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Tax Articles

IRS Rules for Providing K-1’s Electronically: Rev. Proc. 2012-17

Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners. The IRS estimates that partnerships filed almost 26 million K-1s during 2011. Revenue Procedure 2012-17 provides new rules describing when partnerships may provide K-1s electronically to partners. These new rules make it easier for partnerships to provide…


Understanding IRS Notices and Letters

Look on the IRS notice or letter you received in the upper right hand corner for an alpha numeric sequence.  The corresponding IRS explanations below to their Notices and letters are sub categorized as follows: 1. Redesigned Notices 2. Other Notices 3. Individual Filer 4. Business Filer Redesigned Notices Notice Number Description Topic CP01H You…


IRS Bartering Tax Center

Bartering is the trading of one product or service for another. Usually there is no exchange of cash. However, the fair market value of the goods and services exchanged must be reported as income by both parties in the year exchanged. The IRS has an online Bartering Tax Center that is worth checking out to help get it…


Updated Rules Issued for IRS Communications with Appeals Office – Rev. Proc. 2012-18

The IRS Office of Appeals resolves more than 100,000 tax cases each year. Employees staffed in this function are trained to resolve disputes taking into consideration the hazards of litigation as well as the benefits of efficient tax administration. They are not necessarily trained to advocate on behalf of the United States Government’s best interest as they…


Colorado’s Uniform Debt Management Services Act

According to Colorado’s Uniform Debt Management Services Act (UDMSA) any person acting on behalf of a consumer in an effort to negotiate a debt must register with the Attorney General (AG).  Subsequently I learned ANYONE NEGOTIATING TAX DEBT RELIEF could be subject to enforcement by the state of Colorado Attorney General for failure to comply…