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TaxMama’s Tax Roundtable June 2010

by TaxMama on June 24, 2010

   

REPLAY today’s session – you can listen and SEE the session

Today’s topics included:

  • Introductions of some participants
  • Testing of microphones ;~)
  • Questions about the new PTIN Registration
  • Brief overview of the new Testing issue for “Registered Tax Preparers”.
  • NAEA’s survey about the Enrolled Agent title – and changes.
  • Discussion of  IRA or 401(k) to Roth conversion.
  • Fiscal Years and when appropriate to use them.
  • S Corporations – and the new legislative threat.
  • EFTPS
  • Estimated tax payments vs payroll
  • Potential Extension of the Homebuyer’s Credit sales closing deadline.
  • And more
Note:  TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here?

Tell it to IRS

May 13, 2010

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Today TaxMama wants to talk to you about the plethora of new laws, tax confusion, IRS inconsistency – and how you can do something about it.  http://taxmama.com/forum/taxquips/tell-it-to-irs 
Join the forum discussion on this post

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IRS Problem Resolution Day

May 12, 2010

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Today TaxMama wants to give you some pointers on how to use the IRS Open House days effectively. People write to us with IRS problems all the time. I wish I could solve them all for you. But, generally, the only way to solve your problem is for you to take action. Here’s your chance [...]

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House Passes Taxpayer Assistance Bill

April 23, 2010

 Courtesy of NAEA – www.naea.org
On Wednesday, April 14, 2010,  the House passed by on overwhelming majority (399-9) HR 4994 (The Taxpayer Assistance Act of 2010), which was sponsored by Ways and Means Oversight Subcommittee Chairman John Lewis (D-GA). The bill includes several items of note to enrolled agents and, specifically it:

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Nine Things You Should Know about Penalties

April 2, 2010

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two different penalties you may face if you do not pay or file on time.

If you [...]

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H&R Block Radio Show – Tax Tips for Individuals

March 29, 2010

Listen here  -  Tax Tips for Individuals                         Read the script of the show below:
PROGRAM 1: Tax Tips for Individuals
Originally aired:   Thursday, March 25    10:00 a.m. – 11:00 a.m. EDT
Introduction – Tax Mama

Welcome and Introductions

o        Thanks for joining
§                    Introduce hosts:
§                    Chris Wilson, Master Tax Advisor
o        Wilson has been a master tax advisor with H&R [...]

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Applying My Refund

March 15, 2010

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Today TaxMama hears from Michael in California with a sensible question. “I have a federal tax liability from past years. For 2009 I own the feds $1,000. I have a refund due from the state of California of $1,700. The state will apply my return to the past liability. Is there any way that I [...]

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Is it Too Good To Be True? Home-Based Business Tax Avoidance Schemes

March 20, 2009

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile [...]

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New IRS Collection Financial Standards

March 13, 2009

The Internal Revenue Service just released the 2009 update to the Allowable Living Expense Standards on March 1. The ALE standards are used to reduce subjectivity in determining what a taxpayer may claim as basic living expenses necessary to avoid undue hardship when the taxpayer must delay full payment of a delinquent tax. The standard [...]

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IRS Seeks New Issues for the Industry Issue Resolution Program

March 6, 2009

IR-2009-18, March 5, 2009
WASHINGTON — The Internal Revenue Service is encouraging business taxpayers, associations and other interested parties to submit to the Industry Issue Resolution (IIR) Program tax issues for resolution involving a controversy, a dispute or an unnecessary burden on business taxpayers.
Though submissions can be made at anytime for consideration in the IIR program, [...]

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