Ask TaxMama Issue 545- Health Care and More

Happy Passover and Easter

Dear Family,

The phones have been ringing all morning. Usually, Friday mornings I get to work quietly to prepare this for you early in the morning (at least here, on the West Coast). Last night and early this morning the wind blew away all the smog. This dawned gloriously in California with the sun gleaming, reflecting off walls. Squirrels and birds frolicking. Flowers are blooming – and wow – the lilacs are budding! Rick will be thrilled. He planted the tree for me and didn’t believe it would bloom in California. Hooray!

Well, in legislative news, we do have the long-awaited Health Care Bill. AND the reconciliations?! Wow…that was fast. Most provisions will take effect over several years.

President Obama signed the Health Care Bill this week. ABC News outlined a history of the Health Care Bill. They didn’t start it with Hilary Clinton and her efforts to design legislation when she was first lady. Ironically, she is part of the adminsration that finally brought it off.
http://abcnews.go.com/Politics/health-care-bills-key-moments/story?id=10206872

House Speaker Nancy Pelosi signed the Reconciliation Bill and was rewarded with a chocolate birthday cake and song for her 70th birthday. Doncha hate it when that happens!

This is a landmark event for his presidency. Whether you like this bill or not – it is of resounding importance. It will have as ubiquitous an impact on Americans as the Social Security Act has had on young and old. There will be consequences. You have heard about the concerns of hospitals and emergency rooms who have been treating inidgents and undocumented aliens, who will no longer have the funding to help them. You have heard about Americans being penalized if they don’t buy health insurance, once the requirements take effect. Somehow, all of this will get sorted out. Health care will not collapse in this country. Live will go on. Never fear.

The only thing I see that takes effect this year – 2010 through 2013, eligible employers may qualify for a tax credit for up to 35 percent of their contribution toward the employee’s health insurance premium. Everything else will affect future years. You will be reading about this for months to come.

There is so much information in this legislation. There is so much different impact to a variety of taxpayers – individuals and employers, that it will take a while to absorb. I will try to outline as much as possible next week, with a time line of what takes effect when and impacts whom.

The Parenting Summit ends today.
Jacqueline Green and 12+ speakers have been providing their top parenting tips for free since last week. If you missed it, there’s an audio replay to catch all the interviews.
http://www.1shoppingcart.com/app/?af=1151375 

If you missed it, listen to the replay of TaxMama and the H&R Block Tax Specialists
Tax Tips for Individuals
http://vur.me/taxmama/TaxRadio
Tax Tips for Bloggers, Writers and Journalists
http://vur.me/taxmama/Tax4Writers

I will be posting our show outlines in Special Reports later today. They will be open to everyone.
http://taxmama.wpengine.com/category/special-reports/

AccountingWeb.com – How the HIRE Act affects businesses – and some tips you need to know.
http://www.accountingweb.com/

This week TaxMama’s TaxWatch explains five ways the home-buyer tax credit might cause you problems.
http://www.marketwatch.com/Journalists/Eva_Rosenberg

CBS News in Albany explored the problems people are having getting their refunds.
http://www.cbs6albany.com/news/time-1272267-first-credit.html

In IRS News today you will learn the ten things the irs wants you to know about identity theft. You will also get the locations of the 180 IRS offices that will be open this Saturday. Isn’t that helpful? In fact, you’ll learn that IRS will be opening on a few more Saturdays over the next few months to help taxpayers in need. Nary a Sunday, though. Not an iota of extra help for Orthodox Jews or 7th Day Adventists.
http://taxmama.wpengine.com/category/asktaxmama/irs-news/

Incidentally, if you want to make a difference, IRS is seeking volunteers for the Taxpayer Advocacy Panel.  http://www.irs.gov/newsroom/article/0,,id=220433,00.html

MARCH SPECIAL – Tax Professionals interested in taking the EA Exam, I just want you to know that we’ll be giving the next 50 people who sign up this handy dandy tote to hold all your books, notes and discs.
 

In today’s Money Funny you learning about making it stiff.
http://taxmama.wpengine.com/category/asktaxmama/money-funnies/

In TaxQuips this week we learn about education credits and student loans, offices in boats, working in many states, music teachers teaching at home…sometimes.
http://taxmama.wpengine.com/category/tax-quips/

As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!

Please use the Comments link online.
http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-545/

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Eva Rosenberg, EA

Your TaxMama®  is watching…out for you.

www.TaxMama.com
www.snurl.com/homebiz-tax
www.TaxMama.com/TaxQuips
www.IRSExams.com
www.TaxNerd.net

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TAX CALENDAR
http://www.taxmama.com/taxcalendar.html
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03/31/2010 Electronic filing of W-3’s with Social Security Admin including issued W-2’s
03/31/2010 Electronic filing of US transmittal of US information Returns
04/15/2010 Last Day to set up and fund IRAs and Roth IRAs for previous year
04/15/2010 Individual Personal Returns due 
04/15/2010 Personal Returns due – Nonresident, US income, etc.
04/15/2010 Personal Returns due – Easy Form Return
04/15/2010 Personal Returns due – Not Itemizing Return Form
04/15/2010 Personal Return – Extensions due 
04/15/2010 US Gift and Generation-Skipping Transfer Tax Return
04/15/2010 US Gift and Generation-Skipping Transfer Tax Return Extension Due
04/15/2010 Partnership Returns due 
04/15/2010 Issue K-1’s with Partnership Returns
04/15/2010 Electing Large Partnership Returns due 
04/15/2010 Estate & Trusts Returns are due; Bankruptcy fillings use the same form
04/15/2010 Partnership, Estate & Trusts Returns – Extensions due 
04/15/2010 Individuals, Farmers & Fishermen Pay 1st Quarter Estimated Tax Payment
04/15/2010 Corporations – 1st Quarter Estimate Tax payment Due 
04/15/2010 Estates & Trusts 1st Estimated Tax Payment
04/15/2010 Employers Make Monthly Payroll tax deposit on the 15th of each month
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From TaxMama® to You!
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You are invited to put a TaxQuips Widget on your phone, social networking page, website, or… You’ll get the TaxQuips as soon as they published – long before they are distributed in by e-mail. It’s a nifty gadget. Just pick up the code and paste into your site or application.
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Download TaxMama’s 2010 iphone Tax Calendar. My gift to you.
http://snurl.com/taxcalendar

Never miss a tax deadline again!
The customizable tax calendar is here.
Add or Remove dates. Add your own reminders – get alerts.
http://snurl.com/itaxmamapro

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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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Take TaxMama®’s 2010 EA Exam Review Class
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4 thoughts on “Ask TaxMama Issue 545- Health Care and More

  1. Pingback: Ask TaxMama Issue 550 – May Day and Homebuyer Credit Deadline « Accountants Directory

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