Ask TaxMama Issue 559 – Happy 4th Weekend

Dear Family,

Well, it was inevitable. Congress extended the Homebuyers Credit until September 30th. This is not for new sales, mind you – just to give folks time to finish processing their loans and to get the final paperwork done. Yay!

Other legislation is close, but not quite there yet. We do expect to see some things finalized today and put on President Obama’s desk. According to Wolters Kluwer Law & Business Principal Federal Securities Law Analyst Jim Hamilton, JD, LLM, the overhaul of the U.S. financial regulatory system is based on the themes of regulating systemic risk, enhancing transparency and disclosure, a shareholder advisory vote on executive compensation, expanding consumer and investor protection and preventing regulatory arbitrage.

We’re waiting! Will our Legislature get their act together to give us some consumer protections? Before the Independence Day holiday?

Well, it was a nice, easy-going week. I got to kick back and relax a bit. And finally turned the 2010 edition of Small Business Taxes Made Easy over to my editor at McGraw-Hill. You’re going to like the new version. It’s the kind of book you can use forever, filled with good business sense, and broad, general tax advice. It is not tied to any specific year, or specific tax laws. Let’s face it, tax planning always has certain common features, regardless of the specific tax laws. This is going to become your Small Business Bible, in fact. We are setting up a new site to provide checklists and worksheets to go with the book. (It’s not there yet…but it will be!)

EA Class News

The class is on hiatus this week. We finished studying Part 1 last Saturday. Students used this week wisely – to take the Part 1 exam. Lots and lots of people reported, joyfully, that they passed. I had one long, sad conversation with one person who told me – she had done EVERYTHING I told her NOT to do. (After all, who ever listens to your Mom, right?) And exactly what I predicted would happen, happened. She missed passing Part 1 by ONE point. Listen to me. Your TaxMama knows!

Class resumes with all the business entity sessions after the 4th of July weekend. We start on Tuesday with  an overview of business entities. Join us – we have a new Summer Special price www.irsexams.com/registration

I should not tell you this but… we are ONE person short of meeting my registration target for the whole year. WOW! What a year.

To help me meet that goal? The NEXT person who registers will get a Free Family Membership, a $200 gift certificate for TaxMama CPE for after you become an EA, and 5 of the new Small Business Taxes Made Easy books, autographed, to give to your clients.

Upcoming Events

July 14, 2010 at 10:00 am – NOON pacific time
TaxMama’s In Depth Tax Web Workshop for Writers, Journalists and Bloggers
Learn how to avoid being audited, how to avoid being considered a hobby,
even how to increase your income as a writer.
http://taxmama.wpengine.com/business/web-workshop-for-writers/
(Note: I might reschedule this, since IRS has a Phone Forum at the same time)
July 14, 2010  at various times.
IRS Phone Forum about Campus Correspondence Audit Process and Resolution
http://www.irs.gov/businesses/small/article/0,,id=158856,00.html#2
Learn about Tax Return Selection, Correspondence Examination’s Role,
The Campus Notice Process, Responding to Campus’ Notices,
Tax Professional’s Concerns
July 15, 2010 at 8:00 am – 9:00 am PT
The next Tax Roundtable is next month. Will you be joining us?
At the last meeting –  IRA to Roth conversions, the new Registered Tax Preparer program, S corporations, pending legislation…join us at the next TaxMama’s Tax Round Table discussion on
http://taxmama.wpengine.com/category/tax-roundtables/

Upcoming on CPE LINK – with CPE for CPAs, EAs, and more
http://taxmama.wpengine.com/earn-cpe-without-leaving-the-office/

July 28 at 1:00pm PT
Homebuyers Credits for Tax Professionals
The specific laws related to your clients.
How to get it rigth the first time. What to watch out for.
And how to overcome IRS Rejections.

September 1 at 12:00pm PT
Doing Tax Research Online for Free
Identify reliable sources of tax information,
how to use them and understand them.
Other TaxMama News:

At Equifax this week, you learn how to write off your child’s summer camp (or can you?). Ilyce Glink tells you how to keep your home if you’re suddenly unemployed. Dan Solin tells you The Good, The Bad and the Ugly when it comes to annuities. Linda Rey gives you the FAQs about disability insurance – Read this! TaxMama advises that you make sure you get coverage if you’re self-employed. The Equifax experts help you understand how debt reduction helps improve your credit score.
http://www.equifax.com/blog/tax/en_ff
This week’s AccountingWeb.com I was on vacation so I didn’t keep up with my blogs. Is there anything you’d like to see discussed on my AccountingWeb blog?
http://www.accountingweb.com/blogs/accountingweb/talk-taxmama
In Money Funnies this week, we get to learn just what it is that men, like my husband, spend all their money on – out in that mysterious world of ….(drumroll here…) The Garaaaaaaage!
http://taxmama.wpengine.com/category/asktaxmama/money-funnies/

In IRS News, you have an opportunityt to give IRS some useful information about how to address their increased need for more detailed 1099-MISC, being sent to more people. Stop griping to me. Tell IRS!
http://taxmama.wpengine.com/category/asktaxmama/irs-news/
In TaxQuips this week Janet has this great idea. She wants to sign up her grandson’s for cash-back shopping programs that contribute towards their college education. What are the tax consequences? Christie can’t understand what IRS wants. They are auditing her mortgage interest deduction. She already gave them the logical information. What ELSE does IRS need? Ron was given the bad news that he would be laid off this summer, so he sold his new home after only living there for a year. Does he lose his $250,000 personal residence exclusion? Does TaxMama know a way around this? William has a Ham Radio Club that generates too little money to need a formal non-profit organization. Do they still need to file the IRS’s new postcard report – the Form 990-N?
http://taxmama.wpengine.com/category/tax-quips/
Do you know which of your employees qualify for the HIRE act? Or about the extenders bill in the House that will change the way your S Corporation operates? Or about the electronic filing mandate for all tax professionals? You would know all this and more – if you read the TaxQueries Blogs!
http://blog.taxqueries.com/
http://blog.taxqueries.com/2010/

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-559

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It helps attract the opposite sex!
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Hugs from your favorite TaxNerd,
http://www.zazzle.com/taxmama*

Eva Rosenberg, EA

Your TaxMama®  is watching…out for you.

www.TaxMama.com
www.homebusinesstaxcuts.com
www.TaxMama.com/TaxQuips
www.IRSExams.com
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2 thoughts on “Ask TaxMama Issue 559 – Happy 4th Weekend

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