How much can you deduct for the gently used goods donated to charity?

Without a doubt one of the best ways for us middle-class folks to reduce our income tax burden is to donate charitably with intent. Most of my clients find themselves pleasantly surprised at the tax benefits received when they go

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Posted in Charitable Contribution, Deductible Expense

“Coming Soon… 16,000 new IRS Agents”

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Posted in Affordable Care Act, ObamaCare

Happenings Inside the IRS Under the New Administration

Last week in Denver, Colorado the IRS quietly paraded out some of their race horses to share what is happening under the new administration. With Steven Mnuchin's most recent confirmation as Treasury Secretary and Commissioner Koskinen's days numbered, a sense of

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Posted in IRS Appeal, IRS Audit, IRS Audit Technique Guide for the Entertainment Industry, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Form 1040 Schedule C, IRS Levy, IRS Lien, IRS Master File, IRS Mediation, IRS Notice, IRS Penalties, IRS Penalty and Interest Abatement, IRS Research, IRS Rev. Proc, IRS Transcript

Business Entity Selection and the Tax Consequences of Converting

For this post Brandon Rains, founder of the Rains Laws Firm and an expert on business formation espouses his observations about business structure changes and I address the income tax reporting requirements of those changes therein. Generally speaking there are five

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Posted in Business Structure, Corporation, LLC, Sole Proprietor, Sub-chapter S

Should you keep a spreadsheet on the differences between the AAA and retained earnings from year to year?

U.S. Business Taxpayers reporting income using IRS Form 1120S who like to drill down into the tax forms my team prepares usually tend to get a little freaky over the Accumulated Adjustment Account (AAA) reported on Schedule M-2, specifically why the

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Posted in AAA, Retained Earnings

IRS Form 1099-misc Due Date Approaching – Facts and Misconceptions

As many of us who hang our own shingle are painfully aware, IRS Form 1099-misc is due NEXT WEEK. YIKES! I'm still shaking off the holidays. The failure to timely file this 'informational return' has gone up this year. So

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Posted in 1099, Informational Return, IRS Enforcement

Income 54: Nonresident Partners and Shareholders of Partnerships and S Corporations

The Colorado Department of Revenue has finally revised its guidelines in FYI Income 54 regarding people who do not live in Colorado but are partners and/or shareholders of partnerships and/or S corporations in Colorado, ensuring that pass-through entities pay Colorado income tax

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Posted in Colorado Department of Revenue, Colorado Income Tax, Composite Tax Return, Partnership, Sub-chapter S

Excess Depreciation Claimed – Now What?

Justin Fundalinski of Jim Saulnier & Associates, who I met while volunteering time for the betterment of the Financial Planning Association, asked me a procedural question about a fascinating situation he encountered regarding depreciation and disposition of residential rental real estate,

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Posted in Depreciation, Rental Real Estate

Colorado Year End Tax Update: Focus on USE TAX – 50 Points of Light

It is that time of year again where we work ourselves into a tizzy finishing off the year "strong" and simultaneously enduring another holiday season whilst purportedly planning for a new year. YIKES! With internet sales exploding it is a

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Posted in Colorado Department of Revenue, Colorado Income Tax, Sales Tax, Uncategorized, Use Tax

Colorado Income Tax Planning Update: Form 104

The following items might seem new and/or different for Colorado taxpayers on the CO 104 Income Tax form, some are some are not. These points below basically represent some of the more persistent questions coming across my desk as part

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Posted in Colorado Department of Revenue, Colorado Income Tax
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