New reporting rules for passive activities force group decisions

As part of the IRS's continuing efforts to require greater disclosure of tax positions and strategies on returns, it recently released new, mandatory disclosure rules for grouping passive activities. Rev. Proc. 2010-13 for the first time mandates that passive-activity groupings

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Posted in Cost Segregation, Depreciation, Like/Kind Exchange, Mortgage, Net Operating Loss, NOL, Passive Activity, Rental Real Estate, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

Charitable Donations – Tax Tips

Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you. Charitable contributions are deductible only if you itemize deductions using

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Posted in Charitable Contribution

IRS Notice – what to do ….

There are number of reasons the IRS sends notices to taxpayers. Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry. If you receive a correction notice, you should review the correspondence and

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Posted in Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Employee vs. Independent Contractor: Business Owners Tips

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Business Expense, Earned Income Tax Credit, Employee Business Expense, Employment Tax, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Wage Garnish

New Colorado Sales, Use, Withholding tax accounting system

The Colorado Department of Revenue is developing the next phase of our new accounting system which includes sales, use and wage withholding taxes. They will begin to use the new system when we process September 2010 filing period returns, which

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Posted in Colorado Department of Revenue, Sales Tax, Use Tax

Innocent Spouse Consideration – 5 Requirements

There are five requirements the IRS assesses as part of granting innocent spouse relief: 1. Education Level - Does the innocent spouse possess the skill set, background, and/or experience to understand the jointly filed tax return? 2. Involvement in Financial

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Posted in Injured Spouse Relief, Innocent Spouse Relief, Tax Filing Status, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

If you owe the IRS money, here are some tips …

If you get a bill this summer for late taxes, you are expected by the IRS to promptly pay the tax owed including any penalties and interest. First you should consider appealing the determination based on merit and evidence. For

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Posted in Amended Tax Return, Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Debt, Disallowed Expenses, Estate Tax, Intent To Levy, Intent To Lien, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Penalties, IRS Penalty and Interest Abatement, Paying Taxes, Statutory Notice of Deficiency, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxable Income

IRS Notice and/or Letter

If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Back Taxes Owed, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Partial Payment Installment Agreement, Paying Taxes, Small Business, Sole Proprietor, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Wage Garnish

Amend Your Tax Return to correct errors and/or omissions

If you forgot to include some income or to take a deduction on your tax return – you can correct it by amending your tax return. In some cases, you do not need to amend your tax return. The Internal

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Posted in Amended Tax Return, Audit Reconsideration, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

What to do if the IRS owes you money

The Internal Revenue Service may have money for you. Was your income below the limit that requires you to file a tax return? If so, you may still be due a refund. If you have not filed a prior year

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Posted in Back Taxes Owed, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Paying Taxes, Tax Guidance & Preparation, Tax Relief
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