Hi Folks We have a law! Tune in to the discussion with reporter/podcaster Ken Jeffries in his UP TO THE MINUTE NEWS PODCAST-COVID-19. Here is a summary from the Tax Foundation – and if you click on links, there are more details https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/ I will be digging into this more deeply and put together a […]
Category Archives: *Tax Quips
27
Mar
Mar
Friends, this is an amazingly bad time for the IRS – and the tax prep software industry – and us – tax professionals. 1) Everyone was totally organized and ready for tax season by December. Until WHAM! Congress passes a set of new laws that has everyone scrambling to re-write software, while the IRS […]
26
Mar
Mar
Received from the IRS 3:42 pm Pacific Dear Tax Professionals, Due to staff limitations, the PPS line, the e-Services Help Desk line and the e-Services, FIRE and AIR system help desks are closed until further notice. Please make IRS.gov your first option for answers to questions. The IRS is temporarily suspending acceptance of new […]
*AskTaxMama Newsletter, *Tax Quips, COVID19, IRS News
IRS suspends key compliance programs – including various payments due
25
Mar
Mar
Incidentally, if you want to know about the IRS’ operations during this time, the IRS set up a new overview page https://www.irs.gov/newsroom/irs-operations-during-covid-19-mission-critical-functions-continue You can read the entire message here But here are the highlights for YOU. New Installment Agreements – The IRS reminds people unable to fully pay their federal taxes that they can […]
20
Mar
Mar
Today TaxMama® wants to toot her own horn for a change. Dear Family, We are celebrating 2020 as TaxMama’s® 21st anniversary and will be providing goodies to our members along the way, throughout the year. Twenty-one years ago, I set up the TaxMama.com website to solve a problem I saw over and over again. People […]
*AskTaxMama Newsletter, *Tax Quips, Disaster, Extensions, Filing Deadline, Form 4868, IRS News, Paying Taxes
Insanity Update and Alerts
20
Mar
Mar
BREAKING NEWS – Marchh 20, 2020 – Treasury Secretary Steven Mnuchin tweeted Friday that President Trump has directed him to move Tax Day to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic. “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” […]
*AskTaxMama Newsletter, *Tax Quips, Extensions, Filing Deadline, Form 2553, Form 7004
TaxMama’s TaxQuips Filing Deadlines Coming Up
13
Mar
Mar
Today TaxMama® wants to talk to you about the upcoming deadline on Monday. Yes, we do have an extra day, because the 15th is on a weekend. Dear Family, Coming up on Monday, here is what’s due: Form 1065 – Partnership tax returns and K-1s (for partnerships and LLCs […]
21
Feb
Feb
subtitle: Why donations are down – especially vehicles Today TaxMama® wants to talk to you about charitable contributions, especially vehicle donations. How are charitable donations of vehicles affected because of the new tax rules – effective as of December 2017, in the Tax Cuts and Jobs Act – https://www.irs.gov/charities-non-profits/charitable-organizations/irs-guidance-explains-rules-for-vehicle-donations ? The first tax […]
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. http://iTaxMama.com/AskQuestion Oddly enough, people are upset with our answers. Why? Because they are asking questions AFTER they have […]
*AskTaxMama Newsletter, *Tax Quips, IRS News, Paying Taxes, Payroll, Trust Fund Penalty
I am from the IRS and I am here to help you!
24
Jan
Jan
I am from the IRS and I am here to help you! The intention, believe it or not, is to help small businesses that start to get behind on payroll tax deposits – before they get so far behind that it’s too late to save the business. The fact is, one of the most common reason that small businesses fail (other than ineptitude, bad planning and lack of funds) is that the owner thinks it’s OK to use the money withheld from employees’ paychecks to pay their own bills, as a short-term loan. It might work once. But payroll after payroll, the boss starts getting more behind. The funds don’t get paid back. The payroll taxes don’t ever get deposited. This affects the employees, trying to get their refunds. This often causes businesses to go under.
*AskTaxMama Newsletter, *Tax Quips, 401K, Adoption Credit, Education Expenses, Electric Plug-in, IRAs, Kiddie Tax, News & Politics
Last Minute New Tax Laws and Changes
30
Dec
Dec
Today TaxMama® wants to give you some very big news about tax law changes. On December 20th President Trump signed into law the Further Consolidated Appropriations Act. Those 715 pages included two major tax bills – the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) and the Taxpayer Certainty and Disaster […]
20
Dec
Dec
Today TaxMama® wants to give you news and some steps to take before the end of 2019. Dear Family, In the tax world, we spent this year trying to understand how to interpret all sorts of provisions of the Tax Cuts and Jobs Act that was passed at the last minute […]