Form 8275

F8275 is a disclosure of position statement. Need help? Call for Nick at 813-309-0504 or email at cpapennewell@verizon.net

IRS interest rate for people on extension

The IRS interest rate for people on extension is 4.5%.

Who is exempt from filing a BOI return?

Industries that are heavily regulated such as banks, insurance companies, CPA firms and other firms that often report to the IRS are exempt from filing the BOI report.

1099-Misc, Box 6

Box 6 on form 1009 Misc is reportable, but not a taxable item.

Get a Fincen ID #

Go to this website: https://fincenid.fincen.gov and follow the steps to get an ID number.

FASB Conceptual Framework

It’s funny how these things work out. A few days ago, I was at Disney's Four Seasons Resort for Western CPE's Orlando conference, speaking about the exposure draft for the final chapter of the FASB's Conceptual Framework. At the time, I indicated it was still an exposure draft but that I expected a final issuance any day now. Low and behold, when I checked my emails later, the announcement from the FASB was in my inbox. For several years, the FASB has been working on a complete conceptual framework to serve as a basis for any and all future GAAP standards issued by the FASB. While the information is non-authoritative and does not change any current GAAP, it can be used by the FASB in developing new standards, as well as practitioners in exercising professional judgment when guidance does not exist. The latest chapter — Chapter 6 of Concept 8 — addresses one of the fundamentals of any financial framework: measurement. It provides a discussion on the two measurement systems which the board feels are both relevant and provide a faithful representation. Those two methods are the entry and exit price systems. The entry price is the amount an entity pays to acquire an asset or receives to assume a liability, while an exit price is the amount received to sell an asset or paid to settle a liability. Both methods should be considered when making a determination on the proper accounting treatment. The concept also provides plenty of guidance on the selection of a measurement system. I will be explaining this in more detail in upcoming presentations this year, as well as other aspects of the new and complete framework.

Energy Tax Credit Scam

IRS has urged all tax payers to be aware of a scam involving energy tax credits.

File a 1040 when your non resident spouse has no ss#

How to file taxes without spouse SSN? When a taxpayer's filing status is Married Filing Separately and the taxpayer does not know the spouse's SSN or ITIN, enter 000-00-0000 as the spouse's SSN to allow the program to calculate the return. Note that when all zeros are used for the spouse's SSN, the return must be printed and mailed. Nov 13, 2023