Tag Archives: United States

Patent Fees

Today TaxMama hears from Douglas in the TaxQuips Forum with this question. “How does one deduct the attorney fees related to obtaining a patent? The patent is for a video game. The taxpayer is not in the business of creating video games. The plan is to sell the patent to a video game company once […]

IRPAC Issues Annual Report for 2011

[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 […]

Tax Extension Reminder – Things Not to Overlook

Courtesy of the IRS Don’t Overlook Special Individual and Small Business Tax Benefits; Choose e-file, e-pay  [TaxMama Note: Be careful. If you have disclosure statements that you want to go to IRS with your tax return, make sure your tax software company is transmitting those pages or forms.  If you cannot reach them in time, […]

Virgin Islands Investing

Today TaxMama hears from Tom in the Tax Quips Forum, who has gotten bad advice. “I started investing in an online program that is registered in the British Virgin Islands. They say that this program is exempt from the US Securities Act of 1933, the US Securities Exchange Act of 1934 and the US Investment Company […]

Surviving Spouses to Benefit from Portability Election

Courtesy of IRS. [TaxMama note: IRS issued this announcement on Sept 29, 2011. Not quite enough time to post this, much less for you to use this information by October 3rd. If you missed the deadline and didn’t get to file for an extension, try to get the extension anyway.  The rules for last year […]

Outreach to Small Businesses and Practitioners About the Small Business Health Care Tax Credit

As Tax Filing Extension Deadlines Near, IRS and HHS Announce New Round of Outreach to Small Businesses and Practitioners About the Small Business Health Care Tax Credit Video: Small Business Health Care Tax Credit-Updated English | Spanish | ASL WASHINGTON — As the upcoming filing extension tax deadlines approach, the Internal Revenue Service, in partnership with the […]

IRS Gives One-Week Filing Extension to Taxpayers

WASHINGTON — The Internal Revenue Service today announced it is granting taxpayers whose preparers were affected by Hurricane Irene until Sept. 22 to file returns normally due Sept. 15. The taxpayer’s preparer must be located in an area that was under an evacuation order or a severe weather warning because of Hurricane Irene, even if […]

Unclear on the Concept

Today TaxMama hears from Cliff in the TaxQuips Forum, who dropped the ball. “Filing your income tax return is due April 15th, or with an extension, 10/15. However, the instructions also say that you have three years (plus any extension) to file a claim for any refund due. Which rule takes precedence?  The IRS cannot […]

TIGTA Report on IRS Customer Service

  TIGTA Publicly Releases Report on IRS Customer Service WASHINGTON  –  The Internal Revenue Service (IRS) provides helpful and accurate tax law assistance, but taxpayers experience lengthy wait times to speak with assistors, according to a new report publicly released by the Treasury Inspector General for Tax Administration (TIGTA). The audit, a follow-up review to […]

Ten Tax Tips for Individuals Selling Their Home

Courtesy of the IRS The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten […]

Outsourcing Payroll and Third Party Payers

   Courtesy of the IRS [TaxMama Note: payrolls and payroll tax deposits tend to case THE most problems for small businesses. Somtimes, outsourcing is your best option.] Employer’s Outsourcing Payroll Responsibilities Many employers outsource some of their payroll and related tax duties to third-party payroll service providers. They can help assure filing deadlines and deposit […]