Ask TaxMama Issue 572 – Tax Season Wrap Up

Thank Goodness it's Over! Tax season, I mean

Dear Family,

Whew! It’s over! Well, at least in our office. We are closed and gone until Tuesday…or Wednesday…or. I hope you’re nearly done and able to take off and just chill out. A nice soak in a hot tub, a massage, letting your mind drift serenely away to a place without telephones, computers, forms, …
It’s been an interesting tax season, filled with law changes that affect tax returns as we worked on them. Laws we were sure would be written, haven’t been (like the estate tax); common-sense laws, some of which need extending don’t look like they will be (marriage penalty and other parts of the Bush tax cuts).

The country is in financial turmoil. States are hurting. California just announced that they are holding back refunds again. I don’t know how long the wait will be, but don’t include the refund in your immediate budget.

The state of NY just announced that they will only accept efiled returns next year. No more exceptions – not even for tax professionals.  IRS is making a bold move to regulate the entire tax industry and protect the public. (about time!)

And I’m just sitting back and soaking up all the changes. As Number 5 in Short Circuit liked to say “Input! Input!”

Well, I’ve hit overload. So we’ll be going camping for a few days – no phones, no Internet…also no spa and no pampering, alas. But lots of greenery, fresh air, and relative quiet. It’s pretty there (if the campsite hasn’t been burned out)….

When I return, look for a whirlwind of work – new Equifax columns, new MarketWatch columns, new CPE Link classes, new EA Exam classes, a visit to the Virtual Wealth Expo to meet the Dalai Lama (virtually) – and to meet you (hopefully). I’ll be updating the 100% Home-Based Business Tax Solution at the end of this month – and uploading into the Family Resources.

And one more thing – a new weekly blog column on Suze Orman’s newly revised site for Money Minded Moms. (The new site is not up yet. Expect it launch next week!)

Upcoming Events

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

Preview the series on YouTube

The IRS Practice Series

Team taught with Eva Rosenberg, EA, Tom Buck, CPA and Sonya Wilt, EA

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.

EA Class News

Is on hiatus while we finish tax season – lots of people are passing.

Anyone signing up in October – I upgrade you to a Live Member for the rest of the Part 3 sessions.

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.

Other TaxMama News:

This month’s MarketWatch column outlines the new Small Business Jobs Act that was signed into law last week. There are enough benefits in the new law (and recent laws) to cause you do some serious tax planning before year-end. Just give your tax pro a little time to learn more about the details and get some things clarified.

At Equifax this week, you get tips about Last-Minute Tax Mistakes To Avoid ; Ilyce Glink tells you what’s new about reverse mortgages; Dan Solin insists that all money market funds are not created equal; Linda Rey tells you how to choose the best insurance agent. And the Equifax credit experts tell you how to avoid identity theft.

This week’s blog you will find more discussion of the new FTC telemarketing rules related to consumer debt. The law affects tax professionals who help clients reduce IRS debt, too – but how are we affected? And how will this harm taxpayers in trouble?

In IRS News, IRS won’t be insisting on seeing the health care benefits reported on the 2011 W-2s. We’ll have a grace period for another year. And they issue some notes about new phishing going that seems as if it comes from IRS.

Money Funnies is full of sage sayings.

In TaxQuips, We start the week with Carol who asks about issuing 1099-Ms. Issuing 1099-M; Rawan is shutting down his S Corp. Is it OK to close the bank account before finalizing the tax return? Closing Bank Account ; TaxMama gives you some Last Minute E-Filing tips and warnings.
We end the week with TaxMama’s tips for folks who think they are Not Ready to File.

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.

It helps attract the opposite sex!

Shop at or*

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.




===> Do it Yourself Legal Material

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Take TaxMama®’s 2010 EA Exam Review Class

Tomorrow we will do the Part 3 – second Final Review session.

I got a funny note from a student who just passed the hardest part – Part 2, and is now done. He told me how my class not only helped him pass the EA Exam, but also to lose 10 pounds. I’ll tell you about it in next week’s EA Exam News.

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