Ask TaxMama Issue 620 – Happy Neewollah!

Dear Family, 

 Yesterday turned into a bizarre day, as I clicked on the wrong thing and sent emails to absolutely everyone, confirming their registration for next Tuesday’s Registered Tax Return Preparer exam review class. You can just imagine the reaction! Actually, you can’t. 

The error was caused because I tried to save 10 minutes by combining several steps. Instead, it cost me hours, as I responded to people for the next several hours. 

A very few people were angry and offended, sending harsh notes – and un-subscribed. Some folks thought it was an error on their part, and kind of scratched their heads wondering how they managed to do that. Many, of course, realized it must be my error and sent me notes. Let me thank you for those notes. You are the sweetest, dearest, funnest group of people I know. 

The best part was, hearing from friends who’ve been quietly reading for years, or old students, who dropped me a line or called. Such cheerful voices! It was fun catching up – if only I had more time to just kick back and chat. 

Interestingly enough, several people signed up for the class – or asked about a later class. That was kind of a pleasant surprise. (Someone even suggested I should make mistakes like this more often – it’s good marketing! Uh, no!)  

I would say that there is a lesson here. Don’t take short-cuts. Continue to do things methodically and properly. But the error generated so much laughter and fun, I think it was worth it.  Thanks for your terrific responses!  

Moving on…you’re wondering about the Neewollah thing? That’s Halloween backwards. After all, this is Halloween weekend – and people will be holding carnivals, harvest festivals and parties all over the place. But in certain parts of the country, Kansas, in particular, they celebrate Neewollah. They make a major, week-long party out of it – and have been, since 1919. If you want some fun ideas, visit Independence, Kansas, or their website.  

Speaking of Halloween – that’s going to be on Monday. Remember to join me and Bob McCormick’s Money 101 show on KFWB. Tune in from 9-11 am Pacific on the radio AM 101, or  on online at KFWB.  

We keep hearing so much about the various tax plans being proposed on the campaign trial. Well, MarketWatch’s Andrea Coombes has an interesting article this week, comparing Perry’s vs Cain’s tax proposals. Coombes asks, which plan cuts your tax bill?  

In IRS News this week, we get a peek at the 2011 annual report issued by the Information Reporting Program Advisory Committee (IRPAC). Some of their recommendations may already have been implemented. We also get some tips from Greatland Corporation in their year-end guidance on navigating the 2011 tax changes. 

In today’s Money Funnies & Inspiration, we look in on Goldilocks and enjoy her surprise experience as she gets more than she bargained for.

A Week of TaxMama’s TaxQuips

Ouch!  Today TaxMama hears from Seth in the TaxQuips Forum who is recovering. “I had an accident where I sustained multiple fractures (pelvis, ribs, and wrist).  My medical insurance will pay 80% of my bills, which is great.  In addition, I have personal accident insurance.  There is a dollar amount associated with each type of fracture […] Read the full article →

Homes and Attributes  Today TaxMama hears from Cathy in the TaxQuips Forum with this question. “Are taxpayers required to file Form 982 when their Principal Residence is foreclosed on? If so, would they check off Part 1, 1e ”Discharge of qualified principal residence indebtedness”? If the Cancellation of Debt for a foreclosure is a principal residence, attributes do not […] Read the full article →

Terrifying Tax Tales  Today TaxMama wants to ask you. “What is your most terrifying tax tale? What is the worst thing that IRS or your state tax agency ever did to you? Or the most embarrassing thing? Did your ex-spouse or ex-lover get you in trouble? Or did your tax professional mess up big time?” Please tell us […] Read the full article →

What is Income?  Today TaxMama hears from Jude in the Tax Quips Forum, with a wise question. “After reading about how barter and other unthought-of things are considered taxable, I started wondering. Are any of the following considered taxable – and how much is worth worrying about?” And Jude lists a few common happenings – which you […] Read the full article →

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.      

I just finished teaching my last class (84 hours) for the season and had a total of 96 students this year. I love teaching and showing students the proper and correct way to prepare taxes. I find it very rewarding. I gave your book to all of my tax pros and they were very glad to receive it. I also gave it to some friends that have a tax business and a few clients. It went over very well.

John L. Jones – World of Jones

This week’s question for you – What does your recent IRS notice mean?

Read Chapter 13 of Small Business Taxes Made Easy to learn the secret.

TaxMama’s Registered Tax Return Preparer Exam Review Class  

TaxMama has an 8-hour course designed to help you pass this exam if you feel you need one. However, I advise you to take the exam without paying for any course at all, first. Then, if you still have trouble – come to me! I am customizing key parts of the EA Exam Part 1 course, just for you! Price will be only $99. The live, online course will run two hours per morning, from Nov 1 – Nov 4. It will be recorded, so you can learn it as a self-study course, as well. Reserve your spot NOW! ]

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.

The Live course  is now over. Students are taking – and passing – their exams.

We will continue to meet twice monthly to help all students (Live and Self-Study) finish passing the exam before the testing window closes on February 29, 2012

Learn more about Taxmama’s EA Exam Review Course

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

” I passed part 2 today on my first try!  I am one happy person today – I was dreading this one!  Thanks so much for all your help.   Anna

There is still time to sign up for TaxMama’s EA Exam Review Course   There is a Family Member discount of 10%. 

CPE-Link – Lots of courses coming up – and some money-saving bundles  

  http://www.cpelink.com/teamtaxmama  New classes coming soon:  

Nov 10   11:00am-1:00pm (Pacific)      How Innocent is Your Spouse? 
Nov 16   9:00am-11:00am (Pacific)      Top 10 Tax Changes for 2011 Filing
Nov 21   8:00am-10:00am (Pacific)   Registered Tax Return Preparer Course:Pt 1
Nov 23   8:00am-10:00am (Pacific)   Registered Tax Return Preparer Course:Pt 2
Dec 14   9:00am-11:00am (Pacific)     Top 10 Tax Changes for 2011 Filing
Jan 13, 12  9:00am-11:00am (Pacific) Top 10 Tax Changes for 2011 Filing
Jan 13, 2012   9:00am-11:00am (Pacific)     Top 10 Tax Changes for 2011 Filing 

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

The ABA Journal and US News and World Reports…well, those won’t appear for a few more weeks.

There is another quote in Liz Weston’s MSN.com Money column
http://money.msn.com/home-loans/should-you-rent-out-a-room-weston.aspx?

TaxMama Writing:

This week’s Equifax article is  –  The Most Affordable Place to Retire.

AccountingWeb Blog is all about the job opening at Intuit for the Ask a Tax Expert positions – about 100 of them! Don’t tell me there are not job openings!

Also on AccountingWeb Blog is In For a Pound – a review of a fun new book by Donald Korn.

This month’s MarketWatch article -will be about IRS’s new Voluntary compliance program for employers.
You can find daily TaxQuips into YouTube videos
http://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.

http://taxmama.wpengine.com/asktaxmama/ask-taxmama-issue-620       

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 Eva Rosenberg, EA 

Your TaxMama®  www.TaxMama.com

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TAX CALENDAR

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  •  10/31/2011 3rd Quarter Payroll Taxes Due
  • 10/31/2011 Employer’s Deposit Federal Unemployment (FUTA)
  • 10/31/2011 3rd Quarter Federal Excise Tax Return & Payment Voucher – Form 720

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From TaxMama® to You!

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EA EXAM NEWS & SOLVING THE TAX PUZZLE

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Take TaxMama®’s 2011 EA Exam Review Class

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Last night, TaxMama’s students learned all about audits and appeals.

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

 

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