Ask TaxMama Issue 611 – Full Hearts

Dear Family, 

The stock market has been quite a ride this week. Someone was kind enough to thank me for my wise and useful advice and wanted to know if I could also help him with his septic system. (In other words…in case you missed the sarcasm, he’s saying I’m full of excrement.) Which is fine. We all need a good laugh.

 But let me remind of two facts of life. 

If you sell low – you lose money. Period.

It doesn’t grow back all by itself.

 If you buy when the market is low – and hold on for the ride – you will sell at a profit. You will make money. 

This week, we have been intensely involved with lots of class-related issues. One of the things we have been doing is working with NASBA to arrange for Continuing Education credit for CPAs. This is a process I’ve started a couple of times over the past decade or so. But the ton of paperwork involved was so heavy, I never had time to finish it. Even after devoting weeks to gathering the documents needed to qualify, some client emergency would always interrupt, and it just never got done.  

This time was different. The folks at NASBA are WONDERFUL! Did I say they were absolutely terrific? I probably shouldn’t tell you this, because if you know, then everyone will run out and apply to be a CE provider. But…every single person who has worked with us and our application has been a joy. We started the application process on August 1. They called yesterday (August 11th) to say we have approval for our live online Internet courses (Group-Internet). We can expect approval for our Live-in-person courses in a few days.  That’s the speed of lightning! Less than two weeks? In the past, their guidelines used to advise us to expect several months for the process. I am stunned – and grateful. 

THIS is how customer service should work.  

And now one of my students is asking for CE for attorneys – especially in California. OK, that’s the next step.  Well, hey, once you start the process, who knows how far we will take it?  

In yesterday’s TaxQuip, there was a link to a proposed California law that might affect you. People told me the link didn’t work. This one should work – California Puts Another Stumbling Block in the Path of Business?  

In IRS News today, IRS tells us there is a filing deadline for the estates of people who died in 2010. Only…the form they want us to use by that deadline is still not ready for prime time. And I got no response from the IRS press office when I asked about that. IRS also gives us tips for folks who are selling their homes.  The Treasury Inspector General for Tax Administration reports on IRS’s customer service. The report is quite favorable about the quality of the information their undercover callers received.  

In today’s Money Funnies & Inspiration,  a priest teaches us how to tell the truth…with a twist.

A Week of TaxMama’s TaxQuips
We start the week off with Richard, whose son is back from the wars. Richard has just deeded over a farm to help his son start out life properly. What are the tax issues? Kelly tried to take an adoption credit for adopting her ex-husband’s son. IRS rejected her credit. TaxMama thinks her case is unusual enough that Kelly should appeal the decision. Several people got into this discussion. It’s really quite an interesting situation. Eric is a new landlord and wants to know what he may deduct – especially when the unit is vacant. We end this week with Kennet, who formed a corporation and is already messing up. How can he fix it?

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.

            Iram Martinez just finished reading the book:

I have to say, AWESOME, AWESOME, AWESOME.  I have to be honest and say that it was one of those books that once I started to read I could not put down and strange part of it, it was regarding taxes…..

This week’s question for you – What should your business be doing this summer?

Read Chapter 10 of Small Business Taxes Made Easy to guide you through the planning that will save you thousands of dollars this year.

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.

This week, TaxMama’s students learned all about Retirement plans for businesses, dealing with decedents estates and trusts.

Tomorrow, we’re going to do the final in-depth testing on how to pass the Part 2 of the EA Exam even when you don’t know the answers to the Part 2 questions. Learn more about Taxmama’s EA Exam Review Course

Here’s what one student just said about this class:

As you know I passed my part 1 of the EA exam yesterday.

I wanted to thank you for the all the support and guidance provided over the last few months.  Literally, due to your coaching, you have given me a new lease on the new career venture. I have been thinking about this new career for over 2 years and really did not know as to how go about it.  It was late May of this year that I ran into your website and decided to take a chance.  I can honestly say to you that your teaching methods and your  knowledge about the business has been a “god send”.  I will say it anyone that TaxMama is NOT “taking a risk” but a GREAT find.

Throughout this process you have been encouraging, inviting and brilliant.

Again, many thanks. 

Anil Singhal

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.  

But they are ALL up as a Self-Study Package – you can get them all at the special package price. The course prices are cheap enough for a non-professional to use them to help yourself fix your own tax problems.  

We’ll be working on some year-end reviews for you soon, too.

As well a course to explain how to deal with the Injured Spouse problem.  

In the meantime, people keep telling me they don’t know how to use Facebook and Twitter to improve their business. You will find some classes here, at CPE Link.

 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 Writing: blog – California Puts Another Stumbling Block in the Path of Business?

This week’s Equifax article is  – Wedding Related Benefits 

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

You can find daily TaxQuips into YouTube videos

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.  






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

09/15/2011 Employers Make Monthly Payroll tax deposit on the 15th of each month

09/15/2011 Partnership Returns Due- FINAL DEADLINE

09/15/2011 Corporate Returns Due- FINAL DEADLINE

09/15/2011 S Corporate Returns Due- FINAL DEADLINE

09/15/2011 Estate & Trusts Returns – Final Deadline; Bankruptcy fillings use the same form

09/15/2011 Individuals, Farmers & Fishermen Pay 3rd Quarter Estimated Tax Payment

09/15/2011 Corporations – 3rd Quarter Estimate Tax payment Due 

09/15/2011 Estates & Trusts 3rd Estimated Tax Payment

09/15/2011 Deadline for Corporations and Partnerships to fund SEP-IRAs for previous year.

09/30/2011 Last day to establish SIMPLE plans for current year

09/30/2011 Time for businesses to consider setting up retirement plans



From TaxMama® to You!



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Take TaxMama®’s 2011 EA Exam Review Class  


Last night, TaxMama’s students learned all about Partnerships

Tomorrow, we’re going to learn all about Corporations and S Corps.

We had great fun getting insights into Partnerships this past week.

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


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Everything You Wanted to Know About the EA Exam



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