How to Request a Copy of Your Colorado Tax Return

The Colorado Department of Revenue understands some taxpayers who have been directly affected by the recent fires in our state will need to request photocopies of tax returns that have been lost or destroyed or will not be able to

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Posted in Colorado Department of Revenue

IRS Grants Tax-Exempt Status to Paranormal Group

The IRS sometimes grants tax-exempt status to questionable-sounding groups, but paranormal research? What is this world coming to? All I have to say is your bogeyman still needs a valid social security number to be considered a deductible dependent. On

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Posted in Charitable Contribution, Non-profit

Kiddie Tax Example Question

Question: Sam, age 15, came into your office to have his taxes prepared. He has wages of $6,500, interest income of $1,500, and dividend income of $5,500. He is claimed as a dependent by his parents, however his parents have

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Posted in Child Tax

Charitable Deduction of Parochial School Tuition

Meir Katz (J.D. 2010, Georgetown) has posted The Economics of § 170: A Case for the Charitable Deduction of Parochial School Tuition on SSRN. It is fascinating. Here is the abstract: That payments for parochial school tuition are not deductible

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Posted in Charitable Contribution, Child Tax, Education Expense, Family, Student Loan, Tax Deductible Expenses, Tax Problems & Requests, Tax Relief

Audit Reconsideration Request

'Audit reconsideration' requests the IRS to reconsider action it has taken with the taxpayer by allowing the taxpayer to present information that may not have been available to the IRS previously. This procedure is used when an assessment has been

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Posted in Audit Reconsideration, Audit Technique Guide, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Problems & Requests, Tax Relief

IRS Releases Form 8941 to Help Small Businesses Claim New Health Care Tax Credit

The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced

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Posted in Health Care Tax Credit, Health Insurance, Tax Credit, Tax Guidance & Preparation, Tax Relief

How to obtain copies of tax returns and canceled checks from the Colorado Department of Revenue

Taxpayers who need to get copies of Colorado tax forms (including electronically filed returns) and canceled checks submitted to the Department of Revenue must use the “Request for Copies” form DR 5714 available on the Colorado Taxation Web site through

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Posted in Colorado Department of Revenue

Release of IRS Lien/Levy due to hardship

IRC Sec. 6343(a)(1) provides that, if under regulations prescribed by the secretary, the secretary has determined that a levy is creating an economic hardship due to the financial condition of the taxpayer, the secretary must release all or a part

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Relief

Tax Avoidance Transaction – ROBS – Rollover as Business Start-up

ROBS - Rollover (of tax deferred or retirement $$) as Business Start ups - arrangements were created to secure available funds held in tax-deferred savings (usually under a prior employer’s plan) for an aspiring entrepreneur without incurring resultant tax liabilities

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Posted in Self Employ, Small Business, Tax Fraud

American Opportunity Tax Credit

There is still time left to take advantage of the American Opportunity Tax Credit, a credit that will help many parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment

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Posted in Education Expense, Family, Tax Credit
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