During the month of November the IRS is sending letters to more than 21,000 paid tax preparers who prepare a large number of Schedules A, C, and E. The letters, which are slightly threatening, are intended to remind tax preparers of the “consequences of filing incorrect returns and new tax return preparer requirements.” The IRS […]
Category Archives: *AskTaxMama Newsletter
AskTaxMama
HR 674 was passed by the House this week and sent to President Obama for signature. The AICPA is happy with this law. In a press release, Edward Karl, vice president of taxation for the American Institute of Certified Public Accountants said, “The AICPA commends Congress for recognizing that it makes sense to repeal the […]
Harry and Esther are flying to Australia for a 3 week holiday to celebrate their 40th anniversary. Suddenly, over the public address system, the Captain announces, “Ladies and Gentlemen, I am afraid I have some very bad news. Our engines have ceased functioning and we will attempt an emergency landing. Luckily, I see an […]
Dear Family, This week, we are working on the first review class for the new Registered Tax Return Preparer examination. When I scheduled the class for November, my intention was to take the exam myself, before teaching the course. After all, the IRS announced the new exam would be available by the middle of October. […]
CCH Suggests Steps to Consider Before Time Runs Out (RIVERWOODS, ILL., November 2, 2011) As the clock winds down on the 2011 tax year, now is the time for taxpayers to look at their financial situations, consult tax and accounting experts and determine if they can be better positioned for filing income tax returns […]
Danny Duck walked into a bar and asked for some crackers. The bartender said no. The next day Danny Duck went into the bar again and asked for some crackers. The bartender said no.
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.
Courtesy of Greatland Corp Avoid penalties, improve compliance and know the important changes for the 2011 year-end Grand Rapids, Mich., Oct. 25, 2011 – Every year brings with it new changes related to W-2 and 1099 forms and reporting requirements. Due to the government’s increasing focus on the proverbial “tax gap,” it’s more important than […]
[TaxMama Note: In fact, a developer at Intuit just told me this week that the 1099-K form (the new merchant and 3rd party payer reporting form) for 2011 is not being used. She says IRS will not ask taxpayers to enter any info from 1099-K. Probably a results of the IRPAC recommendations. This was going […]
Goldilocks was walking along one sunny afternoon when she found a beautiful house in the woods. The door was open, so she walked right in. There she found a table set with three bowls of steaming porridge. “Hello?” she called out, but no one was home.
Dear Family, This has been a busy week out there in the world. We’ve had odd shootings, located a missing dictator in Libya, got an announcement that we are pulling out of Iraq by the end of the year. And remembered Steve Jobs. Among other things. IRS has been busy updating information and putting […]
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other […]