Category Archives: *AskTaxMama Newsletter

AskTaxMama

Proposed Tax Legislation

TaxMama® wants to bring some pending and potential tax legislation to your attention, today. Dear Family, On June 14th, I told you about the Taxpayer First Act that was waiting to be signed by the President. He signed that bill into law on July 1st. But there is still a lot that needs to be […]

TaxMama’s Tax Roundtables 2019 and 2018 archives

TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. This is open mic time – ask anything you want and we’ll all do our best to help you. Please mark your calendars! It meets at 8:05 am […]

Taxpayer First Act

As you all know, we have been waiting for two pieces of tax legislation from Congress this year:

a) An extender act to reinstate some of the tax provisions that expired at the end of 2017 (mortgage insurance deduction, tuition and fees deduction, etc.)
b) A law giving the IRS specific authority to require paid tax preparers to actually know something about the tax laws and procedures. (Did you know that 46 states and the District of Columbia have absolutely no licensing or knowledge requirements for paid tax preparers?)

Well, this Bill provides neither of those eagerly-awaited bits of legislation.  So what does the Taxpayer First Act do for you?

Your Opinion on the New, Proposed W-4 for 2020

The IRS just released a draft of the Form W-4 that they a proposing to use for 2020. They came up with this after meeting with a national trade group of payroll tax processors – the folks who prepare the vast majority of payrolls and payroll tax returns in the country. Please open this file […]

TaxMama’s TaxQuips Americans Overseas

Lately, TaxMama® has been getting questions from tax professionals about clients who have moved out of the U.S. and have not filed tax returns. Those folks are now in deep trouble. Dear Family, If you have American family,  friends or associates living or working outside the United States, please check with them immediately.  Make sure […]

TaxMama’s TaxQuips Report from the IRS Meeting

  Photo by jaingolfsland  Last week, TaxMama® visited the IRS, at our Practitioner Stakeholder Liaison meeting. Here is a brief summary of our six-hour session. Dear Family, Believe it or not, one of my favorite activities is spending time with the IRS. Over the years, the terrifying auditors and collections officers become real people I […]

Small Business Week

  TaxMama® welcomes you to Small Business Week! The IRS has been sending out all kinds of helpful information. (You know – I’m from the IRS and I’m here to help you!) Dear Family, It is, indeed, Small Business Week. And since many of you own your business, or run a business or profitable hobby […]

Correcting and Avoiding Errors

TaxMama® is hearing from readers or friends about things they left off their tax returns, or errors they made in the course of filing…perhaps a little too soon. Dear Family, TaxMama®  is a big proponent of the “slow-down” philosophy. Use the extension. Take the time to review the tax return and the information in it […]

5 Tips about Medicare

While working on a client’s tax return last month, I noticed that he was over 65. Still an active executive of a Fortune 100 company, his human resources department had informed him that he doesn’t need to file for Medicare, since he has full insurance coverage.  Opps! That’s bad advice.

Tax Day 2019 Last Minute Tips

Today is a day of deadlines – important ones. So please pay attention!
Myth-busting–Filing an extension does not increase your audit risk.

Everything You Want to Know About the EA Exam 2019-2020

The REPLAY of the April  2019-2020 webinar is HERE! There are still terrific discounts to be had – grab them now! Early-Bird discount ends on April 7th. Hurry. Becoming a knowledgeable tax professional isn’t easy. It takes a lot of dedication, math skills, and the flexibility to keep up with the myriad of tax law […]

LLC Option Myths

Let’s just clear up some myths about LLCs and the rush to make entity changes. Here are the high points: