IRS Form 7004 Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns.

If your corporation, partnership or estate operates on a calendar year basis the tax return is due March 15th which is coming up! If you need additional time to file tax returns for these entities file IRS Form 7004 which

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Posted in Corporation, Estate Tax, Estimated Taxes, Excise Tax, Extension, Paying Taxes, Penalty, Sub-chapter S, Tax Guidance & Preparation, Tax Relief, Trusts

IRS Notice 2008-1 Health Insurance Costs of 2% Shareholder-Employees

Under IRS Notice 2008-1, if you are an owner of more than 2% of an S corporation and you have a health insurance policy in your name with premiums paid by the corporation basically a plan has been established by the corporation for you the

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Posted in Corporation, Health Insurance, Small Business, Social Security Tax, Sub-chapter S, Tax Guidance & Preparation

Health Insurance Premium Tax Credit

The IRS has issued final regulations, TD 9611, relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010. These final regulations provide guidance

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Posted in Health Insurance

How to calculate stock and loan basis in an S Corp for tax purposes

If you are a shareholder of an S corporation you are responsible for keeping track of your own basis (investment value) in the S corporation of which you own shares. Tracking shareholder basis is usually not the S corporation’s responsibility. You can have stock basis and

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Posted in Basis, Corporation, Cost Basis, Depreciation, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

IRS Targets – Don’t Be One.

In 2013, the IRS will focus the significant majority of their enforcement budget and subsequent activity in my opinion on three specific areas: 1. Abusive transactions and under reported income on partnership returns (IRS Form 1065). 2. Officer compensation as

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Relief

Trafficking under IRC § 280E

The Internal Revenue Code is a complex beast.  In the lunacy of it all I've been asked to define 'trafficking' as it relates to 26 USC § 280E - Expenditures in connection with the illegal sale of drugs which states as follows: "No

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Posted in Appeals & Audit Resolution, Asset Classification, Business Expense, Cash Transaction, COGS, IRS Mediation, Marijuana, Net Operating Loss, NOL, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests

Denver Colorado IRS Stakeholder Meeting Notes

Bessie Castro-Zepeda, Colorado Department of Revenue Tax Practitioners only helpline; M-F 8am - 430pm (303) 232-2419 Capital Gain Subtraction: For 2012 returns, the department will make every effort to verify required documentation was included in the filing of the return

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Preparer

Centennial Anniversary of the 16th Amendment to the US Constitution is approcahing

Most anniversaries are celebrated with joy and jubilation.  But on February 3rd, 2013, I doubt that anyone will be celebrating this anniversary or should I say centennial - after all, it is the  100th anniversary of the 16th Amendment to

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Posted in Income, Tax Guidance & Preparation, Tax Relief, Taxable Income

Loving v. IRS deals blow to IRS Regulation of Tax Return Preparers

In Loving v. IRS the IRS’ authority to regulate commercial tax return preparers has been successfully challenged. United States District Court for the District of Columbia Judge James E. Boasberg granted Loving’s motion for summary judgment describing the IRS Rules as "Ultra Vires."

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Posted in Enrolled Agent, IRS Enforcement, PTIN, Tax Abuse, Tax Court, Tax Fraud, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Whistle Blower, Taxpayer Advocate

The New Home Office Deduction Safe Harbor – IRS Rev. Proc. 2013-13

The Internal Revenue Service announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. The new simplified option is available starting with the

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Posted in Business Expense, Deductible Expense, Employee Business Expense, Home Office, Self Employ, Small Business, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Records
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