IRS Bartering Tax Center

Bartering is the trading of one product or service for another. Usually there is no exchange of cash. However, the fair market value of the goods and services exchanged must be reported as income by both parties in the year

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Posted in Barter

Updated Rules Issued for IRS Communications with Appeals Office – Rev. Proc. 2012-18

The IRS Office of Appeals resolves more than 100,000 tax cases each year. Employees staffed in this function are trained to resolve disputes taking into consideration the hazards of litigation as well as the benefits of efficient tax administration. They are not

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Posted in Appeals & Audit Resolution, IRS Appeal

Tax Deductible Job Search Expenses

Recently the IRS' Outreach Corner published an article stating that if you’re searching for a job, "you may be able to deduct some of your expenses, such as attending career fairs, moving expenses and submitting resumes, on your tax return as

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Posted in Business Expense, Disallowed Expenses, IRS Examination, Tax Records

Colorado’s Uniform Debt Management Services Act

According to Colorado’s Uniform Debt Management Services Act (UDMSA) any person acting on behalf of a consumer in an effort to negotiate a debt must register with the Attorney General (AG).  Subsequently I learned ANYONE NEGOTIATING TAX DEBT RELIEF could

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Posted in Colorado Attorney General, Debt, Tax Guidance & Preparation, Tax Problems & Requests

Researching Tax Treaties – IRS Publications 54 and 901

IRS Publication 901 U.S. Tax Treaties is to be used as a quick reference guide that will tell you whether a tax treaty between the United States and a particular country offers a reduced rate of, or possibly a complete exemption from, U.S. income

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Posted in Foreign Income, International Tax

What is a Qualifying Child for the Child Tax Credit – IRS Publication 972

A qualifying child for the child tax credit is someone who meets the qualifying criteria of seven tests: age, relationship, support, dependent, joint return, citizenship and residence. 1. Age test To qualify, a child must have been under age 17 –

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Posted in Child Tax, Children, Tax Credit

Sales & Other Dispositions of Capital Assets – IRS Form 8949

IRS Form 8949, Sales and Other Dispositions of Capital Assets must be used to report most capital gains and losses. Any properties you own for investment purposes and most properties you own for personal purposes (ie your house) are for the

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Posted in Capital Gain, Capital Loss

IRS Tax Filing Extension Form 4868 & Tax Paying Extension Form 1127A

Tax day is upon us - remember to at least get you application for automatic extension post marked today using IRS Form 4868 Or if your Adjusted Gross Income is under $57,000 you can file an automatic extension request online using Free

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Posted in Paying Taxes, Tax Guidance & Preparation

Basis for IRS Certificate of Lien Discharge

Having the IRS put a tax lien on you absolutely sucks in many regards. It not only impacts your credit score, it carries a stigma that permeates into the workforce. Having an IRS Tax Lien discharged can be like transcending

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Posted in IRS Lien

Tax Advantages of Employing Your Children

Payments for the services of a child under the age of twenty-one who works for his or her parent whether or not in a trade or business, are not subject to federal unemployment taxes (FUTA). These exceptions are not the case with a corporation (C

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Posted in Children, Employment Tax
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