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 telephone. Online Consumer Use Tax filing is...
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 these items. IRC §48 allows you...
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 Subchapter S corporations and mutual...
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 has exceptions. Generally, the IRS has...
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 treatment of an item and...
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 transact tax business with the...
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 often arises when applying tax...
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 both wealthy and from my...
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 verses electronically filed returns. Paper returns are...
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 with assistance on tax issues...
