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Ask TaxMama Issue 567 – Sweet and Healthy Year

by TaxMama on September 8, 2010

Honoring Rosh Hashana

Dear Family,

First let me start with an urgent reminder. There are deadlines coming up – all corporate, partnership and estate tax returns are due next week, on September 15th. Estimated tax payments are due, as well.
http://taxmama.com/tax-calendar-2010/

Note: The office will be closed and please don’t look for answers from TaxMama – until Monday!

Tonight is the beginning of a fresh, clean new year – 5771 on the Jewish calendar.

You will hear people wishing you a healthy and happy new year.
Or may you be written into the book of life.
Wishing for peace in the year to come.

That is what I wish for you!

Peace in the world, health, sweetness, love, family, friends, and prosperity.

[click to continue…]

Ask TaxMama Issue 566 – All about Education

September 3, 2010

Dear Family,
We were at the IRS Tax Forums last week. You can read all about our experiences in this week’s IRS News. There will be more information next week, as I have time to keep writing. It will just pour out as I sit at the keyboard.
The fun part was meeting so many of you! [...]

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A Trip to the IRS Tax Forums, Page 2

September 3, 2010

Problem Resolution and Focus Groups
Problem Resolution had a facility at the Tax Forum. One of my friends brought a case file with her (and power of attorney forms, etc.). When picking up her registration packet on Monday, she was given a form to fill out with the specifics of her case (and a copy of [...]

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Summer 2010 Statistics of Income Bulletin – Shows Drops in Small Business Income

September 3, 2010

WASHINGTON — The Internal Revenue Service announced availability of the summer 2010 issue of the Statistics of Income Bulletin, which features sole proprietorship data for tax year 2008.
About 23 million individual income tax returns reported at least one nonfarm sole proprietorship in tax year 2008, a 2 percent decrease since the prior year. Reported profits [...]

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Real Estate Dealer

September 2, 2010

Podcast: Play in new window | Download

Today TaxMama hears from David in the TaxQuips Forum, who defines a dealer in real estate as someone who sells a single property for profit, as long as  the intent to act as a dealer to real estate is present.”

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Gain on Real Estate

September 1, 2010

Podcast: Play in new window | Download

Today TaxMama hears from Toni in the TaxQuips Forum, who tells us.  “I’m doing my own partnership taxes and am confused about entering information. In 2009, I bought, fixed up and sold 2 properties. [and Toni adds lots of details. ] I’m confused because I’ve added the gain twice from Form 4797.  What am I [...]

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Selling Inherited Home

August 31, 2010

Podcast: Play in new window | Download

Today TaxMama hears from Jami from California in the TaxQuips Forum, who has this question.  “My aunt left me her condo and I have to sell it. The deed passed to me a week after I turned 55. Will the 55 & over real estate rule apply to me when I file my tax return?”

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Making IRS Payments

August 20, 2010

Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year
WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government.
The proposed regulations (REG 153340-09) would eliminate [...]

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The Sheer Genius of Politicians

August 20, 2010

In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify.
His proposal was rejected 57-42 on a party-line vote because, as one Senator explained, “passage of such [...]

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Ask TaxMama Issue 564 – Lucky 13

August 13, 2010

Dear Family,
Welcome to Friday the 13th.
The days dawns bright and sunny. The squirrels are still quietly asleep before their busy day of frolicking  on their trellis jungle jim and spitting out walnut seed pieces on my car. The birds are twittering quietly, still asleep. Soon, they’ll be up chattering passionately about their latest victory over [...]

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