Today TaxMama® wants to have a little fun while I am waiting for all my emails to download. During our Thanksgiving vacation, I had time to do some reading. Let me introduce you to Diane Kelly, a CPA and writer – and her very interesting protagonist, Tara Holloway, a rather feisty IRS Special Agent.
Author Archives: TaxMama
Dear Family, Team TaxMama will be dark for Thanksgiving week. You won’t be able to ask questions on the site or even sign up – while we do magical things in the background in order to bring you a much better site after we return. But never fear, all the articles, Ask TaxMama issues, and […]
Last week, before Commissioner Doug Shulman left, he made sure that the IRS was in position to cut red-tape and make life easier for Hurricane Sandy victims. Tax Relief for Victims of Hurricane Sandy in Connecticut, New Jersey and New York Victims of Hurricane Sandy that began on Oct. 27 in parts of Connecticut, New […]
Courtesy of the Internal Revenue Service The Internal Revenue Service today issued a consumer alert about possible scams taking place in the wake of Hurricane Sandy. Following major disasters, it’s common for scam artists to impersonate charities to get money or private information from well-intentioned taxpayers. Such fraudulent schemes may involve contact by telephone, social […]
THE SENILITY PRAYER God grant me the senility to forget the people I never liked anyway, the good fortune to run into the ones that I do, and the eyesight to tell the difference.
The IRS established new regulations for tax professionals recently. After nearly 100 years without any form of tax preparer licensing or overview, it’s time for tax preparers to exhibit that they have a fundamental understanding of tax law, tax preparation and ethical standards. Now there is a new exam that ALL otherwise uncredentialed tax preparers […]
Today TaxMama® hears from Shar in the TaxQuips Forum, with this observation. “If you start an LLC and elect to have it be taxed as a C-Corp, does this election require you to follow all the ongoing requirements of your state for maintaining a C-Corp (corporate minutes, complete set of books, etc.)? Or can you […]
Today TaxMama® hears from John in the TaxQuips Forum, with this quick question. “Can a new marijuana business in CO and WA declare business deductions on a federal tax return?”
Dear Family, In honor of Veterans’ Day this weekend, in IRS News we are reminded that time is running out to get a substantial tax credit for hiring a veteran this year. The special, expanded tax credit will end on December 31st. So start interviewing now. Another special opportunity is open until December 31st. In […]
[TaxMama Summary: As long as the employer and employees follow the IRS guidelines, employees will be allowed to donate their sick pay, vacation pay or personal leave payments to the organizations helping victims of Hurricane Sandy. Effect on Employees: The amount donated will not be added to employees’ wages – so they will not have […]
Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new year. Here are six key facts about the WOTC as expanded […]