Colorado Tax Amnesty October 1st through November 15, 2011

The Colorado Department of Revenue is offering a tax amnesty period. The program begins October 1st 2011. Tax amnesty is a limited-time opportunity for individuals and businesses with overdue taxes to pay without additional penalties. Those with overdue taxes can

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Posted in Colorado Department of Revenue

IRS Voluntary Worker Classification Settlement Program: Apply using IRS Form 8952

The Internal Revenue Service launched a new program that will enable many employers to voluntarily reclassifying their workers in an effort to resolve past worker classification issues. It is called the Voluntary Classification Settlement Program (VCSP). This new program will allow employers

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Posted in Employee Business Expense, Employment Tax, IRS Collections, IRS Enforcement, IRS Examination, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Problems & Requests

Basis Calculation

Under §165, in general, the basis of a partnership interest equals the sum of the amount of money contributed, the partner’s share of partnership liabilities and the partner’s distributive share of partnership income and losses. How to compute the adjusted basis of the partnership interest when there

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Posted in Basis, Net Operating Loss, NOL

IRS Appeals Needs Help with Collection Statute Expiration Dates

The following report was issued by the Treasury Inspector General for Tax Administration (TIGTA) on August 15, 2011 and it basically says that which many of us already know, the IRS Office of Appeals needs help with Collection Statutes Expiration

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Posted in IRS Appeal

Net Operating Loss Carry Back

I have been developing quite an expertise in resolving Net Operating Loss carry back matters yet with each new situation there is something new that seems to be discovered. IRC section 6511(d)(2) states, a claim for credit or refund that

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Posted in Alternative Minimum Tax (AMT), Net Operating Loss, NOL

How IRS Enforcement Employees Are Evaluated

The Internal Revenue Service (IRS) is not formally evaluating its enforcement employees’ job performance based on quotas or other records of tax enforcement results, according to a new report from the Treasury Inspector General for Tax Administration (TIGTA) contrary to

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Posted in IRS Enforcement, IRS Mediation

Are Cell Phone Expenses Tax Deductible?

I've been getting asked this question quite a bit so I put it directly to the IRS.  My guess is that I wasn't the only one who asked because today the Internal Revenue Service issued guidance designed to clarify the

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Posted in Deductible Expense, Small Business, Sub-chapter S, Tax Guidance & Preparation

Trusts and Charitable Contributions CCA 20104202

Under IRC §170(c)(2)(A) generally speaking when a trust uses its income to buy an asset and in a later year gives that asset to a charity it is allowed a charitable deduction. Chief Counsel Advice 20104202 stipulates however that if the deduction was

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Posted in Charitable Contribution, Trusts

Payroll Service Providers: Further Guidance Defining “Responsible Person”

It has been truly amazing to see so many failed payroll service providers all around the United States screw over small business owners by collecting tax revenue from business owners to be passed on to federal and state governments and

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Posted in Payroll Tax Problems, Self Employ, Small Business

Refurbishing Real Estate for Resale is (usually) Taxed as Ordinary Income

According to Tax Court Memo 2010-261, a husband and wife purchased real estate, refurbished it and reported the sale on Form 4797. They contended the homes were purchased for use as rentals; however, over the three-year period at issue, none of the homes were

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Posted in Capital Gain, Capital Loss, Rental Real Estate
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