Ask TaxMama Issue 606 The Amazon Bill and You

  Dear Family, 

It’s been one heck of a week. Trying to dump this flu, and meet all my deadlines, and teach three classes, and stay awake. Through a sheer effort of will, I managed to survive. But let me tell you, sleep was just an eyeblink away. By Monday, I will finally have shaken this flu.

If you haven’t already gotten flu shots – do it NOW. I don’t ever remember having been brought down so low, for long. Ever. Usually, I can sleep it off in about 2-3 days. So, avoid this one if you can! 

In the tax world? The state of California finally passed a budget which seems to be balanced on the basis of charging sales tax to Amazon.com and similar online retailers. The provision is loosely called the Amazon Bill. This is a provision I, and the Performance Marketing Association have been fighting against for years. We knew what would happen. (See this YouTube Video). Well, I have been hearing from a lot of people, and reading about schools and other non-profits who have relied on affiliate income to fund their programs. Here’s how the Amazon Bill will most likely affect California’s coffers.

 In today’s Money Funnies & Inspiration, we share a SMILE! Please, pass it on. 

In IRS News, we have a fascinating report about a tax preparer who falsified his clients’ tax returns AFTER they signed their efile forms – and pocketed refunds. David and Mary Mellem, EAs, give us an interesting analysis from the office of IRS Counsel about how this fraud affects the taxpayers. 

A Week of TaxMama’s TaxQuips

Ironically, we end this week with a tax preparer who made errors on H A’s tax return – and help her deal with it. Then, Kandi’s friend wants to take money from his IRA to lend to her, but doesn’t have to pay all the taxes for drawing the money out, especially since he’s under age 59 ½. Kathy owes IRS a bunch of money and is asking about how to control her payments, to, perhaps stretch things out until the older debt is beyond the statute of limitations.

Left over from last week, Judy is trouble and needs a tax negotiator who won’t rip her off. Where does she turn? And last, MR needs a letter from his employer, the TSA, about his employee reimbursements for an IRS audit. His boss refuses to provide one. What can he do?

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.

            Sandra just read the book and said:

I am amazed at how simple, straightforward and easy to understand it is. I wish I had known about your book when I had my [tax] practice. I know it will help a great deal when I start teaching small business seminars for the IRS.

This week’s question for you – Do you have employees without realizing it?

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, TaxMama’s students learned all about Accounting 101. Just the basics, mind. One student said this was much more interesting than her college tax class.

Tomorrow, we’re going to learn about Exempt Organizations, Farming, Truckers, Internet Businesses, and more. All taught by Roger B. Adams, EA, live from Portugal!

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 is now over.

 

Practice Series: Representing Your Client at a 1040 Audit – Office or Field

IRS Practice Series: Curing the Addicted Tax Delinquent – A 12-step program  

Remember to sign up for the whole IRS Practice Series – Self-Study.

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 – Face-to-Face vs Electronic Meetings

This month’s MarketWatch article –Are your kids cheating on their taxes?

This week’s Equifax article is  –  Write Off Your Expenses: Dining Out on the IRS  

This week’s Suze Orman article is – Helplessness Can Be Overcome

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-606                 

TaxNerd gear makes a bold statement year-round.

It helps attract the opposite sex!

Shop at www.taxnerd.net  or http://www.zazzle.com/taxmama* 

Hugs from your favorite TaxNerd,

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Eva Rosenberg, EA

Your TaxMama®

www.TaxMama.com

Your TaxMama®  is watching…out for you.

www.TaxMama.com

www.TaxMama.com/TaxQuips

www.IRSExams.com 

www.TaxNerd.net

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TAX CALENDAR

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

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

07/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/01/2011 2nd Quarter Payroll Taxes Due

08/01/2011 Deposit FUTA tax if more than $500 was paid through June 30th

08/01/2011 Employer’s Deposit Federal Unemployment (FUTA) 

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500-EZ

08/01/2011 Employers File request for Extension filing Employee Benefits Plan Return

08/01/2011 2nd Quarter Federal Excise Tax Return & Payment Voucher

08/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/30/2011 Time for businesses to consider setting up retirement plans

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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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NOLO answers the question –

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(disclosure – TaxMama receives a commission)

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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 is in session

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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 Replay the session –

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