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

Small Business Health Insurance Credits-Patient Protection-Affordable Care Act 2010

The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010.  The Act makes a credit available to small employers who

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Posted in Business Expense, Disallowed Expenses, Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses, Tax Relief

Employee Stock Options and Alternative Minimum Tax (AMT)

Okay this is fun, writing about employee stock options that is. The biggest thing that kicked me in the jimmy as it were was the Alternative Minimum Tax (AMT) obligation associated with Incentive Stock Options that were exercised (converted to

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Posted in Alternative Minimum Tax (AMT), Stock Options

How to Respond to the ’90 Day’ IRS Letter aka Statutory Notice of Deficiency – IRS Publication 3598

IF you find yourself 'running out of time' on the 90 day period, filing a tax court petition and paying court fees and representing yourself pro-se or hiring a tax court lawyer are last choice decisions. They are costly and

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Posted in Amended Tax Return, Appeals & Audit Resolution, Audit Technique Guide, Back Taxes Owed, Enrolled Agent, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Non-filed Tax Returns, Paying Taxes, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Relief

Colorado Vendor’s Fee Reinstated at 2.22%

The Colorado state Vendor's Fee also known as the sales tax Service Fee has been restored at 2.22%. The fee may be claimed on timely filed and paid Colorado sales tax returns submitted on or after July 1, 2011 beginning with

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

Restaurants and Bars: IRS Audit Technique Guide an Introduction

Regardless of the type of restaurant one fact that is consistent when it comes to IRS audits is that all restaurants have numerous sales transactions with small(er) dollar amounts, taking place in a short time frame, such as during lunch

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Posted in Audit Technique Guide, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement
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