IRS Provides Tax Relief to Victims of Hurricane Isaac; Return filing and Tax Payment Deadline Extended to Jan. 11, 2013 (courtesy of the IRS) WASHINGTON –– The Internal Revenue Service is providing tax relief to individuals and businesses affected by Hurricane Isaac. Following recent disaster declarations for individual assistance issued by the Federal Emergency Management […]
Author Archives: TaxMama
Here are some funny interpretations of words you already know and love. Coffee (n.), a person who is coughed upon. Flabbergasted (adj.), appalled over how much weight you have gained. Flatulence (n.) the emergency vehicle that picks you up after you are run over by a steamroller.
Today TaxMama® hears from Nick in the TaxQuips Forum who is angry. “This year I saw some disturbing instances where independent contractors were issued 1099-MISC for higher amounts than they were actually paid. Some of contractors were paid in cash and there are no supporting documents on how they were paid. The reason for these […]
Today TaxMama® hears from Lloyd in the TaxQuips Forum with a little problem. “I paid someone in Thailand approximately $15K a year to do data entry for me. IRS is not happy that I did not issue a 1099-misc to her. Until now, she did not have ITIN or Social Security Number. However, this year […]
Today TaxMama® hears from Ivan in the TaxQuips Forum who seems to be concerned. “I have found lots of info on filing gift tax returns – penalties – life time exclusions. But what I cannot find is, what if someone makes a gift(s) to a child, or anyone else, in an amount well over the […]
Dear Family, Everyone is getting ready to take off early for the long Labor Day Weekend holiday. I know you have lots of distractions. So we will make today’s issue short and sweet – just one Money Funny – all about what our children are learning in science class. We’ll return on Tuesday with IRS […]
Interpretations of nature from junior high, high school, and college test papers and essays submitted to science and health teachers (spelling errors preserved)… “When you breath, you inspire. When you do not breathe, you expire.” “H2O is hot water, and CO2 is cold water”
Today TaxMama® hears from Lara in the TaxQuips Forum who is helping get a partnership out of trouble. As it happens, this seems to be the week for questions from tax pros about the penalties IRS imposes on late-filed partnership tax returns. So let’s talk about those.
Today TaxMama® hears from MJ in the TaxQuips Forum who tells us, “We have a friend whose child has been injured, and would like to raise funds for her to help pay for the bills. We cannot afford to file for a non-profit (KY); and don’t know if that’s even necessary for a case like […]
Today TaxMama® hears from Joe in the TaxQuips Forum. Joe has just returned from 30 years of service in the armed forces. He hasn’t lived in his home for most of that time, so it doesn’t qualify for the personal residence exclusion. Now it’s time to sell. And Joe has a few questions about the […]
Today TaxMama® hears from Bill in the TaxQuips Forum. Bill insists that for payments made in 2012, we do not have to send 1099s to corporations. TaxMama says, she just read that corporations DO get 1099’d. Who is correct?
Dear Family, Friday is a nice, gray day here in the Valley. The sun is not burning brightly down upon our heads and shoulders – at least, not yet. Thank goodness. It’s been tough out there – and my car’s A/C unit seems to have a leak. It only blows cool air when Rick […]