It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about errors people have been making in their tax returns this year. Dear Family, My goodness, it’s already Spring! The first day, here in Southern California is mostly gray, threatening to rain…but not quite making […]
Category Archives: Penalties
*AskTaxMama Newsletter, *Tax Quips, Filing Deadline, IRS News, Late Filing, Penalties
TaxMama’s® TaxQuips The Deadline is Coming! The Deadline is Coming!
12
Oct
Oct
(Title – with apologies to the film – The Russians are Coming! The Russians are Coming!) It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about the very last filing deadline for calendar year taxpayers filing 2021 tax returns. Dear Family, The time has come, the Walrus said, […]
19
Feb
Feb
Today TaxMama® wants to talk to you about common errors people are making. Dear Family, We have been answering hundreds of questions from taxpayers and tax professionals in the TaxMama® Forum. https://iTaxMama.com/AskQuestion Oddly enough, people are upset with our answers. Why? Because they are asking questions AFTER they have […]
*AskTaxMama Newsletter, *Tax Quips, IRAs, Penalties, RMD - Required Minimum Distributions, Roth IRA
TaxMama’s TaxQuips Solid Gold
22
Aug
Aug
TaxMama® learns something from a question about the required minimum distributions. Got to tell you about this! Dear Family, One of our readers asked about how to take a required minimum distribution from his IRA account, when the only asset in the account was one one-kilo gold bar. In order for you to […]
*AskTaxMama Newsletter, *Tax Quips, Audit, e-Filing, Employees, Employment, International, IRS News, IRS Notices, Mobile and Apps, Payroll, Penalties
Highlights of Federal Tax Issues in June 2018
08
Jun
Jun
Today TaxMama® wants to update you on key tax issues that affect you this year.
*Education, *Special Reports, *Tax Quips, Amnesty, Business Expenses, Corporations, Employees, Independent Contractors, Interest Expense, IRS News, IRS Notices, Payroll, Penalties, S Corporations, Tax Education, Wages
VCSP – Employer Amnesty for Mis-Classifying Employees
07
May
May
Intro paragraph: Employers – PLEASE PAY ATTENTION NOW! You can no longer get away with treating employees as freelancers. Aside from several recent court decisions, there are too many ways for your employees to turn you in to the IRS and state authorities. After all, if the employees don’t want to pay YOUR half of the […]
*AskTaxMama Newsletter, *Tax Quips, Corporations, Dissolutions, Entities, Late Filing, LLC, Penalties, S Corporations
Unused LLCs and Corps
26
May
May
Today TaxMama® hears from several people who have questions about tax returns for entities they created – but never used. This recent question from Debbie, on behalf of one her clients, is far too common.
*AskTaxMama Newsletter, *Tax Quips, Casualty loss, Disaster, Exceptions to Penalties, Late Filing, Paying Taxes, Penalties
October 15th is NOT the filing deadline for Everyone
13
Oct
Oct
October 15th is the annual filing deadline for all personal income tax returns.https://biuinternational.com/wp-content/languages/new/how-to-do-a-lab-report.html This year, some (un)lucky folks in several disaster areas around the country have extra time to file – as long as they were wise enough to put their personal tax returns on extension.https://biuinternational.com/wp-content/languages/new/writing-college-essay.html What about the rest of us? We still face […]
*AskTaxMama Newsletter, *Tax Quips, Exceptions to Penalties, Penalties, RMD - Required Minimum Distributions
Reasonable Care and RMD
15
Jun
Jun
Today TaxMama® hears from Sonia in the TaxQuips Forum, who has this quickie question. “I contacted the custodian of my IRA AT 3 PM on 12/31 to request a required minimum distribution (RMD). The transaction ended up being dated 1/1. Will the 50% penalty apply? If so, how can I apply for relief?”
Today TaxMama® hears from Nic in the TaxQuips Forum, with this common misconception. “Nic is disabled and withdrew his money from his retirement plan. Now he’s trying to figure out how to avoid paying taxes on this money.”
Today TaxMama® hears from Stevenson in the TaxQuips Forum, with this question. “If you are unemployed, can the penalty to withdraw money from your IRA be waived when filing taxes? However, the taxes will still need to be paid since I am not 59 1/2. Is this correct? What form or forms would I file if […]
Today TaxMama® hears from Wayne in the TaxQuips Forum, with this question. “I received a notice from the IRS that my 2011 tax return did not include a withdrawal from my 401k. So I had to pay roughly $3,500 in taxes and penalties for this omission by my tax preparer. Is this $3,500 payment deductible […]