Dear Family,
The morning is just zipping along. I keep checking to see if the government has come to a budget agreement yet. But, we just wrapped up the WSJ Digital Tax Show without an agreement in sight.
Unfortunately, that doesn’t mean you have extra time to file your tax return. Nope. You’re still going to file on time. IRS expects the electronic filing system to work. But, as Andrea Coombes pointed out in today’s show, the 800 numbers will be operating on a skeleton crew, and walk-in offices will be closed. So you may not be able to get your questions answered.
In fact, trying to track down some sources to help a client this week, I am finding that even where IRS does have staff in place, most of the people in key positions are newer and less experienced. The seasoned, well-informed teams I’ve gotten spoiled working with, well – they are all retiring.
We have a few pieces of good news for you in today’s articles and IRS News. Let me hit the high points.
- Your business won’t have to deal with the crazy 1099 rules that were about to come into effect next year. Instead of 1099-ing EVERYONE you pay, all the old rules will stay in effect. Whew. Glad that’s over! Details here.
- California just conformed to the IRS treatment of health care benefits for non-dependent adults. (Spelled your children.)
o The good news is, conformity goes back to when IRS agreed to this benefit.
o The bad news is – you will have to amend some tax returns to get the money back for the California taxes you paid on this employee benefit.
TaxMama’s EA Exam Review Class
Tax pros wanting to sign for TaxMama’s EA Exam Review Course, the discount is now 5%
However, to balance it out…I have raised the discount for Family Members to 15%. And you can use both discounts – to get 20% off the price of the class – but only until April 19th.
Someone asked an interesting question. Part 1 of the EA exam is so hard – much harder than the proposed exam for Registered Tax Preparers (RTP). Will IRS allow tax pros who pass Part 1 of the EA Exam to skip having to take the new RTP exam this fall? I posed the question to Dave Williams who is in charge of the RTP program. He thought it was an interesting idea. Doesn’t quite know how to get past the bureaucratic issues…but worth thinking about. Who knows…? It could happen. Or not…But I AM a nuisance…
Answering Your Tax Questions
Your questions are pouring in – and I am delighted to tell you we are answering them all. Remember, post your questions in the TaxQuips Forum – I try to answer everyone early in the morning. If you don’t get an answer right away, be merciful! It’s tax season. We’re working. We WILL answer you. If you want to ensure getting an answer soonest – join the Family!
We covered SO much ground in the TaxQuips Forum this week. Dealing with Hoarder Houses with help from Tax Nerd David Toelkes, a real estate professional in SC. Mike Emeigh the NC TaxPro, Rita Lewis an Enrolled Agent from CT, and Kris Hix, EA in Kentucky were all busily answering your questions, too. This is while they are deeply immersed in their own client work. I am so grateful to get such good information from such terrific people.
Thanks again to everyone who’s been pitching in and helping out! When tax season is over…you will be getting gifts. Make sure I have your mailing address. Thank you all ever so much!
You will find the highlights of this week’s articles, below, along with this week’s features – IRS News, Money Funnies, AccountingWeb Blog, and more.
Remember, we will be using Twitter more and more often, to get quick notes and updates out to you – www.twitter.com/taxmama . You don’t need to subscribe to Twitter if you’re on Facebook. Just friend me there. The posts will appear there, as well.
More Places to Ask Your Tax Questions!
As you know, I am doing my best to give you opportunities to ask your questions, get answers, or just plain get useful information. I am using every means to reach you and your friends – and to keep you in the loop about changes to tax laws, and to give you information to help you keep your taxes as low as possible. That’s my goal in life – is to keep you safe from taxes, tax predators and tax audits.
You can find lots of information in this week’s articles and interviews.
Interviews
Jennifer Merritt, for Reuters – The Best Tax Deductions for Job Seekers
Chicago Tribune – A Guide for Late Filers
With Kelsey Hubbard on the WSJ Digital Network – Tax Report.
Will be about the April To Do Checklist
Coming up next week
WTOP with Mike and Bruce – Monday April 11, 2011 8:20 am ET
https://www.wtop.com/
BlogTalk Radio – on April 13th at 3:30 pm Pacific Moderator for H&R Block show with Dr. Brad Klontz on the H&R Block Dollars and Sense grant program.
(there will be more radio interviews today, I expect.)
AccountingWeb.com blog – Students and Money
This week’s MarketWatch article – The April To Do Checklist
WSJ Tax Blog
Coming today – Death Toll of the Excessive 1099-MISC Rules
https://blogs.smartmoney.com/tax/
Incidentally, these columns are all syndicated through the Dow Jones Newswire.
This week’s Equifax article is Strategies to Ensure your get Credit for Your Charitable Deductions
This week’s Suze Orman article is about – Tax Payments are Due
You can find daily TaxQuips into YouTube videos
As always, there’s more…I just can’t remember it all
In today’s issue of Ask TaxMama
In IRS News, IRS tells about Ten Things to Know About Tax Refunds and Information to know you Need More Time to Pay Your Taxes. And California conformed to IRS rules about nondepdendent health care benefits.
In Money Funnies , you learn the importance of speaking clearly and enunciating.
This week’s TaxQuips starts with Alyssa, whose business is doing better this year – and she’s surprised at the increase in taxes. Where did that come from? Jim filed his tax return and left out some income. The 1099 arrived late. (What does TaxMama say about filing too quickly?) When should he file his amendment? Jenna is a hair-dresser giving away free services. Her friends are deducting the value? Uh oh. They’re in trouble! The week ends with Jeff who created an S corporation, but blew it. He never even opened his bank account!
Note: You can view them all on YouTube, too at Daily TaxQuips from TaxMama® – taxmama1’s channel.
As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!
Please use the Comments link online.
https://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-594
TaxNerd gear makes a bold statement year-round.
It helps attract the opposite sex!
Shop at www.taxnerd.net or https://www.zazzle.com/taxmama*
Hugs from your favorite TaxNerd,
https://www.zazzle.com/taxmama*
Eva Rosenberg, EA
Your TaxMama®
Your TaxMama® is watching…out for you.
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TAX CALENDAR
https://taxmama.wpengine.com/tax-calendar-2011/
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04/18/2011 Last Day to set up and fund IRAs and Roth IRAs for previous year
04/18/2011 Individual Personal Returns due
04/18/2011 Personal Returns due – Nonresident, US income, etc.
04/18/2011 Personal Returns due – Easy Form Return
04/18/2011 Personal Returns due – Not Itemizing Return Form
04/18/2011 Personal Return – Extensions due
04/18/2011 US Gift and Generation-Skipping Transfer Tax Return
04/18/2011 US Gift and Generation-Skipping Transfer Tax Return Extension Due
04/18/2011 Partnership Returns due
04/18/2011 Issue K-1’s with Partnership Returns
04/18/2011 Electing Large Partnership Returns due
04/18/2011 Estate & Trusts Returns are due; Bankruptcy fillings use the same form
04/18/2011 Partnership, Estate & Trusts Returns – Extensions due
04/18/2011 Individuals, Farmers & Fishermen Pay 1st Quarter Estimated Tax Payment
04/18/2011 Corporations – 1st Quarter Estimate Tax payment Due
04/18/2011 Estates & Trusts 1st Estimated Tax Payment
04/18/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month
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From TaxMama® to You!
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https://www.widgetbox.com/widget/taxmamas-taxquips-daily-tax-podcasts
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EA EXAM NEWS & SOLVING THE TAX PUZZLE
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Take TaxMama®’s 2011 EA Exam Review Class
New class starts on May 16th
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