Colorado Use Tax Will Surprise and Sting – Be Aware

Online Consumer Use Tax for Colorado taxpayers now available Consumer use tax must be paid by Colorado residents and businesses on purchases that did notinclude Colorado sales tax, such as those purchases made over the Internet, by mail order, or by

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Posted in Colorado Department of Revenue

IRS to Review Innocent Spouse ‘Timeline’ Rules

In a letter to lawmakers dated April 29, IRS Commissioner Doug Shulman promised to review the 2 year requirement for submitting IRS Form 8857 as part of its ‘Fresh Start’ program. Once a joint tax return is filed, both spouses together

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Posted in Injured Spouse Relief, Innocent Spouse Relief

Rental Real Estate Energy Efficient Upgrades Eligible for Tax Credit on IRS Form 3800

If you own an office building that rents to various tenants and would like to install solar panels on the roof to generate electricity, and a geothermal heating and cooling system you may be eligible for a tax credit for

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Posted in Energy Efficient Tax Credit, Rental Real Estate

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

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Posted in Sub-chapter S, United States Treasury

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

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Posted in IRS Collections, IRS Penalty and Interest Abatement

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

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Posted in IRS Audit

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

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Posted in Colorado Department of Revenue

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

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Posted in Net Operating Loss, NOL

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

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Posted in IRS Collections, IRS Examination, Non-filed Tax Returns, Tax Guidance & Preparation

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

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Posted in Highway Tax
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