Ask TaxMama Issue 566 – All about Education

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! Some people, it was the very first time, mathing faces to names. Others, we get together year-after-year at these Tax Forums, so we’re old friends. And of course, there were Lucie and Mark, whom I’ve known since my teens. I really enjoyed meeting the spouses and family of students I’ve only known over the computer. These are the people who support my students while they are immersed into the EA Exam class for an entire summer. Life changes can be scary. But the qualitative improvements are worth it in the end. The House of Blues treated us royally, providing a steady stream of tasty food and lively music.

Other people have sent me notes about their experiences with other forms of education. Whether you’re a tax professional or an individual doing your own tax returns, you simply cannot do anything correctly without constant education. You may have noticed all the emphasis on education, classes, EA courses, etc. around here? There’s a reason for that. With the constant stream of legislation flowing from Capitol Hill, if we don’t keep up, there’s no way to prepare tax returns properly.

Aside from my classes and the IRS Tax Forums, you can find outstanding education provided by the tax and accounting associations. My favorites are NAEA ( – and all their local chapters, NATP (www.natptaxcom) and all their local chaptersm and for California updates, Spidell ( Naturally, the AICPA and their chapters are a great resource, too.

Speaking about education, this week I taught the Online Tax Research class at CPE Link.
Phillip sent me this note that is just so gratifying. “He said the webinar was EXCELLENT, and I received a wealth of information. I will be attending more of them.”

Until you get feedback, you never really know if your efforts hit their target. You have no idea how much work goes into these classes behind the scenes. Team TaxMama has been busy all week finishing up the details on the IRS Levy workshop and the Tax Treaty workshops coming up the week of September 13th . Please come and join us. You’re going to find the classes really helpful AND you can ask all the questions you want!

You can get a preview of these on YouTube (can you believe it? TaxMama on YouTube???)

Oh that’s right! There’s another YouTube video you might find interesting. Remember a couple of weeks ago I told you about our lobbying excursion? Well the Performance Marketing video, discussing the nexus issue is now up. Take a moment to see how this affects your business – or your website.

Since we’ve got business issues on the table, how far along are you in your bookkeeping this year? If you need help getting caught up and you have a whole bunch of recipts, checks to enter and bank statements to reconcile, consider dumping the whole shebang into a shoebox and send it off to! You’ll find a $10 coupon here.   Save $10 on any Shoeboxed Mail-In plan.

This month’s MarketWatch column will help you determine if you owe extra taxes because of this year’s Making Work Pay Credit – and what to do about the penalties. It also explains an issue you need to be concerned about – do you have a tax conflict with your spouse?

EA Class News

Several people managed to finish up all three parts of the exam while the class was on hiatus last week. Hooray! They are done and have filed their applications with IRS.

More folks are passing Part 2 and Part 1. The list is growing and growing.

The Part 3 started last week. We will be dark all next week due to Labor Day and Rosh Hashanah.

We have new FALL SPECIAL price, to give you Part 3 live and Self-Study on Parts 1 and 2

And remember, you can get a 10% discount on the EA Class if you register for TaxMama’s Family first.
The discount code can be found in the Family Look-Ups resource.

Upcoming Events

Upcoming on CPE LINK – with CPE for CPAs, EAs, and more

September 15 at 10:00 PT –
Roger B. Adams, EA (with minor assist from TaxMama)
Understanding Tax Treaties
Learn the fundamental principles of the purpose and application of tax treaties. Why should you care? Because there are over five million Americans living outside of the U.S., over two million of whom live in the Western hemisphere (principally in Canada and Mexico).

The IRS Practice Series
Team taught with Eva Rosenberg, EA, Tom Buck, CPA and Sonya Wilt, EA
Sep 13, 9:00am  – 10 Steps to Release IRS Levies on Paychecks or Bank
Oct 8, 9:00am – 10 Steps to Resolving Collection Issues
Nov 1, 10:00am – Hands-on Collections Workshop   
Dec 7, 10:00am – 6 Simple Steps to an Offer-in-Compromise (form 656) 
Dec 10, 9:00am – The Un-agreed Collection Alternatives and Appeals


==>Homebuyers Credits for Tax Professionals
The specific laws related to your clients.  How to get it rigth the first time. What to watch out for.
And how to overcome IRS Rejections.

==>IRS Practice Series: Overview of Collection Issues – Price = ZERO:
This on-demand webcast provides a broad overview of the collections process. From preparing the Power of Attorney – IRS Form 4868, to freezing the collection activity, to Offers-in-Compromise and Appeals, the course will explore the numerous collection issues a practitioner may encounter and lay the ground work for the IRS Practice Series. Topics will be covered in more detail in the dozen courses of The IRS Practice Series – leading to a Tax Mediary (CTM) Certificate upon completion of the series.
Other TaxMama News:

At Equifax this week, you learn about the Tax Consequences of Unemployment. Ilyce Glink tells you to Beware Developers Hawking Empty Subdivisions. Dan Solin tells us that Short Selling Is Shortsighted When Navigating Today’s Stock Market. Linda Rey discusses Auto Insurance Options: Collision Coverage Vs. Comprehensive Coverage. The Equifax Experts reveal the truth about Security Freezes, Credit, Identity Theft, and Fraud.

This week’s blog discusses the Roni Deutch prosecution. California State Attorney General Jerry Brown has just filed a lawsuit claiming Deutch is a swindler. You’ve seen her late-night commercials. What do you think? Read some history about another firm in the same business.

In Money Funnies this week we give you a brilliant and fun alternative to a nursing home. Perhaps we should arrange for Medicare and Medicaid to look into this alternative?

In IRS News, we are privy to the latest set of small business statistics. It seems there were two percent fewer non-farm business in 2008 than in 2007. And so far, the profits for those businesses have decreased by an overall 6%. That’s not as bad as I expected. That means many businesses were doing quite well. Also in this week’s IRS News I start the series on this year’s IRS Tax Forums. You will find two articles today. More next week.

In TaxQuips this week we spend a lot of time on real estate issues. First, we look into the tax effects of selling inherited property. Then we discuss a partnership’s treatment of the sale of 2 properties – which leads to a discussion of what is a real estate dealer. It’s all actually quite interesting. Especially if you want to exercise your mind.

Uh oh! Bad News For Leveraged Partnerships. Leveraged partnerships have been one of the few remaining techniques to dispose of unwanted businesses. Bob Gordon explains the new court decision at the TaxQueries blog!

As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!

Please use the Comments link online.

TaxNerd gear makes a bold statement year-round.
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Hugs from your favorite TaxNerd,*

Eva Rosenberg, EA

Your TaxMama®  is watching…out for you.

09/15/2010 Partnership Returns Due- FINAL DEADLINE
09/15/2010 Corporate Returns Due- FINAL DEADLINE
09/15/2010 S Corporate Returns Due- FINAL DEADLINE
09/15/2010 Estate & Trusts Returns – Final Deadline; Bankruptcy fillings use the same form
09/15/2010 Individuals, Farmers & Fishermen Pay 3rd Quarter Estimated Tax Payment
09/15/2010 Corporations – 3rd Quarter Estimate Tax payment Due 
09/15/2010 Estates & Trusts 3rd Estimated Tax Payment
09/15/2010 Deadline for Corporations and Partnerships to fund SEP-IRAs for previous year.
09/30/2010 Last day to establish SIMPLE plans for current year
09/30/2010 Time for businesses to consider setting up retirement plans
10/15/2010 Net Operating Loss – Eligible Small Business carry back loss
10/15/2010 Personal Returns – FINAL DEADLINE
From TaxMama® to You!

Follow TaxMama®’s Tweets –

You are invited to put a TaxQuips Widget on your phone, social networking page, website, or… You’ll get the TaxQuips as soon as they published – long before they are distributed in by e-mail. It’s a nifty gadget. Just pick up the code and paste into your site or application.

Download TaxMama’s 2010 iphone Tax Calendar. My gift to you.

Never miss a tax deadline again!
The customizable tax calendar is here.
Add or Remove dates. Add your own reminders – get alerts.


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Take TaxMama®’s 2010 EA Exam Review Class 

Class is going strong.

Part 2 is going strong.
This weekend we cover Corporations and quiz everyone intensely.

Tax Professional and author Wayne Davis ( ) just passed Part I of the exam.
He says ‘I could go on and on about all the valuable info and “insider tips” that you have provided in the class lectures.”

– sign up now – and join the FUN!

A flood of Tax Professionals are interested in
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Read the ebook –  Everything You Wanted to Know About the EA Exam
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