Sale Leaseback

From a tax perspective the fundamental issue is whether a legitimate business purpose exists for the formation of a distinct entity to do a sale leaseback. If one exists and this is pursued all elements of the transaction should meet

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Posted in Asset Classification, Capital Gain, Capital Loss, Cost Basis, Cost Segregation, Entity Classification, Estate Tax, Family, Gift Tax, Self Employ, Small Business, Sole Proprietor, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Business Ownership Succession Planning

Consideration 1: Selling your business interest outright. When you sell your business interest to a family member or someone else, you receive cash (or assets you can convert to cash) that can be used to maintain your lifestyle or pay your estate taxes.

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Posted in Retirement, Self Employ, Small Business, Sole Proprietor, Stock Options, Sub-chapter S, Tax Guidance & Preparation

American Opportunity Credit

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American opportunity credit, to pay for college expenses. The American opportunity credit is not available on

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Posted in Education Expense, Tax Credit

How to Account for Net Operating Loss when Merging Entities

You can merge both a profitable entity with an entity that has a Net Operating Loss assuming that both entities have common ownership or sufficient overlap and a limited history of owner shifts. The Net Operating Loss of the dissolved

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Posted in Net Operating Loss, NOL, Small Business, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

IRS has an UPDATED Offer-In-Compromise Form

The IRS has revised Form 656, Offer in Compromise. When submitting an offer use the March 2011 revision of Form 656. Beginning July 5, the IRS will not accept outdated forms. If an offer is submitted on an outdated form,

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Posted in Appeals & Audit Resolution, IRS Appeal, IRS Audit, IRS Collections, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, Offer In Compromise, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Tax Strategy Patents + Patent Applications

I am opposed to all tax strategy patents.  They are bad public policy and harmful to taxpayers and their advisers.  No one should have a monopoly on part of the tax code and no taxpayer should be subject to paying

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Posted in Abusive Tax Shelter, Colorado Department of Revenue, Estimated Taxes, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Private Letter Ruling, Tax Abuse, Tax Problems & Requests, Tax Relief, Tax Whistle Blower

How to Properly Close Down Your Business

Closing down your business is hard and heart breaking and if you are at the point that you are actually reading this post then people have probably been nagging you for money and you are at the end of your

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Posted in Appeals & Audit Resolution, Asset Classification, Back Taxes Owed, Debt, Disallowed Expenses, Distributions, Entity Classification, IRS Collections, IRS Enforcement, IRS Levy, IRS Lien, Net Operating Loss, NOL, Paying Taxes, Self Employ, Small Business, Sole Proprietor, Stock Options, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

How to become a Certifying IRS ITIN Acceptance Agent

An Acceptance Agent is a person or an entity (business or organization) who, pursuant to a written agreement with the IRS, is authorized to assist individuals and other foreign persons who do not qualify for a Social Security Number but

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Posted in Individual Taxpayer Identification Number, Tax Guidance & Preparation, Tax Problems & Requests, Taxpayer Identification Number

Partial Payment Installment Agreement – PPIA

When you cannot pay your taxes in full you may be allowed to pay over a prescribed period of time. If full payment cannot be achieved by the Collection Statute Expiration Date (CSED)- USUALLY 10 YEARS, and you have some

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Posted in Partial Payment Installment Agreement

What is an Abusive Tax Shelter?

An abusive tax shelter generally offers inflated tax savings which are disproportionately greater than your actual investment placed at risk. Usually you invest money to generate income or capital appreciation but an abusive tax shelter generates little or no income

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Posted in Abusive Tax Shelter, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalty and Interest Abatement, Tax Abuse, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests
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