Lee B

Posted November 30 "Business MeF Production Shutdown Schedule Shutdown for "Send Submissions" only is scheduled to begin at 11:59 a.m. (noon) Eastern time, Monday, December 26, 2022. Transmitters can continue to use the other service requests except "Send Submissions" until 11:59 p.m. (midnight) Eastern time, Monday, December 26, 2022.

There are reports that SECURE 2.0 has been included in the Omnibus Bill: "Among the key provisions contained in the final bill include: The establishment of a new “Starter K,” supported by the ARA which will allow employers that do not currently sponsor a retirement plan to offer a starter 401(k) plan (or safe harbor 403(b) plan). Research sponsored by the American Retirement Association indicates that it could expand coverage to over 19 million American workers; A 100% tax credit for new plans; An enhanced Saver’s match that will modify the existing Saver’s Credit with respect to IRA and retirement plan contributions by changing it from a credit paid in cash as part of a tax refund to a government matching contribution that must be deposited into a taxpayer’s IRA or retirement plan. Research sponsored by the American Retirement Association suggest that more than 108 million Americans would be eligible for this government match; A new “pension-linked” emergency savings provision; A new student-loan matching program to treat student loan payments as elective deferrals for purposes of matching contributions; Higher catch-up limits at age 60, 61, 62 and 63 (beginning after Dec. 31, 2024); Increasing the required minimum distribution (RMD) age; Expansion of the current QLAC limits; Provisions for auto-portability; Establishment of a Retirement Savings Lost and Found; Expansion of the Employee Plans Compliance Resolution System (EPCRS); and Reforms to the family attribution rules by removing attribution for spouses with separate and unrelated businesses who reside in community property states, and removes attribution between parents with separate and unrelated business who have minor children. " These are mostly provisions that will benefit the Upper Middle Class Baby Boomers.

Copied from Accounting Today: "Chances are dimming that Congress will take up a multibillion-dollar package to renew a cluster of business tax breaks and provide a more generous child tax credit before lawmakers leave Washington for the year. Republicans want to extend three provisions of their massive 2017 tax cuts: a write-off for corporate-debt costs, a broad tax break for research expenses and a tax break that allows companies to deduct all their capital-expenditure costs in one year. Democrats are demanding that any deal restore a more generous child tax credit of as much as $3,600 that was part of President Joe Biden's 2021 pandemic stimulus plan and has since expired. Some key lawmakers say negotiations on a bill that can get the 60 votes needed to clear a Senate split 50-50 are at a standstill."

The Omnibus Spending Bill is 4,155 pages long. I'm sure our elected representatives will read every page before they vote Preliminary reports don't mention any tax changes?

Right during the holidays too! I hope you can recover quickly.

The EIN won't change. Unwanted complications may arise due to how long it will take for a correction letter to be processed versus when the trust return is filed.

"Trusts should enter the date the trust was funded or the date that the trust was required to obtain an EIN under Regulations section 301.6109-1(a)(2)." I believe you have to mail a letter explaining what needs to be corrected. Address should be enclosed with the mailed EIN letter received from the IRS or an online search will pop up the address.

Please join me in making a donation to support our community.

Thanks, I have changed my gmail settings so that all images are being blocked even those I previously allowed. In Outlook I only seem to be able to block images from unknown senders. I have read about those, however if you are blocking tracking pixels, you may not be able to use that site when you really need to. For example until recently the U S Dept of Education's FAFSA site had tracking pixels.

If you receive a commercial email with the following message at the beginning of your email: "Images are not displayed - Display images below - Always Display images from [email protected]" If you click on this link then you are authorizing the sender to embed Meta Pixels in the current and future emails from the sender. At that point you have no way of knowing what or how much information is being sent back to the sender and to Meta! At my age I am not capable of going "off the grid"

About 90 % of my annual income comes from 7 monthly Write up/Payroll/Business Entity Tax Return/Business Owner Tax Return clients. Five of these clients I have had for over 25 years. Including these clients I did less than 40 total tax returns last year. It's a very viable practice niche with less hours and a lot less stress.

The retirement of baby boomers is significantly impacting many professions, including accountants, family practice doctors, dental hygienists, veterinarians etc etc etc.

I attended on 1 Hour online CPE class this morning where Nina Olson, the former National Taxpayer Advocate was the main presenter. One thing she said really caught my attention, that the IRS has a current Backlog of 10 Million Non Filers waiting to be processed. Unbelievable!

It turns out that Taxslayer provides the software used by all of the VITA clinics. The IRS without any indications of investigating these issues has announced that the VITA software did not include any pixels.

"Whether the IRS can accept a durable power of attorney in place of a Form 2848 depends in each case on whether the following requirements are met. As a very general starting point, the IRS will accept a durable power of attorney instead of a Form 2848 if the durable power of attorney includes all of the elements specified in IRS procedural regulations at 26 CFR sections 601.501 – 601.509 (reprinted as IRS Publication 216, Conference and Practice Requirements.). See 26 CFR § 601.503(b)(4) (discussing durable powers of attorney). Specifically, the durable power of attorney must include all the elements of section 601.503(a): Taxpayer’s name and mailing address Taxpayer’s TIN (i.e., SSN, EIN, etc.) An employee plan number, if applicable Name and mailing address of the appointed representative(s) A description of the matter or matters for which the representation is authorized that must include, as applicable— Type of tax involved; Federal tax form number involved; Specific year(s) or non-annual period(s) involved; and Decedent’s date of death in estate matters. “A clear expression of the taxpayer’s intention concerning the scope of authority granted to the…representative(s)."

Final Regs have been issued: "Under section 6056 and § 301.6056-1(e) and (g), every ALE and member of an aggregated group that is determined to be an ALE (collectively, ALE member) is required to file with the IRS an information return and a transmittal on or before February 28 (March 31 if filed electronically) of the year following the calendar year to which it relates and to furnish to full-time employees a written statement on or before January 31 of the year following the calendar year to which the statement relates. The IRS generally has designated Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to meet the section 6056 requirements." The due date for Employee Statements has reverted back to January 31st! Darn!

I am certainly capable of doing what you did, however I would never try to do that.

Copied from Accounting Today: "As a result of Section 2102 of the Taxpayer First Act, the IRS is launching an online portal that will allow taxpayers to electronically file both small and large volumes of Forms 1099, according to Mankowski. "The new portal, known as Information Return Intake System, will launch in January 2023 for tax year 2022," he said. "It's a means for smaller practitioners or small to midsized businesses that only do a handful of 1099s to go in and upload data. They will know that it's been filed and has been received and isn't just sitting there." With IRIS, practitioners will be able to: Submit small or large volumes of the 1099 forms series, and the system will retain the records from year to year; File electronically without software; and Choose an electronic filing option." This sounds promising since it's free, although it doesn't say which 1099s will be available?

Rocket Lawyer has a 50% off deal through the end of the year. An Estate Plan, a POA and a Living Trust and a online consultation with an Attorney for only $19.99 per month.

Exactly,I have two clients where it's just paperwork to be filed away. Then I have to try to keep them from screwing up because they don't understand attorneyspeak and won't ask questions. aarrgh

See the instructions for line 9b

There is no "one size" fits everyone's situation. Every client has different circumstances, needs and preferences. There is a wide variation in probate systems from state to state. I have had several different Attorney's tell me that in my state a well written will is a good choice.

Copied from Accounting Today: "Six dollars. That's around how much your stolen digital data sells for on illicit online markets. That's according to data from tech company NordVPN, which said that at least 5 million people have had their online identities stolen and sold on illicit markets for $6 on average. The actual number is likely a little higher, as the NordVPN findings only apply to information stolen by automated data-harvesting malware. The data is sold in packets, which include logins, cookies, digital fingerprints and other information — the full digital identity of a compromised person." Gosh, I thought I was worth $20 at the very least

Sound s like Drake is changing the underlying structure that supports the program, probably preparing to rewrite the program.

And Microsoft extended support for Win 7 Pro finally ends next month.