What is a ‘Qualifying Relative’ for US Tax Purposes: IRC 152

Wading through the convolution required to identify specifically who qualifies as a relative for income tax reporting purposes oftentimes can be difficult, not because the actual tax code is difficult to understand in these regards or even subject to much

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Posted in Adoption, Child Tax, Children, Earned Income Tax Credit, IRS Enforcement, Tax Credit, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation, Tax Problems & Requests

Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers

My friend Roger Botterbusch recently put together a most excellent presentation on the tax implications of owning Publicly Traded Partnerships (PTPs), also commonly referred to as Master Limited Partnerships (MLPs). As a result I developed a new profound distaste for investment

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Posted in 1031 Exchange, 1231 Exchange, Capital Gain, Capital Loss, Investment Income, Like/Kind Exchange, Limited Partnership, Partnership, Passive Activity, Tax Guidance & Preparation

IRS Released “Get Transcript” Application for Real Time Downloading of Information on Your Tax Account

Any individual taxpayer can view, print or download their own transcripts on-line in Real-Time using a computer or Smart Phone. You simply go to www.IRS.gov and enter  GET TRANSCRIPT in the site search bar, OR ... Click here --> http://www.irs.gov/Individuals/Get-Transcript#! This

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, ITIN

IRS Stakeholder Liaison Meeting – Denver

The following is a summary of the IRS' most recent Stakeholder Liaison Meeting in Denver Colorado as prepared by Ann Burton, IRS Senior Stakeholder Liaison.  It is jam packed with procedural information and status updates from line managers and group

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, ITIN

2014 Tax Fears & Advice

With my family snugly content midst a long holiday season I felt compelled to pen some thoughts regarding the ubiquitous US Tax Code and all its myriad of seemingly scary changes looming around the proverbial corner. This post lists 10

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Posted in Capital Gain, Capital Loss, Child Tax, Children, Depreciation, Education Expense, Health Care Tax Credit, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, Marriage, Paying Taxes, Social Security, Social Security Tax, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxpayer Advocate, Uncertain Tax Position

TAS – The Decline and Fall of a Once Great Department Inside the IRS

Last week I read that the Taxpayer Advocate Service's (TAS) case load has been growing substantially and this once great department inside the IRS does not have the resources to continue to handle its current inventory levels without adversely impacting

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript

New Office In Home (OIH) Deduction Review IRS Form 8829 & Revenue Procedure 2013-13

According to IRS Revenue Procedure 2013-13 in addition to claiming the traditional office in home (OIH) or home office deduction on IRS Form 8829 there is now a new simplified option you can consider effective January 1, 2013. Basically this new

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Posted in Home Office

The Intersection of ‘Trafficking under IRC 280(E)’ & Cost of Goods Sold (COGS) Relevant to Taxable Income for Marijuana Distributors in Colorado

As many of you who follow me and/or this tax blog know I have been actively tracking a handful of select medical marijuana dispensaries in Colorado who have been denied the opportunity to deduct ordinary and necessary business expenses by

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Posted in Marijuana

Colorado Disaster Relief from the IRS – Publication 2194

If you have been impacted by a disaster in your area like many of my friends most recently here in Colorado due to flooding as defined by FEMA and identified by our President causing you to be unable to meet your

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief

General Rules for S-Corporation Distributions A Random Walk Down IRC 1368

Unless you elect different treatment, for shareholder income tax purposes S corporation distributions are applied in the following order: 1. To reduce the Accumulated Adjustment Account (AAA) determined without regard to any net negative adjustment for the tax year but

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Posted in Asset Classification, Capital Gain, Corporation, Income, Self Employ, Small Business, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests
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