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 are due in October 2010. The improved system will allow them to process taxes more…

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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 Affairs – To what extent did the innocent spouse participate in financial decisions? 3. Large…

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Identity Theft and Your Taxes

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. Here are 10 things the IRS wants you to know about identity theft so you can avoid becoming the victim of…

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Business Miles Denied

Sam Freeman worked as an independent contractor for Parts Distribution Xpress during tax years 1999 and 2000. His wife Wanda was in a covenant not to compete from her former employer and was obligated not to work for a parts distribution company. However, Sam contended that Wanda also worked for Parts Distribution Xpress. Based on…

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Cost Segregation Depreciation

For income tax depreciation purposes there are two major types of assets: Sec. 1250 real property and Sec. 1245 personal property. When owners acquire commercial property or tenants invest in leasehold improvements, many only allocate the purchase price between land (non-depreciable) and building (depreciated as a 39-year asset over 40 years). However, by taking advantage…

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