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

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Posted in Colorado Department of Revenue, Private Letter Ruling

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

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Posted in Tax Deductible Expenses, Tax Problems & Requests

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

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Posted in Alternative Minimum Tax (AMT)

Statutory Stock Options – IRS Form 3921

There are essentially two kinds of stock options, statutory and non-statutory.  If you exercise an Incentive Stock Option during 2010, you should have received IRS Form 3921, Exercise of an Incentive Stock Option Under Section 422(b), or a statement, from the

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Posted in Stock Options

IRS Collection Financial Standards Used in Calculating Repayment of Delinquent Taxes Effective March 1st, 2011

IRS Collection Financial Standards Used in Calculating Repayment of Delinquent Taxes Effective March 1st, 2011 Collection Financial Standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those expenses that meet

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Posted in IRS Collections

Amended Tax Return – IRS Form 1040X

An amended tax return generally allows you to file your taxes again to correct your filing status, your income or to add deductions or credits you may have missed on previously filed Forms 1040, 1040A or 1040EZ. Use IRS Form 1040X, Amended

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Posted in Amended Tax Return

Gift Tax – Revised IRS Form 709 – Is THAT Gift taxable?

The IRS released revised instructions to Form 709 Gift Tax Return. The revised instructions change the rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000

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Posted in Gift Tax

IRS Examination Program Still Burdensome to the Taxpayer Requiring Effective Representation

The Correspondence and Discretionary Examination Program (the Program) conducts examinations otherwise known as AUDITS exclusively by mail to reduce Internal Revenue Service (IRS) operational costs and minimize the burden on taxpayers. I along with other taxpayer advocates have expressed concerns

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Posted in IRS Examination

Medical Expenses Paid for a Parent Are Deductible

Report the deduction on the Schedule 'A' - even if the parent did not meet the gross income requirements for the dependency exemption, the parent will still meet the definition of a dependent for purposes of medical expenses paid according to

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Posted in Medical Expenses

IRS Penalties

When it comes to filing a tax return – or not filing one - the IRS can assess a penalty if you fail to file, fail to pay or both. Here are eight important points the IRS wants you to

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Posted in IRS Penalties
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