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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…]

Qualifying Daughter

September 7, 2010

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Today TaxMama hears from Laura in the TaxQuips Forum, with these two common issues.  “(1) My daughter turned 24 in December of 2009.  During the entire 12 months of 2009 she attended school full-time; did not work; earned 0 income; and will not be filing a tax return. She lived at home and we provided [...]

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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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A Trip to the IRS Tax Forums, Page 1

September 3, 2010

Last week, all my tax staff and I took our annual trip to the IRS Tax Forum.
When these forums first started out many years ago, the fee was $25 for three days of education provided by IRS staff and a variety of tax professionals from sponsor associations. It was an amazing value – especially since [...]

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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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Selling Inherited Home

August 31, 2010

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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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Loss on Surrender

August 30, 2010

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Today TaxMama hears from Karla in the TaxQuips Forum, with this question.  “Is the loss on surrender of life insurance deductible on 1040?”

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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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Happy Thanks for All the Gifts Week

August 20, 2010

Is there someone you forgot to thank?
Is that Thank You card burning a hole in your pocket?
Is Mom pestering you about calling your aunt?
How long have you meant to thank him for that locket?
 
Well, for all you procrastinators,
you ‘I meant to do it’ divas,
you folks with good hearts and poor memories -
This one’s for [...]

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