Paying Estimated Taxes IRS Form 1040ES IRS

IRS Form 1040ES, Estimated Tax for Individuals, provides all you’ll need to pay estimated taxes. This includes instructions, worksheets, schedules and payment vouchers. Another good source for information is IRS Publication 505, Tax Withholding and Estimated Tax You may need to pay estimated

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Reporting Large Cash Transactions – IRS Form 8300

Businesses that receive more than $10,000 in cash in one transaction (or several related transactions) must file IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. According to Program Manager Technical Advice (PMTA) 2010-012. Reg. §1.6050I-1(c)(1) and

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Posted in Cash Transaction, IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement

Tax Refund Withholdings and Offsets

If you owe money because of certain delinquent debts, the IRS or the Department of Treasury's Financial Management Service (FMS), which issues IRS tax refunds, can offset or reduce your federal tax refund or withhold the entire amount to satisfy

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Posted in Intent To Levy, Intent To Lien, IRS Audit, IRS Collections, IRS Examination

What are the Tax Implications of an Involuntary Conversion?

Usually when when economists define a business transaction in a free market society it involves a willing buyer and a willing seller coming together on terms. More often than not however it seems to me that in a wide variety

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Posted in IRS Audit, IRS Collections, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement

100 Percent Exclusion of Capital Gains From Certain §1202 Stock Transactions

A substantial benefit for those individuals who have formed small to mid-sized C corporations before the end of 2010. IRC §1202 has been previously used by taxpayers to exclude one half of the capital gain they realize when they sell qualifying §1202 stock at a gain. To

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100% Bonus Depreciation – Revenue Procedure 2011-26

For those of you fortunate enough to have actually invested in your operations through the purchase of certain 'qualified property' last year you are going to want to read IRS Revenue Procedure 2011-26 which provides guidance on the new 100

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Personal Service Corporations (PSC) – the Sub Chapter S Election and Wages/Employment Taxes

As I have blogged before a Personal Service Corporation can indeed elect Sub Chapter 'S' corporate status and be treated as a disregarded entity for income tax purposes.  This requires the filing of IRS form 1120-S, not IRS form 1120.

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Posted in Employment Tax, Personal Service Corporation, Sub-chapter S

Can’t Afford to Pay Your Taxes?

Many people are completely underestimating their tax liabilities this year.  It is absolutely incredible. So these are some of my suggestions for those of you in this position: Pay as much as possible now to minimize interest and penalties. Request

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Farm Income and Deductions – IRS Publication 225

Oh boy, another bankrupt independent farmer with questions.  Yes there are a few left but extinction is eminent with the exception perhaps of local co-ops. So please support the local people that care about food, even if you have to

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Colorado Revenue Dept. New Online Functionality

The Colorado Department of Revenue will unveil its new service called “Revenue Online” on April 25, 2011 at  With this new system taxpayers will be able to: · File an individual amended return online, regardless of whether the original return

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