Ask TaxMama Issue 578 – New Law Coming

Dear Family, 

Happy Chanukah! Will you be lighting candles with family and friends today? 

Yesterday, the House of Representatives passed their Bush Tax Cuts Extender Bill. No point in going into details or doing cartwheels yet. It’s not a law. And it won’t be until the Senate either votes on it and agrees with it – or they vote on their own version of the bill. If the Senate designs a different extender, it will have to be reconciled to the House’s version. (Your civics lesson for the day.) 

So…we are waiting, waiting…to see if the Senate will pass their version of the Extender Bill. Nothing today. It appears there will be a vote tomorrow – on various versions that the Senate has proposed. There is some childishness and foot stamping afoot. You know, the old “if I can’t have it my way – no can have it all” thing. Sigh. 

As soon as we have news, I’ll let you know. Keep an eye on IRS News – today and next week. In the meantime…If you pray, pray they grow up, act like adults and pass a law – even if only to cover 2010. Tomorrow, we’ll if anyone is listening to our prayers. 

Speaking of prayers and good fortune, my new book just arrived this week!  I wasn’t expecting it for another couple of weeks, so it was very exciting to see the FedEx driver with a large load of boxes on his dolly.  What a wonderful Chanukah present! 

My friends who’ve bought several boxes of the book as holiday presents and client gifts got their shipments too. It’s so exciting. The book is beautiful. Some people are going to be really happy getting these gifts.

We will be shipping books to our students and friends who placed advance orders. If you still want them in time for the holidays, you can pick them up inexpensively at

                                                                                                                                         Last week, TaxMama and other terrific tax writers were honored by Rasmussen College, and first annual list. This week, issued their best tax accounting blogs list. Visit the list to see who they think are the top writers – and compare their opinion with that of Rasmussen College.

This week I was also honored by the IRS Stakeholder Liaison’s Western Region. Along with three terrific CPAs for our service, educating the community about tax issues. You can read about all of us here.

Oh! More good fortune! I just heard that my Israeli cousins living in Haifa are safe. They were evacuated from their Carmel homes due to the raging fires. One is home already. The other is staying with her son. It’s such a frightening tragedy – those people on the bus who were burned, fighting the fires.  My sister-in-law tells me that Israel is out of the chemical needed to put out the fire soonest. Several countries are stepping in with assistance. Usually, it’s Israel offering assistance. Though I am glad to see the help from the world, I wish there had not been such a tragedy in the first place. Of course, living in California, we deal with this all the time. Only, not usually so close to populated areas. (Still praying for everyone’s safety! As Jews…we pray by donating funds. It’s good to see that two major organizations were on site instantly to help victims.)

Upcoming Live Classes


Wow, this week’s homebuyer credit class ratings were all 5 out of 5!

Find out why by coming to next week’s classes!

The IRS Practice Series (all times in Pacific Time)

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

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 

Preview the series on YouTube

There are lots of other great classes here, too. Including Vern Hoven’s year-end update, course on Excel, and specific tax issues you need to learn on the spot – just sign up and download replays of live sessions.

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


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


This time of year, there really isn’t time to start studying for the EA exam and finish it all by the end of the year. Perhaps by the end of February, but only for people who are not preparing tax returns until March.

Therefore, you can register for the full Self-Study class now. Select the one or two parts of the exam you DO have time to study this year. Get the updated material for the other parts next year at no additional charge – and no shipping (within the US).  

Remember, you 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:


Suze Orman’s new is filled with practical money-saving tips – and ideas to help folks struggling with time, money, conflicts and more. 

You can ask Suze questions in the forum – Suze is actually dropping by an answering your questions, just as I do here. Join us and speak to Suze. Here are some of the questions Suze answered or posted this week:


You’ll find TaxMama’s columns there each week, along with a dozen delightful women. This week, TaxMama’s blog covers that eternal question – what records should I keep? And How long? Tricia tells you how to create new outfits using accessories. Vicky issues a ‘no spend’ challenge. Jen gives you ideas for gifts from the heart. Doreen tells you how to ditch your cleaning products. Liz discusses stay at home parenting issues. Phyllis addresses long-term care insurance, in a series of articles. Sabrina helps us face excessive busyness.


At Equifax this week, TaxMama tells you what kinds of tax schemes and tax turkeys to avoid. Ilyce Glink tells you about the best time of year to start home improvements. Dan Solin helps you capture the advertised rates of mutual funds. Linda Rey discusses credit card insurance – and helps you determine if you are already covered. The Equifax Credit team gives you crucial information – about how to dispute personal information on your credit report.

This week’s blog tells you all about the news from IRS. I was at the Los Angeles Stakeholder meeting yesterday – and here is the outline of what we learned. There was more…and I will add new posts during the week and in the CPE Link classes.

Incidentally, AccountingWeb has a new publication you might enjoy – Going Concern – focusing on keeping the profits flowing.

In IRS News, we get some tips for folks operating, or involved with exempt organizations.  You will also find the 2011 mileage rates.

In Money Funnies today, we get a glimpse of bumper stickers we may have missed because we drove by too quickly.

In TaxQuips this week, We start the week with Robyn who wants to know whether to get married this year, or next, for tax purposes. She and her boyfriend have a child together – and she has a daughter of her own.  Getting Married Now or Later . Then, Brent has a hot tip from a friend, about an IPO. But he can only buy it through his friend, not in his own name. Look at what the experts say about this.  Investing Through A Friend .

December’s first MarketWatch column will be part of a special Guide to Giving. It will be published in mid-December. We are hoping certain relevant tax laws will have been passed by then.

As always, we love your feedback, opinions and ideas.

You are what makes all this fun – and interesting!

Please use the Comments link online.

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Hugs from your favorite TaxNerd,*

Eva Rosenberg, EA

Your TaxMama®

Your TaxMama®  is watching…out for you.





11/01/20103rd Quarter Payroll Taxes Due

11/01/2010Employer’s Deposit Federal Unemployment (FUTA)

11/01/20103rd Quarter Federal Excise Tax Return & Payment Voucher 11/15/2010Employers Make Monthly Payroll tax deposit on the 15th of each month 12/15/2010Employers Make Monthly Payroll tax deposit on the 15th of each month 12/15/2010Corporations – 4th Quarter Estimate Due

12/31/2010Last Day to Open KEOGH account for 2010 deposits


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