Courtesy of the IRS [TaxMama Note: As you will see, the form you need, Form 8939, is still in draft form. We still cannot use it. Perhaps that’s why IRS is offering this additional time? And no, they still don’t say when the form will be available. Basis Form Now Due Jan. 17; Extension to […]
Today TaxMama hears from Wyetta in the TaxQuips Forum with this problem. “I tried to make a payment arrangement with the IRS for 2010 taxes owed. The IRS told me that I have to file for 2006, before they could offer a payment arrangement. Please instruct me on how to handle this situation – how […]
Today TaxMama hears from Anthony in the TaxQuips Forum with a common problem. “I have a client who stopped working at 81 because he had a stroke and had to go into a nursing home. He had a Sec. 457 plan, which allowed him to put off taking distributions until he terminated employment. But he was […]
Beginning January 1, 2011, we began enforcing the mandatory e-pay penalty. (California Taxation and Revenue Code 19011.5) Acknowledging high year-end postal volumes, we recognize that there could be delays in our receipt of payments postmarked on or before December 31st, 2010. As a result, we are reviewing accounts where the penalty was assessed and […]
Guest article by Wayne M. Davies Author of the free report One Simple Step. The due date for business income tax returns on extension is September 15. If that date has passed and you still haven’t filed a return for your corporation, partnership or LLC that is being taxed as a corporation or partnership, what […]
Today TaxMama hears from PA in the TaxQuips Forum with a quick question. “I recently completed my home construction. I used a loan from my credit card to consolidate other credit card purchases for material. I have a paper trail documenting the transactions. Can I use a withdrawal of $10,000 from my IRA, penalty free […]
Courtesy of IRS Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions.
Today TaxMama hears from Matthew in California who begs leave… “I withdrew money from my IRA for a first time home purchase. The amount was over $10,000, the lifetime maximum. Can any of the portion over the $10k mark be attached to my wife’s name? In effect, could we get a $20K early withdrawal penalty exemption […]