Category Archives: IRS – Information

Penalties are not Taxes

Today TaxMama hears from Mike in North Carolina who just won – nothing. “ I recently got the penalties for a 1999 tax return abated. The IRS claims that any penalties over two years old are not refundable and referred to IRS publication 556. I contend penalties are not overpaid taxes and therefore are refundable. […]

California Wildfire Tax Relief

Today TaxMama hears from Teri in California with this question. “Do you know if there is authority for relief from the 10% penalty on early distribution of IRAs due to the California wildfires?”

What kind of records should I keep?

Courtesy of the IRS [TaxMama note: This is one of the top questions businesses should be asking, but rarely do!] You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business […]

Cancellation of Debt

Today TaxMama hears from Anna in Virginia who is upset. “I just received a letter from the IRS for my 2007 tax return saying I owe $1600 because of a cancellation of debt that I didn’t claim. I didn’t know that I was supposed to. I don’t have $1600. What am I supposed to do?”

California’s Balanced Budget?

Courtesy of Spidell Publishing Inc. The 2009–10 budget revision does not contain any new taxes, but includes tax accelerations that bring money in earlier, so we will likely revisit the fiscal crisis later. Here are the tax changes contained in ABX4 17 and ABX4 18. Estimated tax payments: Requires individual and corporate estimated tax […]

IRS Tax Amnesty

Today TaxMama hears from Luz in California, with this query. “Is there any period of time, or once every 4 or 10 years that the IRS forgives or gives a percentage reduction on the amount owed on back taxes to the community? ”

Owe my Soul To The IRS

Today TaxMama hears from Debra in Georgia with these problems. “I had almost no income in 2007 from losing my job. I had to live on withdrawals from my 401k. Due to the penalties I am still paying this debt to the levaquin online no prescription My home was also foreclosed on in […]

Required Minimum Distributions

Today TaxMama hears from David in Arizona who has a good prednisone online no prescription “When required minimum distributions for standard IRA accounts begin, can distributions be transferred to Roth-IRA, considering no wage income is available for the year of transfer? ”

IRS Issues Guidance on New Build America Bonds

IR-2009-33, April 3, 2009 WASHINGTON — The Internal Revenue Service today issued guidance on the new Build America Bond program. This program allows state and local governments to issue taxable bonds for capital projects and to receive a new direct federal subsidy payment from the Treasury Department for a portion of their borrowing costs. The […]

Disaster Loss

Today TaxMama hears from Debbie in Washington State who tells us, “We were affected by a Federally acknowledged disaster in December of 2007. The repair costs are in 2008, but I can’’t find where to claim them. What do I do?”