CTA

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bjt...@aol.com

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May 24, 2024, 1:35:23 PMMay 24
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I would like to know what other preparers are doing about the CTA requirement.  I have about  75  business's this will apply to (not counting sole proprietors) .
 
1.  are you just letting clients know it is required and they should file? But leave to them or their attorney to file?
 
2.  Are you filing for them?
 
3.  is there a price range you are charging if you are filing for them?
 
4.  What is an Enrolled Agent's Requirement.
 
5.  I have one corporation started 1/1/24.  He is already late filing
  
 
Thanks Barbara
 
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a  thorough, in-depth analysis of  specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.  This communication is privileged and confidential.  If you have received this communication in error, please contact me at the above e-mail address.
 

Alma

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May 24, 2024, 2:05:13 PMMay 24
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Are you referring to the new Beneficial Owner Information Reporting BOIR?

All that I have read says only attorneys and some CPAs can file these. My EO insurance specifically says they will not cover it as they say it is under the area of legal work.

My clients have either done it their self or had Legal Zoom do it.

I am not willing to take on the liability. Even though it is really simple. It is the timeliness of any changes that can lead to trouble.

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Lee Reams

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May 25, 2024, 2:02:02 AMMay 25
to 'Wayne Shellner' via ClientWhysConnect
Barbara,  I agree with Alma.  If you assist a client, your E&O insurance will probably not cover you.  So you need to consider your potential  liability if you actually assist a client by entering the BO information. For the new Corporation your client should file as soon as possible.  Currently some in Congress believe this is an over reach and are trying to kill it. Chapter 3.37 in the BB includes significant detail related to the reporting requirements. I have also attached a blog article I wrote related to the reporting requirements if you would the to use it as it is or modify it into a letter format from you that you can sent to your clients.

Lee
337-Don’t Overlook Business Beneficial Ownership Reporting-Blog-03XX24.docx
PastedGraphic-2.tiff

bjt...@aol.com

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May 28, 2024, 7:21:01 PMMay 28
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I have check with my E & O an until their under writers approve it is not covered.  Thanks Lee.  I read and printed part of your 3.37 chapter.  
Barbara
 
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a  thorough, in-depth analysis of  specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.  This communication is privileged and confidential.  If you have received this communication in error, please contact me at the above e-mail address.
 
In a message dated 5/24/2024 11:02:05 PM Pacific Daylight Time, lee....@clientwhys.com writes:
 
Barbara,  I agree with Alma.  If you assist a client, your E&O insurance will probably not cover you.  So you need to consider your potential  liability if you actually assist a client by entering the BO information. For the new Corporation your client should file as soon as possible.  Currently some in Congress believe this is an over reach and are trying to kill it. Chapter 3.37 in the BB includes significant detail related to the reporting requirements. I have also attached a blog article I wrote related to the reporting requirements if you would the to use it as it is or modify it into a letter format from you that you can sent to your clients.
 
Lee

 

 

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Vina Magana

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Jul 23, 2024, 4:39:59 PM (4 days ago) Jul 23
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Hello Lee,

Is there a template/letter that has been created to be shared with clients informing them of the upcoming requirements? I would like to provide and add to my clients a letter emphasizing that I will not be preparing this on their behalf.

Best Regards,


Vina Magaña

Tax Accountant


4740 Green River Rd #304
Corona CA 92878
951-278-1972 Telephone
951-848-9272 Fax

IRS CIRCULAR 230 DISCLOSURE: To ensure compliance with the requirements imposed by the IRS in Circular 230,

I inform you that, unless I state otherwise in this communication and any attachments, any tax advice contained in this
communication is not intended or written to be used, and cannot be used, for the purpose of (I) avoiding tax-related
penalties under the Internal Revenue Code, or (II) promoting, marketing or recommending to another party any
transaction or other matter addressed herein.

*All tax related answers are subject to change.





On Fri, May 24, 2024 at 11:02 PM Lee Reams <lee....@clientwhys.com> wrote:
Barbara,  I agree with Alma.  If you assist a client, your E&O insurance will probably not cover you.  So you need to consider your potential  liability if you actually assist a client by entering the BO information. For the new Corporation your client should file as soon as possible.  Currently some in Congress believe this is an over reach and are trying to kill it. Chapter 3.37 in the BB includes significant detail related to the reporting requirements. I have also attached a blog article I wrote related to the reporting requirements if you would the to use it as it is or modify it into a letter format from you that you can sent to your clients.

Lee

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On May 24, 2024, at 10:35 AM, bjtaxx via ClientWhysConnect <clientwh...@googlegroups.com> wrote:

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Lee Reams Sr., BSME, EA
Chief Content Officer
CountingWorks Pro | CountingWorks | TaxBuzz | TaxCPE
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Lee Reams

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Jul 23, 2024, 5:37:53 PM (4 days ago) Jul 23
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No we don’t, but I asked our AI-CoPilot to write one with the following results.  Feel, free to modify it in way you like.  

No BOI Services Letter.docx
PastedGraphic-2.tiff

Anne Sadler

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Jul 23, 2024, 7:05:34 PM (4 days ago) Jul 23
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Hi Lee

How do I get my hands on the AI assistant?

Sent from Anne's phone 

On Jul 23, 2024, at 17:37, Lee Reams <lee....@clientwhys.com> wrote:

No we don’t, but I asked our AI-CoPilot to write one with the following results.  Feel, free to modify it in way you like.  

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<No BOI Services Letter.docx>



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Lee Reams Sr., BSME, EA
Chief Content Officer
CountingWorks Pro | CountingWorks | TaxBuzz | TaxCPE
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w:www.countingworkspro.com/  e: lee....@countingworks.com
      
 
See how CountingWorks can grow your practice.

 






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Lee Reams

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Jul 23, 2024, 8:22:57 PM (4 days ago) Jul 23
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Anne,

Call Able at 800-442-2477 Ext 4 and he can help you.  Before you call him you might take a look at the pricing at https://www.taxbuzz.com/pricing.  I will alert him you will be calling.

Lee   




Anne Sadler

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Jul 23, 2024, 9:59:19 PM (3 days ago) Jul 23
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Thank you 

Sent from Anne's phone 

On Jul 23, 2024, at 20:22, Lee Reams <lee....@clientwhys.com> wrote:

Anne,

Anne Sadler

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Jul 24, 2024, 6:40:58 PM (3 days ago) Jul 24
to 'Anne Sadler' via ClientWhysConnect
Hi Lee,
 I called and did not get to speak to Able. I am going to give the free version a go for a bit and see how it works. If you don't mind, I would like to give you an update in a month or so.

-Anne

Best regards, 
 
Anne Sadler
Enrolled Agent # 78867
Sadler Taxes, Inc 
707-486-1715 cell phone
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