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Tax Articles

Colorado Tax Update & Top 10 Hacks To Streamline the Filing Process

My friends at the Colorado Department of Revenue Tax Division have been hard at work amending and repealing several different personal and corporate income tax regulations with a handful of notable mentions for non-residents and part year residents alike. The updated guidance on determining credits for taxes paid to other states maybe worth a look. Of interest to me…

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Deliberate Tax Free Compounding is the Secret of the Golden Flower

I am getting to be an old man now and so profoundly thankful that the lessons of tax-free compounding were impressed upon me at an early age. It has made a huge difference in my financial well being and subsequent happiness. You too can use the power of tax-free compounding to increase retirement savings. We…

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Protecting Americans from Tax Hikes (PATH) Act of 2015 – A Summary

Protecting Americans from Tax Hikes Act of 2015 (PATH) summarized by my friend Shirley Callahan EA. Some highlights include: Everyone will appreciate the permanency of the enhanced Educator Expenses, the Sales Tax deduction, and the R&D Credit. Section 179 is made permanent at $500,000 phasing out at $2 million … and will now be indexed for…

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Situations by which Docketed U.S. Tax Court Cases may be sent to Appeals for Settlement Consideration

In Notice 2015-72 the IRS proposes to update Rev. Proc. 87-24 regarding situations by which docketed U.S. Tax Court cases may be sent to Appeals for settlement consideration. This proposal: Intends to ensure that docketed cases are handled consistently nationwide. Clarifies that, except in rare circumstances, Counsel will refer cases docketed in Tax Court to Appeals for settlement consideration.…

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2015 Depreciation Deduction Limitations for Passenger Vehicles

Understanding depreciation schedules including method and life expectancy is one of many areas of the Internal Revenue Code that separate the wide ranging ranks of the tax practitioner community. It never ceases to amaze me how many bush league practitioners and DIY-ers get this wrong. WHY? Because systematically there seems to be an over reliance on…

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Different Sources of Income Matter FDAP v. ECI

One of the issues difficult for some of my international clients to grasp about the United States is its taxation of citizens and resident aliens alike on their worldwide income without any regard to where the income is earned. Taxing US citizens on their world wide income is one matter but taxing US resident aliens on…

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The New IRS Audit Technique Guide for Entertainers is a Riveting Page Turner

I have many clients in the entertainment industry and appreciate them all. The ones that fly to Denver to meet with me are my favorite as they tend to be the most disciplined. You are applauded on and off the stage. Entertainers who invest their limited time learning about how income tax obligations impact their business…

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