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TaxMamas TaxQuips: Tax Quips


Tax podcast and small business podcast. Tax and small business news tidbits, tips and tax loopholes, covering investment, inheritance, real estate and more from - Subscribers are welcome to submit questions at

Tax podcast and small business podcast. Tax and small business news tidbits, tips and tax loopholes, covering investment, inheritance, real estate and more from - Subscribers are welcome to submit questions at


United States


Tax podcast and small business podcast. Tax and small business news tidbits, tips and tax loopholes, covering investment, inheritance, real estate and more from - Subscribers are welcome to submit questions at




TaxMama’s TaxQuips February 2021 Tax News

Wow, an entire month has just flashed by. We’ve been buried in work at our office – how about yours? Dear Family, The 2020 tax return filing brings lots of questions, a certain amount of uncertainty, and for many Americans, a surprise balance due. (You didn’t realize your unemployment benefits were taxable?) Drop by the TaxMama® Forum to see the questions people are asking. The IRS is pumping out their daily Tax Tips (did you know they’ve...


Happy New Year 2021!

Whew! This has been an astonishing year. We still have new challenges to face in 2021. But look at what an inspiring group of women did to rise out of the ashes of a burned out town. The indomitable ladies in Paradise, California have pooled their spirits, resources and funds to help a woman who lost everything – by becoming Disaster Diva Calendar Girls! [ You can’t keep a good woman down![/caption] We will give away calendars to the first 10 people who post a story about how...


TaxMama’s TaxQuips Next Year Will be So Taxing!

We have legislation pending today – which might actually go through! Dear Family, Until some of the data released this morning, I didn’t think the new budget legislation was going to have any impact on our 2020 tax returns…but there are strong hints that aside from additional stimulus funds and unemployment funds – there may also be a provision to allow us to deduct the expenses we paid with the PPP loans. (Don’t hold your breath – but a definite MAYBE!) When we get...


Giving Tuesday

Today is a special day, especially precious to those facing serious challenges this year – it’s Giving Tuesday. Dear Family, Giving Tuesday is apparently in its ninth year, as a reaction to the commercialization of the holiday season. There are so many people struggling to stay in their homes; making decisions about eating – or feeding their children instead; many more are facing the same choice when it comes to their beloved pets, as well. And of course, so many people are...


TaxMama’s TaxQuips Upcoming Deadlines and Education Opportunities

You thought we were all done with deadlines on the 15? Yet, here are some more for you to consider. And some great classes coming up. Dear Family, Let’s get the upcoming deadlines out of the way, then we can get to more interesting information about how to learn more about dealing with tax issues. October 31 – FBAR – The foreign bank account filing deadline for folks in general. December 31 for folks in Presidentially-declared disaster areas. You can file the FinCEN 114 form...


TaxMama’s TaxQuips Final Filing Deadline 2020

Here it is again, the end – the final filing deadline for 2020 – for most people. TaxMama® wants to give you some last-minute tips. Dear Family, It’s October again. The filing deadline for individuals (1040) and C corporations (1120) that got extensions in April must file by Friday, October 15th. (You do realize that your partnerships, S corps and 1041s were due last month, right?) Well, first of all, the good news – in the face of bad news. Those people in the various disaster...


TaxMama’s TaxQuips Where oh Where Has My Payment Gone?

Today TaxMama wants to talk to you about your missing payments to the IRS. Dear Family, Feeling frustrated about getting your tax questions, answered, issues resolved and trying to understand where your stimulus checks have gone? Yeah. The bad news is – this is going to go on for a very long time. The worse news is – you’re going to get IRS notices about balances due on your IRS tax liability if you send in your payments by mail, instead of paying them online. Why? The...


TaxMama’s TaxQuips Time’s Up!

Today TaxMama wants to give you some tax updates and tips now that the long-delayed first filing deadline for 2020 has arrived. more-> Dear Family, Today may be a bit of a frantic day for those of us working through the last-minute filing requirements for July 15. We were given a gift of 3 extra months to get our files in order. Hopefully, people who were not working, or were working for fewer hours, you took advantage of that time to get your financial and tax lives in order....


TaxMama’s TaxQuips Filing Deadline Approaches

Today TaxMama wants to provide some tips before the upcoming July 15 filing deadline. Dear Family, I hope you’re able to enjoy (what we used to call) a “safe and sane” 4 of July holiday. When arriving in Los Angeles many decades ago, we used to have colorful booths all over town, selling fireworks, using that slogan. With high levels of fire danger around here, those booths are gone, and fireworks are not welcome in Los Angeles anymore. (Though I am sure we are seeing...


TaxMama’s TaxQuips More Loans – Better Terms

Today TaxMama wants to let you know that the House and Senate have passed the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). Dear Family, The latest Bill is heading for the President’s desk today. Believe it or not, it’s only 9 pages long. The PPPFA increases the time to pay back the loan to 5 years, from 2. You can still get the loan forgiven if only 60% of the funds are used for payroll instead of 75% . Best of all, you have 24 weeks to use up the loan money,...


Death and Stimulus

Today TaxMama wants to tell you about even more news from the IRS. It just keeps on a-comin’! Dear Family, The IRS is still in the process of sending out stimulus checks to people, electronically and on paper. Many people were surprised and delighted to receive $1,200 checks for family members who had died in 2018 or 2019. Conveniently, the checks even had DECEASED printed directly on the check. There has been some controversy about whether or not we had to return those...


IRS Updates and News

Today TaxMama wants to talk to you about some more news from the IRS. As you know, they are issuing announcements frequently. Dear Family, The IRS announces that they have updated the stimulus look-up tools. Several people have told me that they can finally find their information. I was also able to do so – but only after I filed my 2019 return. Some tips I learned this weekend. The IRS is sending some people back to work on the Campuses in states that have opened up – a bit....


TaxMama’s TaxQuips Lots of IRS News to Use

Today TaxMama wants to talk to you about some of the information and updates from the IRS. They have been sending out news constantly. Let’s filter through the noise, OK? more-> Dear Family, On a personal note, a family friend, from my babyhood, just had his 100 birthday yesterday – attended via Zoom. Appropriately, his name is Simcha – which means joy. So, happy 100 birthday – and may he, and all of you, remain healthy, safe and frisky. So, tax news. You heard about the new...


The Stimulus Checks are on their Way!

Dear Friends People are starting see the checks in their bank accounts. The IRS has opened BOTH portals – they are both found on this page: For what it’s worth, the portals are slooooooooooooooow…but functioning. The (2) portal didn’t work for me. We always have our refunds applied to next year, so we don’t enter a bank account number. We haven’t yet filed for 2019 – but have filed for 2018. It gave me the same vague error...



IRS operations to process third-party authorizations are now closed. Please do not fax requests for Centralized Authorization File (CAF) numbers until further notice. The Income Verification Express Service also is temporarily on hold. Possible alternative for tax administration purposes: clients can go to Get Transcript Online, create an account to verify their identities and immediately review or print a tax transcript. Our efforts to protect IRS employees, taxpayers and our...


TaxMama’s TaxQuips Insanity Update and Alerts

Today TaxMama wants to talk to you about all the noise about filing deadline extensions and other insanity in the air. Dear Family, First of all, I do hope all of you are well, and have enough toilet paper. On the other hand, I haven’t been able to find bread or water in my supermarkets. Perhaps we will just have to get bread from a real bakery and see if we can survive drinking tap water. Heavens! But that’s not why I am writing to you today. As ever, SLOW DOWN. Don’t rely on...


TaxMama’s TaxQuips Filing Deadlines Coming Up Friday

Today TaxMama wants to talk to you about the upcoming deadline on Monday. Yes, we do have an extra day, because the 15 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 filing as partnerships)Form 1120S – S Corporation returns and K-1s (for S corps and LLCs filing as S Corps) OR to file extensions for the Form 1065 and 1120S – use Form 7004. The decision to become an S corp or...


Why donations are down – especially vehicles

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 – ? The first tax return year that would be affected is 2018. The IRS hasn’t...


TaxMama’s TaxQuips Slow Down! Ask First!

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. Oddly enough, people are upset with our answers. Why? Because they are asking questions AFTER they have taken financial steps without first exploring the consequences. Or they have filed tax returns without waiting for all the W-2s, 1099s, etc. to...


TaxMama’s TaxQuips - I am from the IRS and I am here to help you Friday

Today TaxMama has an announcement from the IRS that I want to share with you. The IRS IS coming to visit your small business – if you fall behind on your payroll tax deposits. Beware! Dear Family, This is the IRS’ latest announcement – you’re going to love this! This is a pet project of Darren Guillot, Deputy Commissioner for Collection and Operations Support in the Small Business/Self-Employed Division (SB/SE). He refined the process in his last post as Director of Field...