Ask TaxMama Issue 613 President Obama Speaks

   Dear Family, 

During our class last night, a couple of major things went on in the world. A big chunk of Southern California and San Diego lost electricity. The nuclear power plant at San Onofre was shut down (safely). Meanwhile a student in Texas tells me she just managed to get back into her home last night after having been evacuated due to fires. 7 of her neighbors’ homes were destroyed. And President Obama spoke to Congress and the nation. (You can read the entire speech here.)  

This, in particular, caught my attention:

I am sending this Congress a plan that you should pass right away.  It’s called the American Jobs Act.  There should be nothing controversial about this piece of legislation.  Everything in here is the kind of proposal that’s been supported by both Democrats and Republicans — including many who sit here tonight.  And everything in this bill will be paid for.  Everything.  (Applause.)

Is there ever anything that isn’t made to be controversial in an election year? Even if it should not be?  

He said: 

Pass this jobs bill — pass this jobs bill, and starting tomorrow, small businesses will get a tax cut if they hire new workers or if they raise workers’ wages.  Pass this jobs bill, and all small business owners will also see their payroll taxes cut in half next year.

 I’ll tell you right now – if that passes, I will increase my staff’s salary immediately. Won’t you? Employees – if you want a raise, push this jobs bill, whatever else might be in it!

 Some other provisions Obama mentioned specifically include: 

  • $4,000 tax credit if they hire anyone who has spent more than six months looking for a job. 
  • The typical working family will get a $1,500 tax cut next year.

 That’s it. Nothing more specific than that. He does include the concept of training workers with needed skills. That is critical if America is to compete in world markets. It is also critical to guide students into the right skill sets by offering them scholarships in areas of study where we have a shortfall of educated staffing. 

Read the entire speech and tell me what else you think is interesting – or constructive ideas that you might suggest. 

 In IRS News today, IRS has released the new Form 706, Estate Tax Return, but doesn’t mention anything about extending any deadlines.  They have started an outreach program to help businesses with the health care credits and related responsibilities. And then they issues a special warning to employers using payroll services. Beware – you are responsible for making sure IRS gets your payroll tax deposits – even if they are stolen by your payroll company!

 In today’s Money Funnies & Inspiration, we visit with a couple attending a marriage seminar and wonder how long this particular marriage will last?

A Week of TaxMama’s TaxQuips

Tongue Twister    Today TaxMama hears from Nora in the TaxQuips Forum, who wants clarification. “Topic under Pub 17: Qualifying Relative (QR) -> Member of Household or Relationship Test -> Relatives who do not have to live with you.  Where it states that one of the QR’s who do not have to live with you are the “son […] Read the full article →

IRS Releases Specifications for Registered Tax Return Preparer Test

[Note: TaxMama has an 8-hour course designed to help you pass this exam if you feel you need one. However, I advise you to take the exam without paying for any course at all, first. Then, if you still have trouble – come to me! I am customizing key parts of the EA Exam Part 1 course, just […] Read the full article →

Advanced Placement (AP) Courses  Today TaxMama hears from Kevin in the TaxQuips Forum, with an interesting problem. “Many high school students are taking Advance Placement (AP) courses through an eligible educational institution as a means to earn college credits at an economical price. I was trying to find out if the costs of these courses are deductible as Tuition and […] Read the full article →

Vet Bills  Today TaxMama hears from Tina in the TaxQuips Forum, who’s in doubt. “I work for a non-profit animal shelter.  We have someone who rescues animals, has them treated at a vet and tries to get them adopted. If she is unable to adopt them out, she brings them to us for us to take […] Read the full article →  

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.      

This week’s question for you – What is nexus, and the whole Amazon.com issue?

Read Chapter 12 of Small Business Taxes Made Easy to understand the issues.

TaxMama’s Registered Tax Return Preparer Exam Review Class 

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TaxMama Interviews

The ABA Journal and US News and World Reports…well, those won’t appear for a few more weeks.

The Los Angeles Times in Liz Weston’s column – about renting out your home.

TaxMama Writing:

This week’s Equifax article is  – The Tax Effects of School Supplies and Courses

AccountingWeb.com Blog – watch for review of a new book, In For a Pounding by Donald Jay Korn. Another Anderson Crown mystery story http://www.amazon.com/Pounding-Anderson-Crown-ebook/dp/B005CSHNPK

MarketWatch is –  Do you know your taxpayer rights? Take this quiz

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TAX CALENDAR

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09/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

09/15/2011 Partnership Returns Due- FINAL DEADLINE

09/15/2011 Corporate Returns Due- FINAL DEADLINE

09/15/2011 S Corporate Returns Due- FINAL DEADLINE

09/15/2011 Estate & Trusts Returns – Final Deadline; Bankruptcy fillings use the same form

09/15/2011 Individuals, Farmers & Fishermen Pay 3rd Quarter Estimated Tax Payment

09/15/2011 Corporations – 3rd Quarter Estimate Tax payment Due 

09/15/2011 Estates & Trusts 3rd Estimated Tax Payment

09/15/2011 Deadline for Corporations and Partnerships to fund SEP-IRAs for previous year.

09/30/2011 Last day to establish SIMPLE plans for current year

09/30/2011 Time for businesses to consider setting up retirement plans

 

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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2 thoughts on “Ask TaxMama Issue 613 President Obama Speaks

  1. Ronald Hathcock says:

    Regarding the American Jobs Act — if it really exists as a bill typed, handwritten, or printed on paper that is being delivered to Congress, I’ll be stunned. Obama has talked endlessly about such things as his healthcare reform bill, made promises about what was or wasn’t in them, and yet never delivered a scrap of paper to Congress containing those bills. Nor were the bulk of those promises ever found to be in the legislation that Congress eventually voted on. And a lot of things he swore were not in the bills turned out to be there.

    I believe he is 100% political theater and delivers close to 0% on his promises.

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