Lion EA

I'm interested, also. A rep was a vendor at a tax seminar I attended in December. It sounded interesting, so I took a brochure. I've scheduled a call with her for Thursday. I'm a sole proprietor and seeing more letters go to my clients, often just plain wrong, but requiring responses. It's just me, so finding time to handle issues is becoming a problem for me. That's why I'm going to explore Protection Plus. What do you think about them?

I use the group plan via NAEA for E&O + Cyber insurance. Check with your professional organizations for group plans designed for our industry.

Haven't tried any yet, but I think it opens the 10th.

Ask them to give you whatever they gave Paychex to prove their qualification. Or, ask them for P&Ls for all the relevant quarters. I think very few, if any, third-party ERC claim providers explained that amending the Forms 941/claiming ERC meant amending Forms 1120-S and 1040. Maybe small print someplace to CYA, but our clients only heard $$$ from claiming ERC and nothing out-of-pocket to the ERC preparers (ERC preparers kept a % of claims). Now they are angry they have to pay tax and pay for amendments.

Again, the sticky part is not reducing wages on an amended 1120-S. The sticky part is determining if your client qualified for ERC in the first place, or for that amount of ERC. If he did not, then tell him about the Voluntary Disclosure Program: https://www.irs.gov/coronavirus/employee-retention-credit-voluntary-disclosure-program#:~:text=You need to repay only,is not taxable as income. If he did qualify, then amend his 1120-S.

Did you prepare the original Forms 1120-S for those years and know that your client had the appropriate decrease in income for those quarters? Like anything else, if you know (or should have known) or have any doubts about your client qualifying for ERC, you have to ask more questions, ask for documentation, dig deeper until you're satisfied. Paychex was probably qualified to amend Forms 941 based on your client's word that his income decreased the appropriate percentages, but Paychex had no working knowledge or your client's income. The fact that you're asking suggests you're not sure you have all the facts and circumstances.

Are you familiar with the firm who generated the K-1? Or the preparer of that return? For a prospective client, I'd probably say we're not a good fit. Goodbye. For an existing client that I like and respect, I'd dig a little deeper.

Try this link: https://www.tax1099.com

https://www.tangiblevalues.com/category/w2-1099-aca-forms-envelopes-and-software/215 I've gone through QB. And, I've used a few of the services, such as tax1099.com that eFiles Forms W-2: Early Bird Sale - IRS Updates and Tax Reporting Guides, Tips 2024 (tax1099.com)

What software do you use not? ATX? Something else (many of us do but remained on this forum for the tax advise instead of the ATX advise)? Whatever it is, put your sales rep to work to get you the best price, letting him/her know that you will stay if the price is appropriate for your retirement needs. That you are demoing other software. Long time customer. Blah, blah, blah.

How about TaxWise Online? Is Wolters Kluwer involved in that?!

Thanks for the Guide. Just what I need: 57 pages! It's on my desktop to be handy. Hope someone does distill this for us. I'm really leaning toward NO new tasks that don't improve my clients' tax situations. However, I need to know what to tell them or not tell them. Maybe a 2nd page in my engagement letter for those with Schedules C and entities. By the way, do Schedules E & F count? And, I've yet to contact my E&O carrier. Probably because I'm hoping they say NO.

In the same boat, but some owe. I'm giving clients a choice between mailing now or waiting until January to e-file. HOWEVER, I'm telling them to PAY NOW via IRS's DirectPay and the state's versions, so they have immediate confirmations of their payments. I'm open to better suggestions...

The best $20 you'll ever spend: https://brasstax.com/shop/ols/products/form-3115-line-by-line-correcting-depreciation Add your cost to your invoice to your client. He should pay your $20 Research Fee.

Some forms ask for mailing address AND physical location. Has anyone seen the new BOI information required?

The University of Illinois Tax School still exists: University of Illinois Tax School - IRS-Approved Continuing Federal Tax Education

CCH's Scan & Flow. I'll be taking a webinar next month.

Isn't it 2022 software for returns beginning in 2022? (My brain's fried right now, but giving you something to research.) And, I don't use ATX, but I e-filed Form 7004 in ProSystem fx.

I use whatever the group plan is by NAEA, their E&O plus cyber rider. They've had various companies in different years, and by state. Can't remember if mine (in CT) is currently AON or Calsurance or... Check with your professional organizations for group rates for our profession.

NY/CT-ATP Annual Tax Update Seminar Thursday 30 November - Friday 1 December Danbury CT off I-84 Ryan Reichert/Brass Tax Presentations We INCLUDE the printed book! 3-ring 2-3" binder with hundreds of pages (last year's was over 500 pages) Continental breakfast, sit-down lunch (NOT buffet), morning & afternoon break snacks each day. Cocktails 5-6:30 pm Thursday with hot & cold appetizers & 1 free drink included. https://www.nyctatp.org/event/annual-tax-update-seminar-2/ Ethan Allen Hotel group room rate $109 + taxes.

I'm glad I have no clients with rentals. However, as I age, my clients age, and I'm thinking about those personal residences, how to find out how they're titled, what will be the adjusted cost basis if a surviving spouse sells. Or, if one of my clients is a kid/heir to parent's personal residence, and sells it. Or rents it out for a couple years before selling! Had a long-time client who inherited shares of her mother's investments that included 3 rental real estate partnerships, as well as other complex investments. I told her I would no longer prepare her returns. (Divesting myself of CA clients, so that gave me a reason to tell her to find someone local to her sooner rather than later.) Client had moved from CT where I am to CA to care for her mom; went from a W-2 to a 1099-R to inheriting 1/3 of apartment building partnerships and other complex investments with no depreciation tables and no CA K-1s and her HRB-employee sister and her TurboTax sister telling her how to report things. She would never accept my price increase to account for my time and research and listening to her arguments from her siblings. She wanted me to prepare her taxes one more year before she found a local tax preparer. I refused to spend my time setting up her new situations now for her new preparer next year, and told her that THIS is the year for her to begin with a new preparer. Hated to lose her, but knew she wouldn't be happy with the fee I needed to charge for my time -- especially since she's comparing my fee to her siblings' TT price and HRB-employee probably free returns.

So, what document do we need to see if the property on a joint return was held in a joint tenancy with the right of survivorship or tenancy by the entirety? What other ownership structures are available? What would be the outcome for those other structures? What ownership structures would result in 1/2 step-up basis and 1/2 original basis/depreciation? Will the new basis for depreciation always be the same as the new basis for sale?

I haven't researched it yet, but QB has a new ledger that has limited transactions at a lower price. I don't see it posted rn. I'll add a link when I see it.

An email I received Monday 16 October: Dear Partners, Just in case you missed the notice on the EFTPS website when logging into EFTPS, as of October 19, 2023 multifactor authentication will be required to log into EFTPS. See the notice from the EFTPS homepage below. Notice to EFTPS 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. Attached are instructions to the two ways taxpayers can validate their identities using ID.me. Please feel free to distribute this information to your membership. Sincerely, Joseph McCarthy CPA IRS Senior Stakeholder Liaison

What TexTaxToo says sounds about right. But, don't you use Sch 1 for SEHI, income allowing, with only the excess going to Sch A? And, can he use Sch F for premiums paid for an employee & her family? Yes, to the circular calculation if a PTC is in play.