Ask TaxMama Issue 599 Happy Friday the 13th

Dear Family, 

Happy Friday the 13th! My birds and bees seem especially frisky today, going after the nectar in the blooming honeysuckle and lavender. I hope the weather in your area is getting better.

 Naturally, in honor of Friday the 13th, the mailing software is hinky. We’ll just let it rest – and work without it this morning. I hope your day is uneventful and without unpleasant surprises.

 Yesterday’s TaxMama’s Tax Roundtable was a lot of fun. You can replay it here…at least for now. By next week, this link won’t work. We will have moved it to our servers and only TaxMama Family members and EA Students will have access.

Here’s news that’s calculate to amuse – A bipartisan group of House lawmakers introduced legislation allowing U.S. multinationals to bring overseas profits home temporarily at a reduced tax rate. A prominent Democratic critic of the idea promptly denounced the plan, saying it would be too costly to the government’s finances. Can you believe this turned into a verbal brawl?

What is it this economy really needs? Why is it so hard for those governing us to understand something so simple?

  • People need to have jobs. The people who still do have jobs – need to stop eroding their earnings due to slashed hours, furloughs and paycuts. (None of that appears in the optimistic unemployment stats.)
  • We need to stop losing our homes. Did you know that 1 out of every 593 homes received a foreclosure notice in April 2011?

We do not need to increase the tax-free profits of mutli-nationals. “Lawmakers hope that firms would use the money to invest in their companies, pay down corporate debt and create jobs.” Instead of HOPING they increase jobs – how about tying the tax break specifically to the NEW jobs they create? I don’t think any of us would object to that. Do you?

Incidentally, there is a proposal for CyberSecurity on the table. I’d love to see something solid happen in that arena. Wouldn’t you?

Small Business Taxes Made Easy

The new, award-winning Small Business Taxes Made Easy is getting lots of attention.  Andrew collected some of the reviews and awards generated by this book. What a nice thing to do!

Today’s question for you – do YOU have the licenses you’re supposed to have?
Read Chapter 1 of Small Business Taxes Made Easy for more details.

TaxMama’s EA Exam Review Class

 Jim just sent this note – I cannot thank you enough for your priceless help in passing the EA exam. I could have never done it without you. Last Thursday night, I received my certificate.

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 more shipping books and software on Monday.

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

IRS Practice Series Continues 

Next week’s session address the often overlooked question of –

After the Successful Audit or Collections resolution – what do you next?

Join us on Thursday, May 19th.

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 599

 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

At the AccountingWeb.com blog, TaxMama marvels that IRS let one tax pro steal $12.1 million.

This week’s Equifax article is all about Temporary Work for Fun, Profit, and Retirement

In IRS News, IRS invites you to comment on Certain Employer Provisions of the Affordable Care Act. Sign up for the two IRS no-charge CPE Courses Coming up. Also, IRS Commissioner Doug Shulman has asked the Legislature to ease up on the filing deadlines for Innocent Spouses.

 In Money Funnies ,  we get a little pleasure from spam – and get to laugh at it. 

This week’s TaxQuips  we helped Steve deal with the Trust Fund Penalty in all its gory. Jose sent his tax return to wrong address – and wanted to know the consequences – and how to fix them. Mike wants to roll the CDs in IRA directly into a Roth – without paying any taxes? Hmmm, will that work? Gayle has been helping a friend out with her new business. Will Gayle get stuck with taxes for being a good friend? 

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-599           

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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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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

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