Tips for Filing Colorado income tax amended returns

ALWAYS use the form that matches the year you are amending. For example, if you are amending a 2009 return, use the 2009 104X form. If you use a form for another tax year, the lines from one tax year

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Posted in Amended Tax Return, Colorado Department of Revenue

Tax Benefits for Job Seekers

Did you know that you may be able to deduct some of your job search expenses on your tax return? If you are searching for a job, you may be able to deduct some of your expenses on your tax

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Posted in Employment Tax, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

IRC 6334 Property Exempt from IRS Levy

(1) Wearing apparel and school books - Such items of wearing apparel and such school books as are necessary for the taxpayer or for members of his family; (2) Fuel, provisions, furniture, and personal effects - So much of the

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

Six Tips for Students with a Summer Job

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working

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Posted in Children, Employee Business Expense, Employment Tax, Family, FICA, Paying Taxes, Payroll Tax Problems, Personal Service Corporation, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation

IRS Issues Prohibited Tax Shelter Final Regulations

IRS Issues Prohibited Tax Shelter Final Regulations http://www.irs.gov/pub/irs-tege/4965fregs.pdf

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Posted in Abusive Tax Shelter, IRS Enforcement, Paying Taxes, Tax Abuse, Tax Fraud, Tax Guidance & Preparation

Summertime Child Care Expenses May Qualify for a Tax Credit

Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school

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Posted in Child Tax, Children, Dependent, Family, Self Employ, Small Business, Tax Credit, Tax Problems & Requests, Tax Relief, Taxable Income

Inadequate Controls on IRS Contractors Place Taxpayer Data At Risk for Unauthorized Access or Disclosure

According to a Treasury Inspector General for Tax Administration (TIGTA) Report Issued on May 18th 2010 the Internal Revenue Service (IRS) procedures do not identify all contractors who process, store or house confidential taxpayer information at their facilities, thereby placing

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Posted in Privacy

10 Tips on the 10 Percent Tax on Tanning Services

Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010. Here

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Posted in Excise Tax, IRS Penalties, IRS Penalty and Interest Abatement, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

Trust Fund Penalty – Tax Court Case McCloskey v. US. 104 AFTR 2d 2009-6378

Shareholder Timothy McCloskey was assessed a trust fund penalty due to an unfortunate problem he had with his trusted bookkeeper and chief financial officer, Kathleen Lawson. On September 1, 2004, Kathleen left Timothy an apologetic letter of resignation. Upon reading

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Posted in Employment Tax, IRS Penalties, IRS Penalty and Interest Abatement, Payroll Tax Problems, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Sub-chapter S, Tax Abuse, Trust Fund Recovery Penalty

Filing IRS Form 1099-C as a ‘non-applicable entity’ for someone else is not necessarily fraud

During 2002 and 2003, Mary allowed her daughter Susan and son-in-law Robert to charge $30,238 on her American Express account. Dumb Ass! As predicted and on queue, the couple divorced and could no longer make payments for their charges to

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Posted in Cancelled Debt, Tax Problems & Requests, Tax Relief, Taxable Income
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