Small Business Lending Fund – available now for a short time – if you need a loan and you are a subchapter S – get on this.

Subchapter S corporations and mutual institutions participating in the Small Business Lending Fund will benefit from the incentives the Fund provides for increased lending. The more an institution increases its small business lending, the lower the rate it will receive. The application deadline for Subchapter S corporations and mutual institutions is June 6, 2011. Applications should be submitted to SBLFApps@treasury.gov.…

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Suspension of IRS Interest – IRS Form 843

For the most part if you talk to someone from the IRS about interest on penalties you will learn that they are trained to state that by statute the IRS is not allowed to abate interest.  This statement albeit true has exceptions. Generally, the IRS has 3 years from the date you filed your return (or…

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IRS Examination of Your Tax Return – Selection Criteria – Publication 556

As detailed in IRS Publication 556 your tax return may be examined for a variety of reasons, and the examination may take place in any one of several ways. IRS Examination for the most part is needed to address both the questionable treatment of an item and to study the behavior of similar taxpayers (a market segment)…

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Colorado Department of Revenue – Taxpayer Online Access

Taxpayers and tax professionals may now access individual income tax returns, payment history, refund status and other information through the department’s Revenue Online service. Offering these services online, in one place, will help taxpayers quickly and easily submit documents online and transact tax business with the department. Revenue Online for Individuals includes the following: Access Your…

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More on Net Operating Losses (NOL) and IRS Form 1045 Application for Tentative Refund

The basic intent of the tax laws governing Net Operating Losses (NOL) is to provide tax payment relief and reduce the need to make tax payments in related years when a loss is not incurred in business or trade. Difficulty often arises when applying tax law to the carry back or carry forward of NOLs.…

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Being Compliant with Federal Tax Obligations May Soon Be A Requirement For Passport Renewal

According to a recent Government Accountability Office (GAO) report, the State Department issued 224,000 passports to citizens who owed approximately $6 billion in income tax in 2008.  Purportedly that amount has increased over the last three years. Most of the perpetrators are both wealthy and from my perspective burdened with inflated hubris. If this is you, may…

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Truck Owners IRS Form 2290

IRS Form 2290, Heavy Highway Vehicle Use Tax Facts There is a cost associated with filing Form 2290, electronically. Taxpayers will incur the cost of IRS approved transmitter/software provider’s required service fees. There are differences in the processing of paper returns verses electronically filed returns. Paper returns are processed manually. If a paper return is filed…

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Colorado Department of Revenue Private Letter Rulings

The Colorado Department of Revenue is now accepting requests for general information letters. This program was previously suspended because of significant shortfalls in the state’s revenue and reductions in the department’s operating budget. General information letters provide businesses and individuals with assistance on tax issues that are not specifically addressed in department publications (such as…

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No Medical Expense Deduction Allowed for Precautionary Expenses Incurred to Treat Future Disease

It is allowable to deduct the cost of preventing, treating, curing, mitigating, and diagnosing a disease that is existing or imminently probable for yourself or a family member. Even though science has blessed us with the opportunity to store umbilical cord blood of an infant that contains stem cells that may be used to treat or cure a disease the cost…

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Alternative Minimum Tax(AMT) + Incentive Stock Options(ISO)

For Alternative Minimum Tax (AMT) and Statutory Incentive Stock Options (ISO), the date when your rights in the under lying stock are transferable OR no longer subject to a substantial risk of forfeiture you must include as an adjustment for the corresponding tax year a calculation for alternative minimum taxable income resulting from the ISO exercise.…

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