Ask TaxMama Issue 568 – The Book of Life

Wishing you a sweet, healthy and happy new year 5771 - and an easy fast

Dear Family,

Whew! We survived another big filing deadline – the one for corporations, partnerships, estates, trusts and everything. Thank goodness. But, oops. What if your business didn’t quite get your tax return done in time?  My good buddy, Wayne M. Davies has the answer for you, in a special – open to everyone. He also has some useful tools and reports for you on his own site. He is a reliable tax professional and his materials are well worth exploring.

Now, it’s all about surviving the Fast tomorrow. Yom Kippur, which starts tonight, happens to fall on a Friday this year. That means Yom Kippur is combined with the Sabbath, making both even holier. There is legend (or wisdom) that says, prayers at such at time are even more powerful. Perhaps that’s true. Let’s all pray strongly and powerfully for peace and prosperity throughout the world. This is the time when it is decided who gets written into the Book of Life. With peace, more people will fill that Book, right?

[Note: As I tell you about my culture, I’d love to learn more about yours. Please use the comments field on the site to tell all about your celebrations and faith.]

A couple of days ago, Sonya Wilt sent me a copy of a letter that I found really disturbing. Sonya and I are working with Tom Buck to teach more tax professionals how to help you get out of tax trouble. Suddenly, we learn about this FTC (Federal Trade Commission) ruling that says,if we help you, you can’t pay us up front for the work we do.

OK, I understand that there truly are a lot of rip-off artists in the industry. And if you stay away from anyone running television or radio commercials making you generous promises, you’re probably safe. (Remember, those commercials cost thousands of dollars a month in each market – and they have to build their fees high enough to cover all those ads – even if they are legit.)

Does the FTC ruling mean you’re going to get more protection?
Nope. It means fewer experienced tax professionals will want to help you? Why? You’re never going to pay us for the work we do (and it’s really HARD work), so why should we bother to help you? Read more about this in my blog this week.

This week, Sue at CPE Link persuaded me to re-teach two classses, due to popular demand.
Research  and the Homebuyers Credit classes will be back, live, in November.

She also convinced me to teach you how to get your tax office ready for tax season – also in November.

If there is anything else you want to learn…let me know.

Yesterday’s TaxMama’s RoundTable discussion got quite lively and interesting. If you missed it, it will be posted later this afternoon. We discussed how to create a balance sheet when a business has no books, answered a batch of questions about s corporations, dealt with what to do when a corporation did not do a payroll for the officer when it should have…and lots more.

EA Class News

We had two of the best classes ever this week – dealing with NonFilers, and Audits. Those are two of my all-time favorite topics. We’ll be back next week to continue with Audit Workpapers, and Appeals. And I’ll tell you about the one I just settled this week.

Catch the FALL SPECIAL price – Part 3 live and Self-Study on Parts 1 and 2

Remember, you can get a 10% discount on the EA Class if you register for TaxMama’s Family first.
The discount code can be found in the Family Look-Ups resource.
Upcoming Events

Upcoming on CPE LINK – with CPE for CPAs, EAs, and more

Sep 13 at 9:00 am
Eva Rosenberg, EA, Tom Buck, CPA and Sonya Wilt, EA
10 Steps to Release IRS Levies on Paychecks or Bank
Learn how to avoid levies and garnishments before they happen.
Once the bank has been levied or wages garnished, you can still prevent the money from being grabbed. Learn how!

October 6 – Roger B. Adams, EA (with minor assist from TaxMama)
Understanding Tax Treaties
Learn the fundamental principles of the purpose and application of tax treaties. Why should you care? Because there are over five million Americans living outside of the U.S., over two million of whom live in the Western hemisphere (principally in Canada and Mexico).

October 8 –  Eva Rosenberg, EA, Tom Buck, CPA and Sonya Wilt, EA
IRS Practice Series: 10 Steps to Resolving Collection Issues
You’re going to learn how to help your clients set up installment agreements, how to use the various types of offers in compromise, and even how to suspend collections!

Preview the course on YouTube

The IRS Practice Series
Team taught with Eva Rosenberg, EA, Tom Buck, CPA and Sonya Wilt, EA
Oct 8, 9:00am – 10 Steps to Resolving Collection Issues
Nov 1, 10:00am – Hands-on Collections Workshop   
Dec 7, 10:00am – 6 Simple Steps to an Offer-in-Compromise (form 656) 
Dec 10, 9:00am – The Un-agreed Collection Alternatives and Appeals


==>Homebuyers Credits for Tax Professionals
The specific laws related to your clients.  How to get it rigth the first time. What to watch out for.
And how to overcome IRS Rejections.

==>IRS Practice Series: Overview of Collection Issues – Price = ZERO:
This on-demand webcast provides a broad overview of the collections process. From preparing the Power of Attorney – IRS Form 4868, to freezing the collection activity, to Offers-in-Compromise and Appeals, the course will explore the numerous collection issues a practitioner may encounter and lay the ground work for the IRS Practice Series. Topics will be covered in more detail in the dozen courses of The IRS Practice Series – leading to a Tax Mediary (CTM) Certificate upon completion of the series.
Other TaxMama News:

At Equifax this week, you learn about the The Nanny Tax: How to Pay Nannies, Babysitters, and Home Help. Ilyce Glink answers your question – Should I Refinance Now? Linda Rey discusses Insuring iPods, Cell Phones, Stereos, and Other Car Electronics. Dan Solin tells you How to Maximize Your Investment Returns with Your Cash Reserves. The Equifax Experts explain What Divorce Does To My Credit?
Last week’s blog discussed the Roni Deutch prosecution. California State Attorney General Jerry Brown has just filed a lawsuit claiming Deutch is a swindler. You’ve seen her late-night commercials. What do you think? Read some history about another firm in the same business. Have you ever tried one to get help from one of these kinds of firms? What happened?

This week’s blog discusses the FTC (Federal Trade Commission) ruling about debt reduction companies – and how the ruling will affect you – and why.
In IRS News this week, IRS brags about their major milestone at EFTPS and TaxMama tells you why this should matter to you.

Money Funnies this week is tied to today’s holidy, to Yom Kippur. It’s all about faith – and understanding.

In TaxQuips this week we discuss how you can reconstruct a tax year if there are no records. TaxMama tells you how to avoid ever having a bad tenant, like Jack’s. Gerald wants to know if his IRA can be attached for his bad debts. We end the week by discussing how to deal with Social Security lump sum payments – and how to avoid the taxes on them.

Do you know how to file a tax return when you live in two or more states?

As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!

Please use the Comments link online.

TaxNerd gear makes a bold statement year-round.
It helps attract the opposite sex!
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Hugs from your favorite TaxNerd,*

Eva Rosenberg, EA

Your TaxMama®  is watching…out for you.

09/15/2010 Partnership Returns Due- FINAL DEADLINE
09/15/2010 Corporate Returns Due- FINAL DEADLINE
09/15/2010 S Corporate Returns Due- FINAL DEADLINE
09/15/2010 Estate & Trusts Returns – Final Deadline; Bankruptcy fillings use the same form
09/15/2010 Individuals, Farmers & Fishermen Pay 3rd Quarter Estimated Tax Payment
09/15/2010 Corporations – 3rd Quarter Estimate Tax payment Due 
09/15/2010 Estates & Trusts 3rd Estimated Tax Payment
09/15/2010 Deadline for Corporations and Partnerships to fund SEP-IRAs for previous year.
09/30/2010 Last day to establish SIMPLE plans for current year
09/30/2010 Time for businesses to consider setting up retirement plans
10/15/2010 Net Operating Loss – Eligible Small Business carry back loss
10/15/2010 Personal Returns – FINAL DEADLINE
From TaxMama® to You!

Follow TaxMama®’s Tweets –

You are invited to put a TaxQuips Widget on your phone, social networking page, website, or… You’ll get the TaxQuips as soon as they published – long before they are distributed in by e-mail. It’s a nifty gadget. Just pick up the code and paste into your site or application.

Download TaxMama’s 2010 iphone Tax Calendar. My gift to you.

Never miss a tax deadline again!
The customizable tax calendar is here.
Add or Remove dates. Add your own reminders – get alerts.


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Always a sale at the Queensboro Shirt Company
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They do a gorgeous job.


Take TaxMama®’s 2010 EA Exam Review Class 

Class is going strong.

Tax Professional and author Wayne Davis ( ) just passed Part I of the exam.
He says ‘I could go on and on about all the valuable info and “insider tips” that you have provided in the class lectures.”

– sign up now – and join the FUN!

A flood of Tax Professionals are interested in
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Read the ebook –  Everything You Wanted to Know About the EA Exam
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