Ask TaxMama Issue 598 Happy Mothers Day weekend

Dear Family,

Happy Mothers Day weekend. Rather than going to crowded, noisy, over-priced places with bad service on Sunday, consider having everyone go to Mom’s and bring the food and dishes. She won’t have to cook or clean up – and you’ll all have a better time. 

 Good news for taxpayers like you, and all tax professionals. IRS has finally announced that they have awarded the contract to for the new exam to be administered to ALL tax professionals (except those who already have professional licenses, like EAs, CPAs, and attorneys).  The vendor is Prometric, the same folks who handle the EA exam and the CPA exam. 

Why is that good news for you as a taxpayer? Several reasons.

 1)     Only two (perhaps, now, 4) states have had any sort of licensing or regulations for tax preparers. Outside of California or Oregon, you had no way of knowing if someone who claimed to be a tax professional really had any level of competency whatsoever. In fact, most of those who advertised aggressively and visibly during tax season probably had little or no training at all.

2)     The new rules require all paid tax professionals to register with IRS – and to pass a competency exam. That exam will become available sometime this year. So by next tax season, you’ll be able to feel a bit more confident if you start working with a stranger.

3)     As a result of this new system, IRS is better able to weed out the criminals in the system. And to keep them out.

4)     Once the system is all up and running smoothly (perhaps by next year), IRS will have an online master database where you will be able to look up any paid tax professional and make sure their license is in good order – or learn if they have been suspended, disbarred, or are under investigation.

5)     And while it is designed to protect you…we tax professionals are just as happy to have the crooks out of the system, too. They make us look bad – and lure away clients with their lies.

So, hip, hip, hooray….we are on our way!!!!!!!!!

Small Business Taxes Made Easy

The new, award-winning Small Business Taxes Made Easy is getting lots of attention.  Read Stephanie Watson’s review on Amazon.com. Stephanie says “she has so much good information that you can’t go wrong making Tax Mama your first stop for all your tax questions.”

TaxMama’s EA Exam Review Class 

Do you want to know more about the IRS Special Enrollment Examination? Please replay Everything you Ever Wanted to Know about the EA Exam.

 There is still time to sign up for TaxMama’s EA Exam Review Course.  The class starts on May 17th. We are shipping books and software next week.

 The only discount left is the discount for Family Members of 10%.

 EA renewal forms information has been updated. Read this (from the form):

 Effective April 19, 2011 the Enrollment fee is $30.00. Please disregard the Form Instructions, they are under revision and will be modified at a later date.

http://www.irs.gov/pub/irs-pdf/f23.pdf

IRS Practice Series has Started

 The first session, on May 5 was about Circular 230 Considerations and Requirements. A very interesting class, with lots of enthusiastic participants. A self-study version will be available soon.

 Remember to sign up for the whole IRS Practice Series. The 5 classes this summer will run from May through July. There’s a discount if you sign up for the whole series at once.

Incidentally, if there is anything else you’d like to learn more about, please let me know. We’ll develop the classes for you.

Ask TaxMama Issue

 You will find the highlights of this week’s articles, below, along with this week’s features – IRS News, Money Funnies, and more.

 Remember, we will be using Twitter more and more often, to get quick notes and updates out to you – www.twitter.com/taxmama . You don’t need to subscribe to Twitter if you’re on Facebook. Just friend me there. The posts will appear there, as well.

In today’s issue of Ask TaxMama

In IRS News, IRS tells you about the new registered tax preparer program and how it will benefit you. 

In Money Funnies ,  we learn more about blondes.

 This week’s TaxQuips  we discussed certifying that you are a US resident,  when the taxes are due for folks who rolled their IRAs to Roths in 2010, how to help someone who didn’t take the required minimum distribution from his retirement accounts when he turned 70 ½, and how to straighten things out when an employer totally messed up the W-2 – generating thousands of dollars of extra taxes.

Note: You can view them all on YouTube, too at  Daily TaxQuips from TaxMama® – taxmama1’s channel.

A special tip about how to incorporate your own business (or your client’s) for fun and profit.

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-598          

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Your TaxMama®  is watching…out for you.

www.TaxMama.com

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www.TaxMama.com/TaxQuips

www.IRSExams.com 

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TAX CALENDAR

http://taxmama.wpengine.com/tax-calendar-2011/

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05/16/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

06/15/2011 Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment

06/15/2011 Corporations – 2nd Quarter Estimate Tax payment Due 

06/15/2011 Estates & Trusts 2nd Estimated Tax Payment

06/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

06/15/2011 US Taxpayers Overseas Individual Personal Returns due 

06/15/2011 US Taxpayers Overseas Claim Foreign Earned Income

06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

06/15/2011 US Individuals Overseas Personal Return Extensions due 

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From TaxMama® to You!

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Follow TaxMama®’s Tweets – http://twitter.com/TaxMama  

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.

http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

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New class starts on May 16th

– sign up now – and join the FUN!

http://irsexams.com/registration/

A flood of Tax Professionals are interested in

taking the EA Exam. We still have a few handy

dandy totes to hold all your books, notes and discs.

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Read the ebook –  Everything You Wanted to Know About the EA Exam

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