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Tax Articles

Being Compliant with Federal Tax Obligations May Soon Be A Requirement For Passport Renewal

According to a recent Government Accountability Office (GAO) report, the State Department issued 224,000 passports to citizens who owed approximately $6 billion in income tax in 2008.  Purportedly that amount has increased over the last three years. Most of the perpetrators are both wealthy and from my perspective burdened with inflated hubris. If this is you, may…


Truck Owners IRS Form 2290

IRS Form 2290, Heavy Highway Vehicle Use Tax Facts There is a cost associated with filing Form 2290, electronically. Taxpayers will incur the cost of IRS approved transmitter/software provider’s required service fees. There are differences in the processing of paper returns verses electronically filed returns. Paper returns are processed manually. If a paper return is filed…


Colorado Department of Revenue Private Letter Rulings

The Colorado Department of Revenue is now accepting requests for general information letters. This program was previously suspended because of significant shortfalls in the state’s revenue and reductions in the department’s operating budget. General information letters provide businesses and individuals with assistance on tax issues that are not specifically addressed in department publications (such as…


No Medical Expense Deduction Allowed for Precautionary Expenses Incurred to Treat Future Disease

It is allowable to deduct the cost of preventing, treating, curing, mitigating, and diagnosing a disease that is existing or imminently probable for yourself or a family member. Even though science has blessed us with the opportunity to store umbilical cord blood of an infant that contains stem cells that may be used to treat or cure a disease the cost…


Statutory Stock Options – IRS Form 3921

There are essentially two kinds of stock options, statutory and non-statutory.  If you exercise an Incentive Stock Option during 2010, you should have received IRS Form 3921, Exercise of an Incentive Stock Option Under Section 422(b), or a statement, from the corporation for each transfer made during 2010. The corporation should have provided you with the…


IRS Collection Financial Standards Used in Calculating Repayment of Delinquent Taxes Effective March 1st, 2011

IRS Collection Financial Standards Used in Calculating Repayment of Delinquent Taxes Effective March 1st, 2011 Collection Financial Standards are used to help determine a taxpayer’s ability to pay a delinquent tax liability. Allowable living expenses include those expenses that meet the necessary expense test. The necessary expense test is defined as expenses that are necessary to…


Amended Tax Return – IRS Form 1040X

An amended tax return generally allows you to file your taxes again to correct your filing status, your income or to add deductions or credits you may have missed on previously filed Forms 1040, 1040A or 1040EZ. Use IRS Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended income tax return. An amended return must…


IRS Examination Program Still Burdensome to the Taxpayer Requiring Effective Representation

The Correspondence and Discretionary Examination Program (the Program) conducts examinations otherwise known as AUDITS exclusively by mail to reduce Internal Revenue Service (IRS) operational costs and minimize the burden on taxpayers. I along with other taxpayer advocates have expressed concerns with: the length of the examination process, the lack of consideration given to information sent…