May, 2011


Estimated Payments Due 6/15

If you’re a corporation or a person, June 15 is the date of the next estimated payment. If you’re paying the minimum for your corporation to California, the amount due is $320, unless the corp owes more! Not every person will owe estimated payments—it depends on your income and history of owing from 2010, but California corporations, both C and S, owe minimum tax each year. Also, if you’re the only employee of your S Corporation, start thinking about your second quarter payroll—if your paycheck is dated June 30, the taxes will typically be due July 15th unless you have a substantial amount of payroll for your company.

S Corporations on the Web?

We’re working on a web based CPE class for S Corporations this month based on the live, in-person seminar so you don’t have to travel, and at a reduced cost. More details will follow as we complete the various segments required to offer a class, including approval by the IRS and other agencies (the in-person S Corporation class already has been approved by the IRS, but needs to be re-approved for the new media).

Phone and Fax Work

To be “closer to the action” for next year, we’re making some adjustments to the phone and fax later this month to reduce response time for you. The “service” tells me there will be “no down time,” but from past experience, my expectations are pretty low. Be extra extra sure I receive your fax—if it doesn’t go through right away, or you don’t get a confirmation that I’ve received your fax, please let me know by email or phone and we’ll either get the service working or find an alternate delivery method.

Tax Buddha Messenger Bags

Want to be the first person in your tax bracket to sport the fabulous Tax Buddha Messenger Bag? I’ve now got a “shop” on Café Press at www.cafepress.com/TaxBuddha in case you’d like to order your own Tax Buddha logo items. The messenger bag came out particularly well, not quite “saffron,” but easy to find in an airport.

The Eightfold Path to Pay Less Tax and Avoid an Audit

Eight basic things business owners want to know printed in booklet form in “Executive Summary” form. This is ten years of working with the IRS Tax Code distilled down so it doesn’t take YOU ten years.

Just another way we’re trying to simplify your life. And the purchase is tax deductible!

You can order from Amazon.com. Here’s the link to Amazon: http://www.amazon.com/Eightfold-Path-Less-Avoid-Audit/dp/0615233422/ref=sr_1_22?ie=UTF8&s=books&qid=1226611038&sr=1-22 

The booklet also contains sections on how returns are selected for audit, when to seek professional help, and how long to keep your tax records.

EBAEA—Speaker Development Group

I’m tired of going to see boring speakers for my continuing education requirements, so at the East Bay Association of Enrolled Agents, we’ve started a group to help develop speaking skills. Our next meeting is scheduled for after the April tax deadline. Go to the “permalink” for the current bulletin for more information http://www.ebaea.org/Bulletin/current.pdf.

EBAEA—Audit and Representation Group

Our meeting is scheduled for Wednesday June 8. We’ll try to take a case and review it, and discuss other audit and representation issues. We’ll meet in Lafayette at Millie’s Café at 9 am, 1018 Oak Hill Road, A, just off highway 24. Go to the “permalink” for the current bulletin for more information http://www.ebaea.org/Bulletin/current.pdf. Last Month’s meeting went well and we reviewed the “traveling bartenders” case.

Classes—S Corporation Webinar, Basic Payroll, Schedule C and Household Employees

Here’s a link to the seminars page on my website: www.taxbuddha.com/seminars.html

I’m starting to work on an on-line S Corporation seminar for release this summer. I’m currently planning on having easy access to the seminar, plus CPE credit available to those who want it. My thinking is to allow viewers to sample the seminar before deciding to pay for the CPE. Details to follow.

Basic Payroll
In conjunction with the IRS and EDD, I’m going to be doing some Basic Payroll seminars coming up in the near future.

Basic Payroll Seminar runs 9 am ­ 3 pm with an hour for lunch

The next seminars will be:

San Francisco at the SBA office 455 Market Street, 6th floor (I take BART to Embarcadero or Montgomery Street)
9 am ­ 3 pm, June 14 and July 12

Oakland at Elihu M. Harris State Building, 1515 Clay Street, Room 20, Second Floor,
9 am ­ 3 pm, May 19 and June 21

San Jose at 100 West Santa Clara Street
10 am ­ 4 pm, May 18 (Just added)

Register by going to http://www.edd.ca.gov/Payroll_Tax_Seminars/ and find your favorite location.

These seminars have proven to be very popular for business owners and bookkeepers, plus they’re free.

How to Prepare your Own Schedule C
Prepare your business taxes for ’10 and get ready for ’11. Review what the IRS wants to know from you and how to report it on the Schedule C for your business. This is a class for business owners who need a basic understanding of their 1040 Schedule C tax forms. We’ll also talk about what to do with the numbers once you have them. We can’t guarantee you won’t get audited, but this class will make it less likely.

I will be at the US Small Business Administration offices in San Francisco at 455 Market Street, 6th Floor
Tuesday July 19th, 6:00 pm ­ 8:30 pm.
This class will be free. To register, check out the SBA website www.SBAtraining.eventbrite.com, or just show up.

Household Employees
This is an update class for both employers and the tax practitioners who help them. This is currently scheduled for January, 2012. Cost to attend this class is $75.

QuickBooks
If you’re in the market for QuickBooks training in a classroom setting, I recommend Mani Business Services. This is a two-day QuickBooks seminar offered in various places around the country. The website is http://www.manibusinessservices.com/

Phone and Fax Numbers

Our northern California physical office is shared commercial space in Alameda and we’ve been meeting people at Starbucks on Mt. Diablo Blvd in Lafayette near the mailing address.
Phone numbers are:
Phone (510) 332-0401
Fax (510) 522-2307
Our mailing address:
3527 Mt. Diablo Blvd #366
Lafayette CA 94549

“The hardest thing in the world to understand is the income tax.” — Albert Einstein, physicist