Ask TaxMama Issue 646 – Happy Fathers Day Weekend

Dear Family,

Happy Fathers’ Day weekend! If you still have your dad, I envy you. Wish I had mine. Yes, I really was Daddy’s little girl. I thought he walked on water, could do no wrong, and all those silly myths little girls tend to believe. No matter what anyone else says, I’m sticking with my beliefs.

Let’s see, what’s a good present to give Dad on his special day? I mean, besides the remote control? I know – don’t argue with him, for a change. Even if he’s flat out wrong – just nod and smile. Let him have his way for one day. One thing that was always of prime importance to my father was – to be nice to our mother. Well, in one more week, we will be throwing her 90th birthday party. So, that’s pretty nice, isn’t it? When we first started to plan it, my Mom asked if she would have to pretend to be surprised. Sweet. What’s really special is, that after all these years, of helping and caring for all these people, she finally gets her turn to be the honoree at a Mothers and Fathers Day event of a non-profit organization that she has been involved with for about 50 years. But that’s next week.

Busy morning, so much to get done. Everyone keeps sending surveys – and sucker that I am, I respond to them. There was an especially interesting one from the IRS about what the Special Enrollment Examination (SEE or EA Exam) should cover. Naturally, I couldn’t pass that up!

If you’re an EA and signed up for IRS’s electronic newsletters, you should have gotten your own invitation. Please, do take the time to tell the IRS what you think EAs should know, from the perspective of your practice. Please, when you respond, don’t be abstract. Reply based on the nature of your own practice and experiences. Why? Because I think the test is too hard and covers much more complex issues than an EA deals with in the first 2-5 years on the job.

IRS News has some interesting things this week. First is a report from the Treasury Inspector General for Tax Administration about IRS’s collections activities. The IRS got top scores for not abusing or harassing taxpayers. Congratulations Mr. Shulman and staff.

Next, is the reminder file your paperwork for the expanded credit if you hired a veteran. You have until June 19th to get this done. Although I don’t have an article about these things, be aware of other filing deadlines – TODAY, to make your estimated tax payments (see the Tax Calendar), and June 30th for your FBAR reports to arrive at the US Treasury – not to be postmarked. ARRIVE.

Money Funnies this week plays with words. For all you Dads who tired of trying to help your children with their English spelling and explaining the rules that make absolutely no sense – we look at the EU’s attempts to Simplify English.

This week’s Equifax Blog topic is about all that Free Money Coming Your Way Due to Tax Mistakes or bad addresses.

And the ItsaWAHMThing article is all about those Vehicle Deductions Driving You Crazy?

If you want to see all the TaxQuips from earlier in the week, drop by here. There are some interesting topics.

Reminder for your calendar – Coming in July –  Ask the Expert Interview coming up with iShade – you don’t want to miss THIS one!
July 10, 10:00 AM -12:00 noon Pacific  – Eva Rosenberg, EA with Rob Nance, interviewer.  What an EA Can Do to Help Improve Your Accounting Practice.  (It’s not showing on their list yet – but will be – meanwhile the other upcoming interviews look interesting, too)

We have more classes coming up soon . I’ll be teaching the difference between an employee and independent contractor.

TaxMama’s EA Exam Review Course is going strong. Next week we discuss the three sample tax returns, each on a little more complex than the other. People are loving the support team of Susan Holtgrefe, EA as TaxMama’s Study Guide and Super Enabler, and Mike Reed, EA and Super Quiz Man, creating clear summaries and quizzes.

Anyone heading for the IRS Tax Forum in Orlando next week, look for Susan with her TaxMama goodies. She has things for you.

Remember to follow TaxMama®’s Tweets – http://twitter.com/TaxMama

Have you grabbed the TaxQuips Widget for your phone, social networking page, website, or…? You’ll get the TaxQuips as soon as they published – about an hour before they are distributed in by e-mail. It’s a fun gadget. Just pick up the code and paste into your site or phone app. http://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts

Let’s address a few tidbits of news – and go back to work!

Weekly Equifax blog is still going strong.
http://blog.equifax.com/tax/
Filing Taxes: Paperwork For Your Tax Professional
Avoid Paying Penalties on Estimated Taxes
Learning from Your Tax Filing Mistakes
After Filing Taxes: Responding to Letters from IRS
Tax Tips: How Long Should You Keep Records?
Using Standard Mileage Rate for Business Deductions
Making Estimated tax payments
Free Money Coming Your Way Due to Tax Mistakes

MarketWatch
http://www.marketwatch.com/Journalists/Eva_Rosenberg

BizFilings

What is the Best Entity for Your Business?
The Non-Profit as a Business Model
Tax Issues Regarding Copyrights and Trademarks
Business Licenses You Need and Trust
Now That You Have an LLC, it’s Time to Make Tax Decisions

ITS A WAHM THING
Home Based Business Accounting Software Options
Writing off your Family’s Vacation
TaxMama’s 10 Tips for Success
Writing off summertime parties.
Vehicle Deductions Driving You Crazy?

You can find daily TaxQuips into YouTube videos
http://www.youtube.com/taxmama1 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!

http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-646

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Eva Rosenberg, EA

Your TaxMama®

www.TaxMama.com

www.TaxMama.com/TaxQuips

www.IRSExams.com

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TAX CALENDAR

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06/15/2012 Individuals, Farmers & Fishermen Pay 2nd Quarter Estimated Tax Payment
06/15/2012 Corporations – 2nd Quarter Estimate Tax payment Due
06/15/2012 Estates & Trusts 2nd Estimated Tax Payment
06/15/2012 Employers Make Monthly Payroll tax deposit on the 15th of each month
06/15/2012 US Taxpayers Overseas Individual Personal Returns due
06/15/2012 US Taxpayers Overseas Claim Foreign Earned Income
06/15/2012 US Individuals Overseas Personal Return Extensions due
06/30/2012 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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