Written IRS Appeal Protest

You can appeal an IRS tax decision to a local Appeals Office, which is separate from and independent of the IRS office taking the action you disagree with. The Appeals Office is the only level of appeal within the IRS.

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Examination

What to Classify Your New Entity for Tax Purposes – IRS form 8832 v IRS Form 2553

Understanding how to file LLC taxes, S Corporation taxes and taxes for other business entities can be one of the biggest headaches of starting your own business. Filing taxes for a business entity like an LLC can be especially confusing

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Posted in Entity Classification

No Medical Expense Deduction Allowed for Precautions to Treat Future Disease

Under §213, a taxpayer is allowed to deduct the cost of preventing, treating, curing, mitigating, and diagnosing a disease that is existing or imminently probable for themselves or a family member. Doctors now can store cord blood of an infant that contains stem cells that may be

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Posted in Medical Expenses

Truck Owners IRS Form 2290

e-Filing Form 2290, Heavy Highway Vehicle Use Tax Differences Between The Paper and Electronic Processes Q. Is there a cost associated with filing Form 2290, electronically? A. Yes, there is a cost associated with filing Form 2290, electronically. Taxpayers will

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Posted in Highway Tax

Deducting IRA Losses – IRS Publication 590

According to IRS Publication 590, chapter 1 section "Recognizing Losses on Traditional IRA Investments" you can indeed deduct for tax purposes a loss on IRA plans if you cash out all funs out of all IRAs of the same type be

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Posted in Capital Gain, Capital Loss

Colorado Use Tax Will Surprise and Sting – Be Aware

Online Consumer Use Tax for Colorado taxpayers now available Consumer use tax must be paid by Colorado residents and businesses on purchases that did notinclude Colorado sales tax, such as those purchases made over the Internet, by mail order, or by

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Posted in Colorado Department of Revenue

IRS to Review Innocent Spouse ‘Timeline’ Rules

In a letter to lawmakers dated April 29, IRS Commissioner Doug Shulman promised to review the 2 year requirement for submitting IRS Form 8857 as part of its ‘Fresh Start’ program. Once a joint tax return is filed, both spouses together

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Posted in Injured Spouse Relief, Innocent Spouse Relief

Rental Real Estate Energy Efficient Upgrades Eligible for Tax Credit on IRS Form 3800

If you own an office building that rents to various tenants and would like to install solar panels on the roof to generate electricity, and a geothermal heating and cooling system you may be eligible for a tax credit for

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Posted in Energy Efficient Tax Credit, Rental Real Estate

Small Business Lending Fund – available now for a short time – if you need a loan and you are a subchapter S – get on this.

Subchapter S corporations and mutual institutions participating in the Small Business Lending Fund will benefit from the incentives the Fund provides for increased lending. The more an institution increases its small business lending, the lower the rate it will receive. The application deadline for

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Posted in Sub-chapter S, United States Treasury

Suspension of IRS Interest – IRS Form 843

For the most part if you talk to someone from the IRS about interest on penalties you will learn that they are trained to state that by statute the IRS is not allowed to abate interest.  This statement albeit true

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Posted in IRS Collections, IRS Penalty and Interest Abatement
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