IRS Examination of Your Tax Return – Selection Criteria – Publication 556

As detailed in IRS Publication 556 your tax return may be examined for a variety of reasons, and the examination may take place in any one of several ways. IRS Examination for the most part is needed to address both the questionable

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Posted in IRS Audit

Colorado Department of Revenue – Taxpayer Online Access

Taxpayers and tax professionals may now access individual income tax returns, payment history, refund status and other information through the department’s Revenue Online service. Offering these services online, in one place, will help taxpayers quickly and easily submit documents online and

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Posted in Colorado Department of Revenue

More on Net Operating Losses (NOL) and IRS Form 1045 Application for Tentative Refund

The basic intent of the tax laws governing Net Operating Losses (NOL) is to provide tax payment relief and reduce the need to make tax payments in related years when a loss is not incurred in business or trade. Difficulty

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Posted in Net Operating Loss, NOL

Being Compliant with Federal Tax Obligations May Soon Be A Requirement For Passport Renewal

According to a recent Government Accountability Office (GAO) report, the State Department issued 224,000 passports to citizens who owed approximately $6 billion in income tax in 2008.  Purportedly that amount has increased over the last three years. Most of the perpetrators are

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Posted in IRS Collections, IRS Examination, Non-filed Tax Returns, Tax Guidance & Preparation

Truck Owners IRS Form 2290

IRS Form 2290, Heavy Highway Vehicle Use Tax Facts There is a cost associated with filing Form 2290, electronically. Taxpayers will incur the cost of IRS approved transmitter/software provider’s required service fees. There are differences in the processing of paper returns

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Posted in Highway Tax

Colorado Department of Revenue Private Letter Rulings

The Colorado Department of Revenue is now accepting requests for general information letters. This program was previously suspended because of significant shortfalls in the state's revenue and reductions in the department's operating budget. General information letters provide businesses and individuals

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Posted in Colorado Department of Revenue, Private Letter Ruling

No Medical Expense Deduction Allowed for Precautionary Expenses Incurred to Treat Future Disease

It is allowable to deduct the cost of preventing, treating, curing, mitigating, and diagnosing a disease that is existing or imminently probable for yourself or a family member. Even though science has blessed us with the opportunity to store umbilical cord blood of an

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Posted in Tax Deductible Expenses, Tax Problems & Requests

Alternative Minimum Tax(AMT) + Incentive Stock Options(ISO)

For Alternative Minimum Tax (AMT) and Statutory Incentive Stock Options (ISO), the date when your rights in the under lying stock are transferable OR no longer subject to a substantial risk of forfeiture you must include as an adjustment for the

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Posted in Alternative Minimum Tax (AMT)

Statutory Stock Options – IRS Form 3921

There are essentially two kinds of stock options, statutory and non-statutory.  If you exercise an Incentive Stock Option during 2010, you should have received IRS Form 3921, Exercise of an Incentive Stock Option Under Section 422(b), or a statement, from the

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Posted in Stock Options

IRS Collection Financial Standards Used in Calculating Repayment of Delinquent Taxes Effective March 1st, 2011

IRS Collection Financial Standards Used in Calculating Repayment of Delinquent Taxes Effective March 1st, 2011 Collection Financial Standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those expenses that meet

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Posted in IRS Collections
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