IRS Expanding Audits to Unrelated Tax Years and Tax Matters

According to the Treasury Inspector General for Tax Administration (TIGTA) the IRS needs to expand audits to other tax years and tax matters when large dollar amounts are involved in a preexisting audit making it all the more important to

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Posted in Appeals & Audit Resolution, Audit Reconsideration, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation

IRS Implications of Paying Yourself

Another fabulous question came my way today from a small business owner that is actually proving to be monetarily successful and wants to know how to pay herself while minimizing her tax burden. Basically the answer depends first on the

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Posted in Paying Taxes, Payroll Tax Problems, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation

Make Sure the Person You Are Paying to Sign Your Tax Return Has A Practitioner Tax Identification # (PTIN) IRS Notice 2011-80

I routinely get calls from taxpayers who thought they had a solid trusting relationship with their tax adviser only to discover otherwise.  The stories involved are usually quite tragic as the relationship one has with their tax adviser has been

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Posted in PTIN

United States Postal Service Advantage – Post Mark Date v. Delivery Date

In discussing expiration dates to the 90 day notice I rediscovered an interesting fact this morning about the difference between a post mark date and a delivery date worth researching and posting. Generally speaking when sending in packages to the

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Posted in Tax Court, Tax Guidance & Preparation

How to Request an IRS Private Letter Ruling

The first revenue procedure published each year provides the necessary guidance to request a letter ruling. The current guidance is in IRS Rev. Proc. 2011-1. A private letter ruling (PLR) is a written response by Chief Counsel to a taxpayer that interprets

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Posted in Privacy, Private Letter Ruling

Colorado Tax Amnesty October 1st through November 15, 2011

The Colorado Department of Revenue is offering a tax amnesty period. The program begins October 1st 2011. Tax amnesty is a limited-time opportunity for individuals and businesses with overdue taxes to pay without additional penalties. Those with overdue taxes can

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Posted in Colorado Department of Revenue

IRS Voluntary Worker Classification Settlement Program: Apply using IRS Form 8952

The Internal Revenue Service launched a new program that will enable many employers to voluntarily reclassifying their workers in an effort to resolve past worker classification issues. It is called the Voluntary Classification Settlement Program (VCSP). This new program will allow employers

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Posted in Employee Business Expense, Employment Tax, IRS Collections, IRS Enforcement, IRS Examination, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Problems & Requests

Basis Calculation

Under §165, in general, the basis of a partnership interest equals the sum of the amount of money contributed, the partner’s share of partnership liabilities and the partner’s distributive share of partnership income and losses. How to compute the adjusted basis of the partnership interest when there

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Posted in Basis, Net Operating Loss, NOL

IRS Appeals Needs Help with Collection Statute Expiration Dates

The following report was issued by the Treasury Inspector General for Tax Administration (TIGTA) on August 15, 2011 and it basically says that which many of us already know, the IRS Office of Appeals needs help with Collection Statutes Expiration

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Posted in IRS Appeal

Net Operating Loss Carry Back

I have been developing quite an expertise in resolving Net Operating Loss carry back matters yet with each new situation there is something new that seems to be discovered. IRC section 6511(d)(2) states, a claim for credit or refund that

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Posted in Alternative Minimum Tax (AMT), Net Operating Loss, NOL
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