Author Archives: TaxMama

Money Punnies and more

I got a job at a bakery because I kneaded dough. I used to be a banker, but then I lost interest. Then I decided on bookkeeping. No accounting for taste.

Sold and Re-Sold

Today TaxMama® hears from Mike in the TaxQuips Forum, who asks a logical question.  “I sell collectible cards in NC. I collect sales tax on new product (such as a new pack of 15 cards). The question is, if I buy a single card from someone who just bought that pack of 15 new cards […]

IRA Penalty

Today TaxMama® hears from Ed in the TaxQuips Forum, who is concerned “I was a beneficiary of my father’s IRA in 2009, after he died. I took out the entire amount at that time and paid the taxes due. Everything I read on the web indicates that I do not owe an early distribution penalty. […]

Back Taxes Owed Stats

Today TaxMama® hears from Asal in the TaxQuips Forum, who asks a simple question. “Did you know how many people in the United States owe back taxes?”

Care and Feeding of your PTIN Series – Session 1 – Maintaining Your RTRP

NOTE: All regulations re:RTRPs have been suspended – these rules no longer apply.buy generic neurontin online blackmenheal.org/wp-content/languages/new/buygeneric/neurontin.html no prescription 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 […]

Change of Address

Today TaxMama® hears from Hamed in the TaxQuips Forum, who is quite annoyed. “I sent a change of address form to my IRS auditors with my response to the audit. They ignored the change of address and sent their response to my response to the old address. I also mentioned the change of address in […]

Reverse Mortgages

The Mortgage Deduction

Today TaxMama® reads the Tax Prof Blog’s notes about who benefits from the mortgage deduction. According to an analysis reported in the NY Times, only 30% of Americans really benefit from this deduction. They are essentially in the “upper-middle and upper-income households.” Doesn’t that make you feel rich? What is the reality?  

Starting a Tax Practice

Today TaxMama® hears from John with this naïve question. “I have been mulling about this idea for a long time. I want to start a tax prep and services business. I have been doing returns for friends and associates for the past 2 years and want to incorporate. What is my first step? And then […]

Ask TaxMama Issue 663 – Happy Neewollah

Dear Family, Next week, folks who are young at heart and have a sense of fun, get to enjoy Halloween. But if you want to celebrate early, you might do something like the folks in Independence, Kansas have been doing – celebrating Neewollah (that’s Halloween backwards). See if there is a Neewollah celebration in your […]

IRPAC Issues Annual Report for 2012

Courtesy of the Internal Revenue Service WASHINGTON — The Information Reporting Program Advisory Committee (IRPAC) today released its 2012 Report, which includes recommendations pertaining to a number of information reporting issues such as cost basis reporting for debt and options, the new Form 1099-K, the Foreign Account Tax Compliance Act, information return corrections and other […]