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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Posted in Paying Taxes

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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Posted in Farm Tax

Colorado Revenue Dept. New Online Functionality

The Colorado Department of Revenue will unveil its new service called “Revenue Online” on April 25, 2011 at www.Colorado.gov/revenueonline.  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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Posted in Colorado Department of Revenue

The IRS Collection Process – Publications 594 and 1660

IRS Publication 594 (PDF), The IRS Collection Process IRS Publication 1660 (PDF), Collection Appeal Rights IRS Collection Actions include: * Filing a Notice of Federal Tax Lien. The federal tax lien is a legal claim to your property, including property

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Posted in Intent To Lien, IRS Collections

Is that Gift taxable? Is IRS Form 709 Required?

If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help

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Posted in Gift Tax

The IRS Collection Process – Publications 594 and 1660

Publication 594 (PDF), The IRS Collection Process Publication 1660 (PDF), Collection Appeal Rights IRS Collection Actions include: Filing a Notice of Federal Tax Lien. The federal tax lien is a legal claim to your property, including property that you acquire after the lien

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Posted in IRS Collections

Injured Spouse – more facts

If you file a joint return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be

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Posted in Injured Spouse Relief

Employee Business Expenses – IRS Form 2106

If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. Generally, report expenses on IRS Form 2106 to figure the deduction for employee business expenses and attach it to Form 1040. Deductible expenses are

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Posted in Employee Business Expense

IRS Revenue Agent Site Inspection

Yikes!!! The IRS wants to pay you a visit.  You need to know that Reg. §301.7605-1(d)(3)(iii) states: “Regardless of where an examination takes place, the IRS may visit the taxpayer’s place of business or residence to establish facts that can only be established

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Posted in IRS Audit
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