting with her husband, which could totally backfire! Sometimes it can be very hard to remember that it's a disease and that the lovely person that you used to know is still there.