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Tax Articles

IRS Provides Relief for Homeowners with Corrosive Drywall

The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall as a casualty loss and provides a ”safe harbor” formula for determining…

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Guidelines for “Political Activities” by Churches and Pastors

Lobbying activities may expose churches in some states to election law register and reporting requirements as a political committee. Many of these statutes are unconstitutional because they expose churches to intrusive regulations for a very small amount of lobbying.  The most important message I think is that Pastors need to make sure that they differentiate…

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IRS Form W-12, IRS Paid Preparer Tax Identification Number (PTIN)

All people making money preparing taxes must be registered with the IRS. If your paid tax return preparer is not registered with the IRS he/she is perpetrating fraud which will cause you future headaches. Don’t mess around with this. The IRS has released a new Form W-12, IRS Paid Preparer Tax Identification Number (PTIN) Application…

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Education Expenses – Are They Tax Deductible?

According to IRS Publication 970, Tax Benefits for Education, questions exist to help determine if education expenses are tax deductible. These questions include: Is the expense associated with the education ‘work related’? It must be to be deductible. Is the education in question required by your employer or the law to keep your present salary,…

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Kiddie Tax Example Question

Question: Sam, age 15, came into your office to have his taxes prepared. He has wages of $6,500, interest income of $1,500, and dividend income of $5,500. He is claimed as a dependent by his parents, however his parents have not filed their return yet and Sam wants to complete his return now. Can you…

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Charitable Deduction of Parochial School Tuition

Meir Katz (J.D. 2010, Georgetown) has posted The Economics of § 170: A Case for the Charitable Deduction of Parochial School Tuition on SSRN. It is fascinating. Here is the abstract: That payments for parochial school tuition are not deductible under § 170 is a foregone conclusion in the eyes of many tax policy scholars.…

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Audit Reconsideration Request

‘Audit reconsideration’ requests the IRS to reconsider action it has taken with the taxpayer by allowing the taxpayer to present information that may not have been available to the IRS previously. This procedure is used when an assessment has been made due to an audit of the taxpayer’s return or when the IRS has created…

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