IRS Worker Classification Settlement Program IRS Form 8952

If you are an employer you can appreciate the fact that everyone working for you it seems wants to be an independent contractor until they get injured on the job or get pissed off at you and seek relief outside

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Posted in Deductible Expense, Employee Business Expense, Employment Tax, Independent Contractor

First Time Home Buyer Credit

Many taxpayers who claimed the first time home buyer's credit are having their tax returns examined by the IRS. Turns out generally that this credit is not being properly reported. Even tax practitioners are demonstrating incompetence when it comes to

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Posted in Tax Credit

What Are The Tax Benefits Available to a Self Employed Individual with a 401(K)

The benefits available to a self-employed individual in a solo 401(k) plan have increased. The self-employed individual can contribute to the solo 401(k) plan two ways: Through elective deferrals limited to the lesser of $16,500 or 100% of the self-employed

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Posted in Retirement, Self Employ, Small Business

Small Employer Health Insurance Credit 2011 – IRS Form 8941

The small employer health insurance credit is applied for on IRS Form 8941.  The credit itself is based on the non-shareholder staff, their hours worked, wages and the premiums paid for them. The hours worked, wages and health insurance premiums

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Posted in Health Insurance, Self Employ, Small Business, Tax Credit

Tax Amnesty Offer Allows Coloradans a Chance to Settle Up Support Education, but Ends Soon!

I write in support of this effort on behalf of our elected officials here in Colorado and urge anyone delinquent in their Colorado tax responsibilities to come forward NOW before the Amnesty period ends. Although it seems like a ruse

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Posted in Colorado Department of Revenue

Social Security and Medicare Changes 2012

The Social Security Administration has announced the new benefits and thresholds for 2012 as follows: Gross Social Security benefits increase for 2012 by 3.6%.  The amount of earnings subject to Social Security taxes increases to $110,100.  The amount of earnings

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Posted in Medicare, Social Security, Social Security Tax

Paying Past Employment Tax Liabilities with an Installment Agreement

Employment taxes withheld by your employer are considered 'trust fund' taxes. I'm not entirely sure of its origin but I think the term trust fund tax is used because the US Treasury considers employment taxes withheld from your paycheck the

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Posted in Employment Tax, Installment Agreement

Adoption Tax Credit

The Affordable Care Act increased the amount of the Adoption Tax Credit and made it fully refundable, which means it can increase the amount of your refund or decrease the amount of your tax liability in the immediate tax year. Additionally:

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Posted in Adoption, Tax Credit, Tax Deductible Expenses, Tax Guidance & Preparation

Colorado Sales Tax on Vacation Rentals

If you rent a house or condominium to someone for less than 30 days in Colorado it is likely sales tax is owed on that rental. There may also be other taxes owed as well including line items for a

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Posted in Rental Real Estate, Sales Tax

2012 Estate Tax Exemption Increase

IRS Rev. Proc. 2011-52 states that the federal estate tax exemption will increase from $5,000,000 to $5,120,000 for the estates of decedents who die in 2012. Subsequently the lifetime gift tax and generation skipping transfer tax exemptions will increase from $5,000,000 to

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Posted in Generation Ski[[ing Transfer Tax, Gift Tax
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