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  It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to alert you to some major tax news taking place before the year ends.         Dear Family, As we come to the end of an incredibly busy year, there is still so much going on. Congress worked through the night to pass a 4,155 page Omnibus Act to get the budget passed. It’s on its way to the President for signature. They are also on their way to pass a SECURE Act 2.0 – that provides all kinds of tax and retirement-related benefits. For now, you can find a really good summary on the Kiplinger website. In addi ..read more

It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants to talk to you about some imminent deadlines – and about the IRS dropping by your place of business.       Dear Family, This year has flown by so quickly. I blinked and now it’s almost autumn. First, the upcoming deadline – September 15th is the final filing deadline for calendar year (December 31st) partnerships and S corporations. Let me be clear. There are no  more extensions. So if you haven’t gotten all your information together yet – do it NOW. Even if something is missing or incomplete – work out reasonabl ..read more

  It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants talk to give you some basics about the new Inflation Reduction Act. And some observations.   Dear Family, By now, you are aware that President Biden has signed the Inflation Reduction Act into law. Although there are 273 pages to this Bill, only a few issues may affect you directly. I will give you more details about this Bill in the next couple of weeks. Meanwhile, here are the highlights: Extending the Premium Tax Credits (buying insurance through the Marketplace and having the government pay part of your premiums) f ..read more

  It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants talk to you about a big flaw in the current tax laws.       Dear Family, It’s summer! Can you believe the year is going by so quickly? The past month has been a whirlwind with teaching, taking classes and even going to a live, in-person CSTC Tax Symposium in Reno. It’s the first time since early 2000 that I have had the opportunity to meet friends, peers, students and TaxMama® fans. We met, learned, hugged, ate a LOT – and didn’t get the least bit sick. (Well, OK…a little sunburnt…but that passes.) I also got s ..read more

It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants talk to you about an eclectic set of tidbits about IRS changes and news.         Dear Family, Recently, the IRS started releasing updated Frequently Asked Questions (FAQs) about different topics. They didn’t actually add new information or change any procedures. But did add more clarifications (look for the updated date next to the FAQ): The most important information for people still waiting for their 2020 and 2021 tax returns to be processed can be found in this FAQ. It tells you that your delay could be even l ..read more

  It’s TaxQuips time from TaxMama.com® . Today TaxMama® wants talk to you about an issue raised by Jean Mammen, EA. She says that right around now, there is so much going on, helping refugees, the homeless, and others who have experienced adversity. So, let me give you some quick tips about the tax laws related to gifts.         Dear Family, These are the questions raised by Jean Mammen, EA. Here are some basic responses, with links to more details: Is a gift taxable? Generally when you receive a gift, it is not taxable to you. The person giving the gift should f ..read more

It’s TaxQuips time from TaxMama.com.®  Today TaxMama® wants talk to you about some of the common questions you raised in the TaxMama® Tax Forum.           more->       Dear Family, Tax Season is always a frustrating time for taxpayers – and tax professionals. These last two seasons were the worst. Aside from confusing law changes that took affect as a result of the COVID19 pandemic; the pandemic also forced IRS staff to abandon workstations and work from home. I don’t need to quote you statistics to show you what a tough time you had dealing wi ..read more

Honoring Ramadan, Easter, Passover It’s TaxQuips time from TaxMama.com® Today TaxMama® wants talk to you about changes to this year’s filing season that you may have missed – or forgotten about.   Honoring Ramadan, Easter, Passover It’s TaxQuips time from TaxMama.com® Today TaxMama® wants talk to you about changes to this year’s filing season that you may have missed – or forgotten about.         Dear Family, We are getting close to another year’s initial filing deadline. This year, our April 15th deadline has moved to April 18th, giving us a few extra days to fi ..read more

    It’s TaxQuips time from TaxMama.com®  Today TaxMama® wants to talk to you about filing your tax return before you have all the information and to address all the money you’re going to need by April 18th .               Dear Family, STOP! PLEASE, PLEASE STOP! TaxMama® is getting more questions than ever before from people who have already filed their tax returns – then learned about missing W-2s, 1099s, investment income and whatever. Really? You didn’t know about that extra $10,000 income you earned? Or the extra $30,000 of gambling winni ..read more