Solo 401(k)

I blog today about 401(K)'s from a tax perspective solely keeping in mind that my license is as an Enrolled Agent with the US Treasury.  With that as a basis the benefits available to a self-employed individual in a solo

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Posted in Paying Taxes, Retirement, Self Employ, Small Business

IRS Transfer Pricing Compliance Programs Reorganization

The IRS Advance Pricing Agreement (APA) Program, concerned exclusively with reaching pre-filing agreements with taxpayers on transfer pricing, will shift from the office of IRS Chief Counsel to an office under the Transfer Pricing Director in the Large Business &

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Posted in Transfer pricing

Tax Deductible Job Search Expenses

If you invest money seeking employment in your current vocation by taking such action as updating your resume and/or attending career fairs you may be able to deduct some of the expenses as miscellaneous deductions on the Schedule A of

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Posted in Tax Deductible Expenses, Tax Guidance & Preparation, Tax Relief

What taxes can be discharged in bankruptcy

Bankruptcy tax law is complicated and involves a firm grasp of time lines. Getting it right is complicated and requires reflective consideration. I learned this first hand back in 2004. If you get it wrong you loose the privilege of a

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Posted in Bankruptcy, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Colorado Amended Tax Return Tips – CO 104X

When filing a Colorado amended return for individual income tax, these tips will help avoid processing delays. DO NOT include a copy of the 104 (original) return with the 104X.  Include all schedules and supporting documentation. Even when there is no

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Posted in Amended Tax Return, Colorado Department of Revenue

Tax Tips for Military Personnel – IRS Publication 3

Moving Expenses If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. Combat

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Posted in Military Personnel Tax, Tax Guidance & Preparation

IRS Restrictions on Contacting Taxpayers

The Treasury Inspector General for Tax Administration (TIGTA) recently issued Report Number: 2011-30-090. In this report it clearly states that Internal Revenue Service (IRS) employees are required to stop an interview if the taxpayer requests to consult with a representative and

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Mediation, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, TIGTA

IRS Treatment of Marijuana Dispensary Expenses

If you are in the business of dispensing marijuana according to the United States Office of Homeland Security you are selling an illegal drug not a medicine like many individual states believe. Nevertheless Internal Revenue Code IRC 280(E) states that the expenses

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Posted in Business Expense, Business Income, Cost Segregation, Deductible Expense, Marijuana

Dwelling Unit vs. Primary Residence

Many taxpayers have both a dwelling unit and a principal place of residence.  Understanding the difference between the two is important for a wide variety of reasons.  The file that landed on my desk today involves such a matter.  The

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Posted in Appeals & Audit Resolution, IRS Appeal, IRS Audit, IRS Enforcement, IRS Examination, Rental Real Estate, Tax Guidance & Preparation, Tax Problems & Requests, Uncertain Tax Position
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