Ask TaxMama Issue 602 – It Feels like Summer

  Dear Family, 

The first bit of news this morning was that Jack Kevorkian has died. What a bold, amazing man he was, campaigning for the right to assisted suicide. Of course, none of the obituaries I’ve seen answer the question that’s on everyone’s mind. Did Jack get an assist? 

It’s been a busy week around here. Didn’t we lose a day this week? Ah, that’s why it seemed to go so quickly!  Naturally, I am still at least two weeks behind on my commitments. But, hey, isn’t that what they say? Get a busy woman to do it! 

Of course, that means I’ve accepted more teaching commitments, requiring lots more in-depth research so the class material is both accurate and entertaining. It actually helps to understand what you teach. That doesn’t always happen. In fact, last night, someone actually explained a term to me that has meant, essentially nothing but gibberish to me until now. (They were just words to memorize.) Neato!  

IRS has been busy releasing lots new information related to regulating tax professionals. We’re still in the dark about the training and educating of this new cadre of registered tax return professionals (RTRP). But they will be releasing more information sometime this year. I’ve been including notes about this all week, in the daily TaxQuips e-mailed newsletter. No need to bore you further here. I’ll give you solid news when we get it. 

Meanwhile, today’s IRS News includes signs of an improving economy – or are the signs premature? You decide! IRS is accepting applications from folks who want to operate low-income tax clinics to help people with tax problems. (Toni, are you paying attention?) There’s information about how to protect your records before the next disaster comes along. Since we’re all living in areas where things happen, this is good information.  (West-earthquakes; South and East – hurricanes, tornadoes and floods; North – besides intense cold, what DO you get in the north???) 

Today’s Money Funnies is all about how some things never change. This how real people feel, even at the pinnacle of success. 

A Week of TaxMama’s TaxQuips

We start the week with Michelle who wants to roll over her thrift account to a Roth IRA and wants to know the tax consequences. Karaya has filed an Injured Spouse claim and IRS sent it back to her. What did she do wrong? We end the week with Alyx who wants to take an exotic cruise with her husband – and write it off as a board meeting for their S Corporation. Can she get away with that? TaxMama knows all and explains all! 

Lower taxes, achieved ethically = higher profits and increased joy

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. Here is a glowing review from a reader named Candace.

Eva,

Thank you for a wonderful book “Small Business Taxes Made Easy”. I read it in one sitting and as dry as accounting and taxes can be just by virtue of your humor and the information I learned with your easy style of writing I didn’t have any problems understanding.

This week’s question for you – Can you hire your children? Or is it a red flag?

Read Chapter 9 of Small Business Taxes Made Easy for more details.

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.

Last night, we learned all about Itemized Deductions, tricks you can use to protect your clients in case of audit, and ways to avoid address AMT issues.

 Tomorrow, we’re going to learn secrets about how to pass the EA Exam and to how to answer questions, when you simply don’t have a clue! There’s still time to join us.

 There is still time to sign up for TaxMama’s EA Exam Review Course  

There is a Family Member discount of 10%.

 IRS Practice Series Continues

 The next session addresses the mysteries of IRS Penalties – Computing Or Recalculating IRS Assessments For Interest And Penalties

Join us on June 7th

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. 

TaxMama Interviews

Adrienne Mitchell – MarketWatch radio
Nasty Surprise Awaits 401k Borrowers

Paul Petillo, in the Business Insider
Your Retirement Lifetime: Longevity and Investing
http://www.businessinsider.com/your-retirement-lifetime-longevity-and-investing-2011-6

Radio with Jim Blasingame, the Small Business Advocate

  • How is an enrolled agent different from a CPA? What is the roll of an enrolled agent? Eva Rosenberg joins Jim Blasingame to define “enrolled agent” and reveal how they serve clients with tax and financial services.
  • The career of an enrolled agent (EA) How can you make a career of being an enrolled agent? Eva Rosenberg joins Jim Blasingame to discuss how to become a professional enrolled agent (EA), what an EA does for his or her clients, plus the earnings potential of an EA.
  • Two tax deductions to not overlook What are some tax deductions and credits you can still get? Eva Rosenberg joins Jim Blasingame to report on the health care tax credit and the SEP IRA that you can still fund and deduct through the extension period.

TaxMama Writing:

AccountingWeb.com blog – June is Strut Your Stuff Month
http://www.accountingweb.com/blogs/taxmama/talk-taxmama/june-strut-your-stuff-monthThis week’s Equifax article is  –  Writing off the Family Vacation
http://tax.equifax.com/2011/06/writing-off-family-vacation.htmlThis week’s Suze Orman article will be about Natural Victims – Seniors are Targets of Scam Artists
http://www.moneymindedmoms.com/articles/You can find daily TaxQuips into YouTube videos
http://www.youtube.com/taxmama1#p/u

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-602               

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Eva Rosenberg, EA

Your TaxMama®

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Your TaxMama®  is watching…out for you. 

www.TaxMama.com

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TAX CALENDAR

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

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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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