Ask TaxMama Issue 607 – IRS Fresh Start

Dear Family,

This should be an interesting weekend around the country. The newest Harry Potter film was just released. Theaters should be packed. Rick bought up the last few films that we didn’t already have in our library. Goodness. The films and the books are getting darker and darker. They started out being so much fun, and so full of creativity. To me, they’ve gotten disappointing. (Oh yes, we will go see the film. It’s compelling.)

Why is it that people who become best-selling authors switch from good, entertaining, clever stories to writing such sensationalist pap? Oh well. This has nothing to do with taxes.

Speaking of taxes, this weekend, Los Angeles is experiencing Carmaggedon – our tax dollars at work. One of our most active highway arteries, the San Diego Freeway, is being closed off in the area that links the City of Los Angeles to the San Fernando Valley. People are talking about it as if this were some kind of disaster. As it we’ll be trapped in the Valley all weekend. For heaven’s sake, there are any number of ways around that route – the Coast Highway, several Canyon roads, Highway 5, 101, Cauhenga, etc. Of course, it IS a good excuse not to leave your side of town – there ARE lots of interesting goings-on in each area.

The interesting part of this experience is Mayor Villaraigosa’s post to the Huffington blog. He’s out there pitching for more US dollars to provide Los Angeles with better transportation systems and more jobs. See, that’s what I like to see from my government – bringing money in to our own coffers – especially money that provides hundreds of decently paying jobs. It would be nice to see California’s unemployment rate drop below 10% again someday.

Another activity this weekend can be found in IRS News. We get the details about this weekend’s IRS open houses nationwide, in their Fresh Start program. You can’t make an appointment, so get there really early. They won’t be open very long – and I am sure lots of people need help straightening out their own messes – and trying to fix the ones IRS created when they implemented the Homebuyers Credit program so poorly.

We also learn about IRS starting to clamp down on 100,000 tax preparers nationwide who have not registered in the new PTIN program and are preparing tax returns illegally.

In today’s Money Funnies & Inspiration, you learn about China’s influence on the economy in One in Five.

A Week of TaxMama’s TaxQuips
We start the week off with Todd who has a client generating income from Canada. Todd wants ot know if his client should be filing tax returns in Canada. What do you think? Wyetta didn’t file a tax return in 2006 and wants to know how to avoid reduce her taxes and penalties. David is concerned that his mother is not charging some tenants enough rent. Will she get into trouble? We end this week with Linda who demands to know how to convince IRS it’s OK to net gambling wins and losses.

Lower taxes, achieved ethically = higher profits and increased joy

Small Business Taxes Made Easy

The new, award-winning Small Business Taxes Made Easy is getting lots of attention. Andrew collected some of the reviews and awards generated by this book.

Read the interview with Melinda Emerson about the book.

SmallBizlady: Your book seems to cover a lot more than taxes. Why?

TaxMama^®: One of the things I realized during my decades working with small business owners is that they need guidance in so many more areas than just pure tax planning. After all, what’s the point of trying to reduce your taxes when your business never makes any money – or makes very little profit?

This week’s question for you – Is the office in home deduction really a red flag?

Read Chapter 7 of Small Business Taxes Made Easy for more details.

TaxMama’s EA Exam Review Class

Do you want to know more about the IRS Special Enrollment Examination? Please replay Everything you Ever Wanted to Know about the EA Exam.

Last night, TaxMama’s students learned all about Office in Home. The consensus was that this was extremely illuminating.

Tomorrow, we’re going to learn about Business Income – and start the first Final Review Session for Part 2 of the EA Exam.

There is still time to sign up for TaxMama’s EA Exam Review Course.

There is a Family Member discount of 10%.

CPE-Link – The IRS Practice Series is now over.

Practice Series: Representing Your Client at a 1040 Audit – Office or Field

IRS Practice Series: Curing the Addicted Tax Delinquent – A 12-step program

Remember to sign up for the whole IRS Practice Series – Self-Study.

Incidentally, if there is anything else you’d like to learn more about, please let me know. We’ll develop the classes for you.

TaxMama Interviews

Adrienne Mitchell – MarketWatch radio
Nasty Surprise Awaits 401k Borrowers

Paul Petillo, in the Business Insider – Your Retirement Lifetime: Longevity and Investing
https://www.businessinsider.com/your-retirement-lifetime-longevity-and-investing-2011-6

Radio with Jim Blasingame, the Small Business Advocate

How is an enrolled agent different from a CPA? What is the roll of an enrolled agent? Eva Rosenberg joins Jim Blasingame to define “enrolled agent” and reveal how they serve clients with tax and financial services.
The career of an enrolled agent (EA) How can you make a career of being an enrolled agent? Eva Rosenberg joins Jim Blasingame to discuss how to become a professional enrolled agent (EA), what an EA does for his or her clients, plus the earnings potential of an EA.
Two tax deductions to not overlook What are some tax deductions and credits you can still get? Eva Rosenberg joins Jim Blasingame to report on the health care tax credit and the SEP IRA that you can still fund and deduct through the extension period.

TaxMama Writing:

AccountingWeb.com blog – Face-to-Face vs Electronic Meetings

This month’s MarketWatch article –Are your kids cheating on their taxes?

This week’s Equifax article is – How Divorce Affects Your Tax Return

This week’s Suze Orman article is – Helplessness Can Be Overcome

You can find daily TaxQuips into YouTube videos
https://www.youtube.com/taxmama1#p/u

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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TAX CALENDAR

https://taxmama.wpengine.com/tax-calendar-2011/

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06/30/2011 File Form TDF 90-22.1 – Report of Foreign Banks with $10,000 anytime during year

07/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/01/2011 2nd Quarter Payroll Taxes Due

08/01/2011 Deposit FUTA tax if more than $500 was paid through June 30th

08/01/2011 Employer’s Deposit Federal Unemployment (FUTA)

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500

08/01/2011 Employers File Annual Return for Employee Benefits Plan 5500-EZ

08/01/2011 Employers File request for Extension filing Employee Benefits Plan Return

08/01/2011 2nd Quarter Federal Excise Tax Return & Payment Voucher

08/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

08/30/2011 Time for businesses to consider setting up retirement plans

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