Category Archives: Penalties

TaxMama’s® TaxQuips Common Errors This Season

  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 […]

TaxMama’s® TaxQuips The Deadline is Coming! The Deadline is Coming!

(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, […]

Slow Down! Ask First!

slow down!

       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 […]

TaxMama’s TaxQuips Solid Gold

  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 […]

Highlights of Federal Tax Issues in June 2018

Today TaxMama® wants to update you on key tax issues that affect you this year.  

VCSP – Employer Amnesty for Mis-Classifying Employees

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 […]

Unused LLCs and Corps

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.    

October 15th is NOT the filing deadline for Everyone

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 […]

Reasonable Care and RMD

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?”

Extra IRS Taxes Plus

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 […]