For those of you fortunate enough to have actually invested in your operations through the purchase of certain 'qualified property' last year you are going to want to read IRS Revenue Procedure 2011-26 which provides guidance on the new 100 percent bonus depreciation from the...
Personal Service Corporations (PSC) - the Sub Chapter S Election and Wages/Employment Taxes As I have blogged before a Personal Service Corporation can indeed elect Sub Chapter 'S' corporate status and be treated as a disregarded entity for income tax purposes. This requires the filing of...
Many people are completely underestimating their tax liabilities this year. It is absolutely incredible. So these are some of my suggestions for those of you in this position: Pay as much as possible now to minimize interest and penalties. Request an Offer in Compromise. Finance the...
Oh boy, another bankrupt independent farmer with questions. Yes there are a few left but extinction is eminent with the exception perhaps of local co-ops. So please support the local people that care about food, even if you have to pay a little more. Think...
The Colorado Department of Revenue will unveil its new service called “Revenue Online” on April 25, 2011 at www.Colorado.gov/revenueonline. With this new system taxpayers will be able to: · File an individual amended return online, regardless of whether the original return was filed electronically or on paper. ·...
If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help you determine if your gift...
Publication 594 (PDF), The IRS Collection ProcessPublication 1660 (PDF), Collection Appeal RightsIRS Collection Actions include:Filing a Notice of Federal Tax Lien. The federal tax lien is a legal claim to your property, including property that you acquire after the lien arises. The federal tax lien arises automatically when...
If you file a joint return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be entitled to injured spouse relief....
If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. Generally, report expenses on IRS Form 2106 to figure the deduction for employee business expenses and attach it to Form 1040. Deductible expenses are then carried over onto...
Yikes!!! The IRS wants to pay you a visit. You need to know that Reg. §301.7605-1(d)(3)(iii) states: “Regardless of where an examination takes place, the IRS may visit the taxpayer’s place of business or residence to establish facts that can only be established by direct visit, such as inventory...