You thought we were all done with deadlines on the 15th? Yet, here are some more for you to consider. And some great classes coming up.
Dear Family,
Let’s get the upcoming deadlines out of the way, then we can get to more interesting information about how to learn more about dealing with tax issues.
October 31 – FBAR – The foreign bank account filing deadline for folks in general. December 31st for folks in Presidentially-declared disaster areas. You can file the FinCEN 114 form online at no charge. (There are no taxes related to this.) The penalty for not filing each year starts at $10,000. Oh, you think this doesn’t apply to you? Oh Yeah? Do you have family outside the U.S.? Do you sign jointly on your parents’ bank accounts in case anything happens to them? Did they open an account for your child and have been funding it in the child’s name? Lots of traps and pitfalls that could generate a penalty, even if you’re innocently ignorant.
October 31 – All the 3rd quarter payroll and sales tax returns are due for the IRS and your states, if you’re an employer. It’s in your best interest to try to file these reports and make your payments electronically. The IRS still hasn’t quite cleared up all their mountain of unopened mail.
November 10th – National EIP Registration Day, with a big publicity push to get non-filers registered before the final deadline on November 21st. Folks who don’t normally file tax returns, but want those Economic Impact Payments, it’s time to get into the system. Just so you know, the IRS has been actively trying to locate people who are chronically homeless or in shelters to try to get the funds to them. If you know someone who qualifies and isn’t in the system, please help them register. And if they don’t have bank accounts, help them get a prepaid debit/credit card to receive their payments. (No, don’t rip them off.) Note: This is for people who don’t normally have a filing obligation due to very low income – AND they are not someone’s dependent. No games, please.
Online Education Opportunities with TaxMama®
Nov 4-6 – the ASTPS Tax Representation Super Conference – with IRS Commissioner Chuck Rettig as Keynote Speaker
TaxMama® is teaching two classes on the first day. One of them is – How YOU Can Fix the IRS.
Nov 10 – Marijuana’s Tax Paradox (or the Uncanny Cannabis Controversy) at CCH CPE Link. Basic tax information for Cannabis businesses that may not deduct expenses on IRS returns.
Nov 24 – Tax Breaks Tips and Updates Part 1
Nov 25 – Tax Breaks Tips and Updates Part 2
Covering updates and changes in tax laws during 2020 and getting ready for the 2021 tax return filing season. Includes some information on last minute planning recommendations. This isn’t just for tax professionals – people handling your own filings will find this interesting and useful, too.
On demand – Lambers Tax Resolution Series – 10 courses to help you get liens and levies released, penalties and interest waived or released, and succeed with IRS audits, and learn how to present an Offer in Compromise that the IRS will accept.
From the IRS
Videos from the 2020 IRS Nationwide Tax Forums (actually, earlier years are available- just scroll down) You can audit them at no charge. Or pay a small fee to get the education credits if you need them. Lots of interesting selections – many taught by IRS personnel
Keep an eye on these links – the IRS is adding topics every month -no charge and potential CPE or CE credits.
IRS webinars for Professionals – https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-tax-practitioners
The next one is Sale of Partnership Interest – November 19, 2020
IRS webinars for Small Businesses – https://www.irs.gov/businesses/small-businesses-self-employed/webinars-for-small-businesses
There are some for North Carolina businesses – and the link to the Partnership webinar above.
IRS Webinars for Exempt Organizations and Governmental Entities – in case you are involved with a non-profit, there’s lots of guidance here.
https://www.irs.gov/government-entities/webinars-for-tax-exempt-government-entities
You’re never too old to learn! And since you’re generally stuck at home anyway – why not improve your skills?!
And remember, you can find answers to all kinds of questions about taxes and business issues, and EA Education, free. Where? Where else? At https://iTaxMama.com/AskQuestion
To make comments please drop into the TaxQuips Forum.
