Partial Payment Installment Agreements with the IRS – some requirements

According to the Internal Revenue Manual Chapter 5.14.2.1.1 a full Collection Information Statement is required for all Partial Payment Installment Agreements (PPIA's). IRS Forms 433A or 433B must be completed to determine the taxpayer’s ability to pay Conditional expenses are

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement

How to Get a ‘Fresh Start’ with the IRS

According to IR-2011-20 published on Feb. 24, 2011, in its latest effort to help struggling taxpayers, the Internal Revenue Service announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to

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Posted in Alternative Minimum Tax (AMT), Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, Business Expense, Colorado Department of Revenue, Disallowed Expenses, 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, Payroll Tax Problems, Rental Real Estate, Self Employ, Small Business, Tax Problems & Requests, Tax Relief

How do you request a CDP or equivalent hearing with the Offi ce of Appeals?

Complete IRS Form 12153, Request for a Collection Due Process or Equivalent Hearing, or other written request with the same information and send it to the address shown on your lien or levy notice. To request an equivalent hearing, you must check the Equivalent Hearing

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

Colorado Sales Tax on Vacation Rental

If you rent a house or condominium to someone in Colorado for less than 30 days sales tax is owed on that rental. Not only that but in order to collect sales tax you must have a Colorado sales tax license.

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Posted in Colorado Department of Revenue, Rental Real Estate

New IRS Notices being sent in Error for Taxpayers Filing Self Employment Tax

The IRS has been experiencing a system error that occurs on individual tax returns that pay self-employment taxes. The system has been issuing IRS notices to some individual taxpayers in situations including: Taxpayers who have more than one Schedule C

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Posted in Self Employ

You May Have to Pay Estimated Taxes if …..

According to IRS Publication 505 you may have to pay estimated taxes if you are self-employed and have income other than your salary or you receive income that is not subject to withholding, such as: Self-employed income Rent Interest Dividends Alimony

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Posted in Estimated Taxes

Severance Payments NOT Subject to FICA Tax according to court, but ….

In February 2010, a federal district court in U.S. v. Quality Stores, Inc., (DC MI 2/23/2010) 105 AFTR 2d 2010-1110, ruled that severance payments made to terminated employees by a company going out of business were not “wages” subject to FICA. The Court said that “…where severance

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Posted in FICA, Payroll Tax Problems, Social Security Tax

Tax Treatment of Land Easement Transactions Rental Income vs. Sales Proceeds

According to the National Association of Tax Preparers the key to reporting transactions that involve land easements is to first determine whether the payment represents rental income or sale proceeds.  If the taxpayer was leasing a land easement for a

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Posted in Capital Gain, Capital Loss, Farm Tax, Rental Real Estate

Time for Claiming a Tax Refund – IRS Publication 556

According to IRS Publication 556 taxpayers generally must file a claim for a credit or refund within 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later. If

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Posted in Tax Refund

Written IRS Appeal Protest

You can appeal an IRS tax decision to a local Appeals Office, which is separate from and independent of the IRS office taking the action you disagree with. The Appeals Office is the only level of appeal within the IRS.

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Examination
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