Tag Archives: Congress

National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Taxpayer Service, Collection, Preparer Regulation

IR-2010-2, Jan. 6, 2010 WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, warning that increased demands on the IRS have eroded the agency’s ability to meet taxpayer service needs and expressing concern that IRS collection practices are harming financially struggling taxpayers without producing significant revenue gains. In the […]

Ask TaxMama Issue 532 – A Time For Miracles

Dear Family, The year is ending and a lot of changes have taken place in your tax life. There have probably been more legislative changes this year, than ever – and more are still being contemplated by Congress this month. In fact, there are two tax bills that have been passed by the House of […]

Ask TaxMama Issue 527 – Scary Tax Breaks

Dear Family, Don’t forget to change your clocks Saturday night. Yup, I could tell you stories of times when I didn’t. You probably have stories, too, don’t you? Anyway… I have great news – and bad news. First the great news. It’s VERY exciting! Not only will Congress be extending the $8,000 first time homebuyers […]

TIGTA Audits IRS’s Administration of First-Time Homebuyer Credit

The Internal Revenue Service (IRS) may have allowed thousands of taxpayers to claim millions of dollars in First-Time Homebuyer Credits (the Credit) to which they were not entitled, according to a new report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA). TIGTA found that some taxpayers claimed the Credit for homes […]

Ask TaxMama Issue 525 – Lots of Hot Air

Dear Family, Hooray! Tax season is over. For those of us making a living doing tax returns, it’s quite a relief. Just as it is for those of you who agonized until the very last minute before finally filing and paying those final balances due. At least it’s over – for a while. Remember, though, […]

IRS Approves New Per Diem Rates Effective October 1 2009

Courtesy of David and Mary Mellem, EAs IRS has approved new per diem amounts for meals and lodging effective October 1, 2009. These are the same rates which the Federal government uses to reimburse Federal government employees and that we referred to in an email sent out on September 10, 2009. Here are some of […]

Ask TaxMama Issue 520 – Honoring 911 Weekend

Dear Family, First a moment of silence – pray for those who died, and those who helped on 9-11. If you’re interested, there’s a memorial site to honor all those involved and to look towards the future. http://www.national911memorial.org/ DEADLINE! Remember there are filing deadlines next Tuesday, September 15th. BIG deadlines. In the past, only corporate […]

Financial Concerns and others from 1957

Remember this? The following were some comments made in the year 1957: (1) “I’ll tell you one thing, if things keep going the way they are, its going to be impossible to buy a weeks groceries for $20.00.” (2) “Have you seen the new cars coming out next year? It won’t be long when $5,000 […]

Ask TaxMama Issue 515 – Happy Tax-Free Season

Dear Family, Every summer around this time, states all over America offer special tax-free days. These are weeks or weekends when families can buy their back-to-school supplies, and certain other needed merchandise, without having to pay sales taxes. Clicking on today’s graphic will take you to the national list. Just look for your states. On […]

Cash for Clunkers and the Salvage Yards

Today TaxMama reads about the Cash for Clunkers fallout. It’s so popular that all the money ran out in the blink of an eye – and Congress had to quickly appropriate new money. So, if you want your $3500 or $4500 rebate – get it fast! It seems that the salvage yards are concerned because […]

Ask TaxMama Issue 507 – Stopping Time

—— Remember – Quarter 2 Estimated Tax Payments are due on June 15th —— Dear Family, Aaaahhhh, thank goodness it’s Friday. Only one more day and night to work this week. Whew! It’s been a tough week. We tried out some new conferencing software that’s been around for more than a decade. All established and […]

White House Releases New Tax Proposal Regarding Estate and Gift Taxes

Courtesy of NAEA’s E@lert www.naea.org The plan would require “consistent valuation [of property] for transfer and income tax purposes.” According to the White House, the estate and gift tax provisions would raise $24.2 billion over ten years. Taxpayers would be obligated to report the same cost basis for inherited property for the purposes of both […]