IRS business e-filing system shutdown date

[PATAX]

It is apparently December 26th 2023.

[Just-Lisa-Now-]

I saw in one of the FB tax groups that Lacerte is closing the EF window earlier than that, I havent seen any loud announcements anywhere from Intuit that they will be closing any earlier than IRS....anyone know?

[IRonMaN]

PA - is this just a reminder? 😜

Business e-file shutdown - Intuit Accountants Community

[PATAX]

I thought it was posted before but I couldn't remember for sure. This BOI BS and other nonsense are making me go Loco. Even Heidi is looking at me funny, and believe me German Shepherds can sense things like that.

[IRonMaN]

If she is looking funny at you, you might want to sleep with one eye open.  Who knows what she is capable of if she thinks you are looney tunes 😁

[PATAX]

I'm lucky with Heidi she is a good dog. I can take a bone from her mouth and she won't even growl. In fact she's never growled at me.🐕☝

[Camp1040]

I'm sure ya'all know BOI has been extended!

[PATAX]

As I have said before, all they have to do is make an exception and ask the BOI questions directly on the corporate annual tax returns and LLC annual tax returns. That's it. But like Iron Man said , that would be too easy . I wonder how many new employees will have to be hired to manage this new massive undertaking?  How much will it cost taxpayers?

[Just-Lisa-Now-]

---

@PATAX wrote:

As I have said before, all they have to do is make an exception and ask the BOI questions directly on the corporate annual tax returns and LLC annual tax returns. That's it. But like Iron Man said , that would be too easy . I wonder how many new employees will have to be hired to manage this new massive undertaking?  How much will it cost taxpayers?

---

You'll need to upload ownership ID documents along with this BOI filing, so its more than just sending info along with the tax return.

Beneficial Ownership Information Reports

• When filing BOI reports with FinCEN, the rule requires a reporting company to identify itself and report four pieces of information about each of its beneficial owners: name, birthdate, address, and a unique identifying number and issuing jurisdiction from an acceptable identification document (and the image of such document). Additionally, the rule requires that reporting companies created after January 1, 2024, provide the four pieces of information and document image for company applicants.

[PATAX]

Thanks Lisa. You are right about uploading drivers license. But they could just ask for the information and then verify it with the applicable state. But it is easier for them to have others upload drivers license.

[Just-Lisa-Now-]

I dont really have an easy way to upload a driver license for people at the office, yea I can use my own IPhone for this kinda thing when its for me, but Im just not comfortable doing this for other people and they probably shouldn't be comfortable with me taking pics of their license with my phone, so Im not planning on offering this service for my clients...its a one time reporting, I think they can handle this on their own.

[PATAX]

@Just-Lisa-Now- Lisa I thought you can do that by putting the license down on copier and making a scan of it. Can you do that? I don't have an iPhone, I have a Samsung Android. You mean to tell me I'm going to have to get an iPhone?

[IRonMaN]

How old of a Samsung do you have if it doesn't have a camera?  Does it look something like this?

[PATAX]

@IRonMaN it's only a few years old Iron Man. It has a camera and I use it all the time. Am I going to be able to take a picture of the driver's license and then send them that picture? I'm not sure if that'll be clear enough for them. Or do you put it on copier and make scan of it and then send them the scan?

[IRonMaN]

Taking a pic of the license should work for that purpose.

[PATAX]

Thanks Iron Man. I think we are going to end up having to do this. First of all the clients and many attorneys do not even know about it, and they probably don't want to do it. The massive potential penalties are a huge problem. I'm sure there are many accountants out there that don't even know about this also. It looks like some of the Insurance liability carriers may or may not cover this. If we do not do this, then some of the clients may find another CPA to do it. We really are in a situation. If I do end up doing this for existing clients only, then I'm going to make sure they sign a rock solid engagement letter that clearly specifies that they alone are responsible for any penalties. And also I am not going to do it for free, I can tell you that. If by chance I accept a new client then I'm going to tell them to have the attorney take care of that when they file the initial paperwork with the Department of State. But everything may change, as we are in a wait and see mode.

[IRonMaN]

For existing businesses, there is a lot of time to get it done timely, so I am not losing any sleep over it.  But even the rocket scientists behind this have to realize, if the average business isn't aware that this exists, how many businesses do they really think are going to comply?

[dkh]

---

@PATAX wrote:

Thanks Iron Man. I think we are going to end up having to do this. First of all the clients and many attorneys do not even know about it, and they probably don't want to do it. .......

---

Attorneys do know about this.    I sent an email to the attorney that handled 95% of the LLC/Corporations that I work with, to see if she would be doing the BOI reporting.   She is sending a letter out in January to all the clients for whom they setup LLC/Corporations regarding the BOI/FinCEN reporting. 

95% of a problem solved - for me anyhow.

[PATAX]

@dkh yeah you're right, some know about it and some do not know about it. I contacted an attorney who has handled matters for clients and she was not aware of it, and she is very knowledgeable. She said she would look into boi matter, but I don't think she's interested in doing the Boi. Another long time local attorney died recently and he handled matters for older clients. I don't think anyone took over his practice but I'm not sure. Also many accountants do not know about this. I contacted a colleague, who prepares more returns locally than the big tax chain, and he was not aware of it. Iron Man Is Right, many people do not know about this, so I think they should scrap this or delay it into the year 2535. I think that's reasonable, what about you?

[dkh]

@PATAX    I guess that attorney and colleague did not take any continuing education classes this year.

This BOI will be like the 1099-K.....delayed until the next year...then delayed until the next year...then hopefully dropped all together.

[IRonMaN]

I have dead attorneys, retired attorneys, attorneys that are miles away, and clients that played attorney to setup their own LLCs so I don't have the luxury of one call covering 95% of my clients.  But like I said, there is plenty of time so I am not going to lose any sleep over it.  If a few of my clients go to prison over not filing a stupid form, then future tax season workloads just got a little lighter. 😀

[PATAX]

@IRonMaN @dkh I think I read somewhere, that those massive penalties apply if someone "willfully" failed to file. "Willfully" is the key word, whatever their interpretation of that word is. But because they have these massive penalties, I think that this is actually a hindrance because insurance companies may not want to ensure CPAs, tax preparers, and attorneys, that may be subject to a $500 a day penalty. Why didn't they just make the penalty $5 million dollars a day?

[Just-Lisa-Now-]

---

@PATAX wrote:

@Just-Lisa-Now- Lisa I thought you can do that by putting the license down on copier and making a scan of it. Can you do that? I don't have an iPhone, I have a Samsung Android. You mean to tell me I'm going to have to get an iPhone?

---

I dont have a color copier or a flatbed scanner and I dont think they'll take a black and white copy of a license, the only camera I have at the office is my Iphone, so I think Im outta luck.