BrewOne

I have heard of custodians accepting items into an IRA and then deciding they really don't want to deal with them (i.e. real estate). Maybe something along those lines occurred?

the total for last year is at the top of this year's Billing screen; to see a breakdown of charges, you'll need to go into last year's return if you don't have a copy of the invoice.

Further investigation--you do not have to do a manual over-ride. Open the 1065 and then open tab at bottom "Options" (right after page 6). You can then check a box to "Create statements that entity meets Domestic Filing Exception"

Yes, but currently it is a manual override. I could not find a way around the override, which I do not like to use.

Not unless you're using a bank product. if you were authorized to check the box for Third Party Designee, or have an 8821 or a 2848 on file--and you're comfortable with the idea... use the "Where's Your Refund" function.

I have a colleague who will not file a couple MFJ if the spouse is self-employed and makes estimated payments. IRS invariably credits the primary account with the payments and in the case of divorce, it can get very messy. It's happened to me twice, fortunately both times the primary was cooperative in straightening out the payments.

That recalls one case where the IRS put these guys on notice for running a fraudulent scheme (sending all revenue offshore to a trust, which transferred the money to another trust, which paid all their expenses--no income declared). IRS took their sweet time getting around to the case, thinking they had all the time in the world. Defense was able to argue that they ran the scheme past their CPA, who said it was okay. The court ruled no fraud, and therefore statute had run out. I assume the IRS went after that accountant.

Looks like a Schedule C to me--had a similar situation years ago (before there was a form 1099-NEC). Client was paid in Box 7 of the 1099-MISC. I told him to ask the Board if they could put that in Box 3, otherwise he was subject to S/E tax. They would not, so he had to pay S/E tax. Might ask them about expenses related to the meetings.

had a (former) client got caught in a similar situation--no mention to me of their buying and selling and possibly no 1099-K, but the IRS knew the amount they sold on eBay. When I told them they would need to know what they paid for every item they sold, they had a hissy fit. Since I had no idea how long this had been going on (possibly for years), I told them I wouldn't handle it and recommended they get a tax attorney. Their new CPA wanted to know why I didn't want to handle such a simple matter and I told him I'd retired.

I've used eFax for years although I'm thinking of dropping them due to sending/receiving maybe 2 faxes a year--at $16.99 a month, those were some expensive faxes.

If no tax would have been due if the beneficiary had been changed to the church, looks like a legal matter. Further thought: As you point out, for a charitable deduction, the charity must be listed in the instrument; however, it also has to be noted that they are receiving the money from income, not corpus. It looks like it will end up as income to the estate... Interesting stuff

if there was business activity (income or expenses), a return is due. And late filing penalties are severe. That's the information a preparer should pass on to the tax-matters partner. I'd leave speculation on the odds of anything happening if they don't file to the partners.

No problem (except for incorrect data appearing)--I would open 2022 and make sure everything is functioning normally there.

Initial opening of my 2023 return in ATX--my Schedule C, to my surprise...had entries under Inventory. I've never had inventory and verified zeroes on the 2022 Schedule C. Crazy.

ever since an HP desktop died on me during tax season (about 10 years ago), I've run my ATX software off of high end Dell laptops.

A few years back, a CPA (whose system was hacked) said at an IRS forum he had $100,000 worth of coverage and ended up with over $300,000 in costs. If you do partnerships and corps, there is a multiplier effect from every SSN in your system. So I'd say ballpark $500k in coverage, more or less depending on your practice. And ask if coverage includes them coming in and de-bugging your system.

I would be interested to hear if the K-1 shows up on the transcript. My experience with hand-written information returns (i.e. 1099's) is that they can take more than a year to show up in IRS records (if at all). So you may not be able to know if it was filed--the questions about the origin of the K-1 seem key to deciding on how to proceed. As well as knowing why they are not willing to go back to the original preparer to amend.

I took another look and can't find any specific rule requiring professional grade software; perhaps, as y'all mentioned, it is the requirement for data security and e-filing that creates the need. I laughed when recently an IRS presenter said that we should try and minimize our collection of personal data--a year and a half ago I had the experience of several of my clients' refunds being held up because I hadn't submitted their driver's license information (I previously only collected it on returns where a State return was present).

I can't find it in a search of Circular 230, but I have a clear memory of being told that we (paid preparers? EA's?, can't recall) had to use professional-grade software, i.e. not off the shelf.

not a fan of hers either.

Form 5329 provides for the calculation of additional taxes on excess accumulation; I recommend you request a waiver of those taxes when you file (it is compatible with e-filing) rather than paying and then asking for the money back. As Catherine points out, penalties cannot be waived before assessment.

I agree; probably the same thing that is happening with BOI and the draconian $500 a day penalty. I did acquire a client who had to pay some of the penalty on an inherited IRA. They had taken an initial distribution, then nothing for five years. After requesting a waiver on every year, the IRS waived the penalty on years 1 and 5, but enforced it on years 2-4.

in years past, I had two versions to send out, depending on how much room I had (I don't want to go over one page) and if there are new tax laws to consider--one for clients with businesses and others, or one for retirees and one for others. This year I composed one letter to all clients--I don't bother to use what ATX has to offer. I sent this year's out in October and it is already obsolete because of the IRS decision to delay implementation of 1099-K changes and the extension of BOI to 90 days for new businesses.

By royal fiat? Anyway, doing what Congress should have, IRS has announced for 2023, filing requirements of 3rd party payers will be the same as 2022. And 2024 will have a $5,000 threshold for issuing a 1099-K (as reported in NY Times)

always. Every year I face an expired password and hold my breath while I try to get in. But I'm in no rush, going to give them some time to get things sorted.