Dear Family,
Just to alert you, we’ll be dark most of next week – until after Yom Kippur. We’ll be back on Thursday, bright and lively and all ready to regale you with more tax tales. Meanwhile, if you’re posting questions in the TaxQuips Forum, you’ll be answered by many of the wonderful contributors on Team TaxMama – and I’ll try to answer as many as I can when I return.
Meanwhile, you’ll be delighted to know, I have posted ALL of this year’s Tax Roundtables to one place. (Yesterday’s will be added by tomorrow). These replays and recordings are available to TaxMama Family members. TaxMama’s students have access to a set on the Board.
This week, Yahoo! picked up my MarketWatch article about Whistleblowing for Fun and Profit and the site exploded with questions. Most of the questions were quite reasonable. But wow! Some people are really carrying around a load of anger. Actually, I can understand the rage. We’ve all seen people who deliberately flaunt tax laws, who avoid their child support and alimony obligations, and who generally rip off the system. And one of the big, big (did I say) HUGE flaws in the IRS’s collections system is – they go after the easy money.
When you have a divorce couple owing money on a joint return they filed when they were married, from whom do you think the IRS will collect? The person who has wages, a bank account and other assets which are easy to find, of course. Usually, the source of the tax debt is the other spouse – the one with the business, self-employment taxes due, and nary a dime in estimated taxes paid during that year – or perhaps, ever.
I have heard horror stories of ex-wives saddled with $50,000 or more of tax debt. In one case, her husband had a car dealership and advertised on TV every hour on the hour. Yet the IRS never went after his money – just her wages. She kept losing jobs because her wages were garnished – and SHE looked like a flake. But IRS never went after him. Why? Oh, he’d moved his money and assets and the title to the dealership into his girlfriend’s name. (We all hope she ripped him off, don’t we?)
That’s an illegal action. IRS is authorized to follow the trail of money. But it’s a huge amount of work. In fact, the Treasury Inspector General for Tax Administration’s recent report on the IRS’s collection function points out how assiduously IRS staff avoids this kind of extra work.
Speaking of whistleblowers, this week’s Money Funnies starts with them, and moves into other silly anagrams. Add your own to the comments at the bottom of my list.
Still finishing up my MarketWatch column about the human side of identity theft – how real people are affected. I have so many good stories, that I need to winnow them down – and make sure they sound like stories in the few words available to me. A book would be easier, than just an article. Hmmm…that’s a thought. But I should finish the article today before I leave.
Today, in IRS News , we learn that the various volunteer tax preparation programs may not be doing as good a job as we hoped. NAEA introduces us to a TIGTA audit with more details. As a special treat, the folks at CCH, a Wolters Kluwer company looked into their crystal ball for you – and they came up with projections for 2013 tax rates and limits.
This week’s Equifax Blog covers IRS notices – in I Received an IRS Notice – Now What?
And this week’s ItsAWAHMThing column asks, Are you Wasting Tax Benefits?
Have you entered Equifax’s Family Money Matters Video Contest? Do enter – especially you terrific TaxNerds! One grand prize winner will receive a $1,000 Discover gift card, and all finalists will receive a complimentary full-year subscription to Equifax Complete™ Family Plan, a credit monitoring and identity theft protection product for the entire family. (Considering all the identity theft going on, this can be a serious valuable prize.)
If you want to see all the TaxQuips from earlier in the week, drop by here. There are some interesting topics.
Incidentally, if you’re looking for a job, an intern, or a new employee, please visit the new TaxMama Career center, partnered with JobTarget.com. For 15% off on any postings or orders, use the code: taxcareers
We have an RTRP class coming up at CPE Link next month – after tax season ends. I am getting happy emails from people who have passed the exam! If you haven’t scheduled your exam date yet, in this week’s AccountingWeb.com blog, I explain why you may want to reserve that date now!
TaxMama’s EA Exam Review Course is back tomorrow. Both Live and Self-Study students are invited. We will be starting Part 3 on October 2nd. Meanwhile, each weekend will be devoted to the Part 2, intense, Final Review sessions. And yes, people are passing the EA Exam. I am hearing from jubilant students who just can’t believe they’ve done it! You still have time to Join the fun! (With a Fall Special discount, no less!)
Remember to follow TaxMama®’s Tweets – https://twitter.com/TaxMama
Have you grabbed the TaxQuips Widget for your phone, social networking page, website, or…? You’ll get the TaxQuips as soon as they published – about an hour before they are distributed in by e-mail. It’s a fun gadget. Just pick up the code and paste into your site or phone app. https://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts
Let’s address a few tidbits of news – and go back to work!
Weekly Equifax blog is still going strong.
https://blog.equifax.com/tax/
Filing Taxes: Paperwork For Your Tax Professional
Avoid Paying Penalties on Estimated Taxes
Learning from Your Tax Filing Mistakes
After Filing Taxes: Responding to Letters from IRS
Tax Tips: How Long Should You Keep Records?
Using Standard Mileage Rate for Business Deductions
Making Estimated tax payments
Free Money Coming Your Way Due to Tax Mistakes
Using Your Home Renovation to Maximize Tax Benefits
Money Management: Explaining Paystubs to Your Teen
Harvesting Capital Gains Now—or Later
Working Like an Employee While Being Paid Like a Freelancer
Tax Issues to Resolve During Your Divorce
I Received an IRS Notice – Now What? – New!
MarketWatch
https://www.marketwatch.com/Journalists/Eva_Rosenberg
Ruling poses tax issues for same-sex couples
Whistleblowing for Fun or Profit – New!
ITS A WAHM THING
Home Based Business Accounting Software Options
Writing off your Family’s Vacation
TaxMama’s 10 Tips for Success
Writing off summertime parties.
Vehicle Deductions Driving You Crazy?
Are You Classifying Your Workers Properly?
https://taxmama.wpengine.com/?p=11430
The Ins and Outs of Shoeboxed.com
A Moving Story – or Three Good Reasons to Tell IRS You Moved
Avoiding Fly by Night Tax Pros
4 Easy Steps to Resolving Your Tax Problems
Are you Wasting Tax Benefits? – New!
BizFilings
What is the Best Entity for Your Business?
The Non-Profit as a Business Model
Tax Issues Regarding Copyrights and Trademarks
Business Licenses You Need and Trust
Now That You Have an LLC, it’s Time to Make Tax Decisions
You can find daily TaxQuips into YouTube videos
https://www.youtube.com/taxmama1 https://www.youtube.com/user/taxmama1/videos
Remember to follow TaxMama®’s Tweets – https://twitter.com/TaxMama
Have you grabbed the TaxQuips Widget for your phone, social networking page, website, or…? You’ll get the TaxQuips as soon as they published – about an hour before they are distributed in by e-mail. It’s a fun gadget. Just pick up the code and paste into your site or phone app.
https://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts
Remember TaxMama’s Tax Calendar has enough information to carry you through to the first quarter of 2013.
As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!
https://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-658
TaxNerd gear makes a bold statement year-round.
Hugs from your favorite TaxNerd,
Eva Rosenberg, EA
Your TaxMama® www.TaxMama.com
| 09/30/2012 | Last day to establish SIMPLE plans for current year |
| 09/30/2012 | Time for businesses to consider setting up retirement plans |
| 10/15/2012 | Personal Returns due – Nonresident, US income, etc. FINAL DEADLINE |
| 10/15/2012 | Personal Returns due – Easy – Final Deadline |
| 10/15/2012 | Personal Returns due – Not Itemizing – Final Deadline |
| 10/15/2012 | Deadline for Schedule C filer to fund SEP-IRAs for previous year. |
| 10/15/2012 | Net Operating Loss – Eligible Small Business carry back loss |
| 10/15/2012 | US Gift and Generation-Skipping Transfer Tax Return – Final Deadline |
| 10/15/2012 | Employers Make Monthly Payroll tax deposit on the 15th of each month |
| 10/15/2012 | Employers File Annual Return for Employee Benefits Plan 5500, if on extension |
| 10/15/2012 | Employers File Annual Return for Employee Benefits Plan 5500-EZ, , if on extension |
| 10/31/2012 | 3rd Quarter Payroll Taxes Due |
| 10/31/2012 | Employer’s Deposit Federal Unemployment Tax (FUTA) – if total due is more than $500 through Sept 30th. |
| 10/31/2012 | 3rd Quarter Federal Excise Tax Return & Payment Voucher – Form 720 |
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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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Take TaxMama®’s 2011 EA Exam Review Class
I’m geting notes from people who are passing their exams. How exciting!
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