Research Tax Credits and QRE’s: IRS Form 6765

Being married to a fermentation biologist has allowed me access to a wide swath of fascinating experiments involving media from bio-fuels to home brew. So no matter how many esoteric Internal Revenue Codes I vamp up in public or in social gatherings-like an

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Posted in Research Tax Credit, Tax Credit

Colorado Tax Update & Top 10 Hacks To Streamline the Filing Process

My friends at the Colorado Department of Revenue Tax Division have been hard at work amending and repealing several different personal and corporate income tax regulations with a handful of notable mentions for non-residents and part year residents alike. The absolute

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Posted in Colorado Department of Revenue, Colorado Income Tax

Deliberate Tax Free Compounding is the Secret of the Golden Flower

I am getting to be an old man now and so profoundly thankful that the lessons of tax-free compounding were impressed upon me at an early age. It has made a huge difference in my financial well being and subsequent

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Posted in Employee Business Expense, IRA, Retirement, Small Business, Social Security, Tax planning

Protecting Americans from Tax Hikes (PATH) Act of 2015 – A Summary

Protecting Americans from Tax Hikes Act of 2015 (PATH) summarized by my friend Shirley Callahan EA. Some highlights include: Everyone will appreciate the permanency of the enhanced Educator Expenses, the Sales Tax deduction, and the R&D Credit. Section 179 is made

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Posted in DIY, Enrolled Agent, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, ITIN, Licensed Tax Professional, PATH Act 2015, Paying Taxes, Penalty, Tax Abuse, Tax Court, Tax Credit, Tax Fraud, Tax Guidance & Preparation, Tax planning, Tax Preparer, Tax Problems & Requests

Year End Tax Planning for Individuals

It is indeed that time of year again, the holidays for many of us, year end tax planning for tax geeks like me and my team. It seems like every tax practitioner is coming out with their year end comments.

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Posted in Tax planning

2016 Tax Planning for Business

The most important point to remember about year end business tax planning is that proactively minimizing this year's income tax can indeed have an equally adverse impact on next year's tax planning, so tread lightly and consider both sides of the

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Posted in Tax Guidance & Preparation, Tax planning, Uncategorized

Bitcoin – A Currency For the Digital Age – IRS Notice 2014-21

The following is an article I coauthored with my friend Beth Logan for the November/December edition of the EA Journal.  Beth is the Treasurer of the Massachusetts Society of Enrolled Agents. In addition to taxes, she is a small business consultant.

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Posted in Bitcoin, Digital Currency

Situations by which Docketed U.S. Tax Court Cases may be sent to Appeals for Settlement Consideration

In Notice 2015-72 the IRS proposes to update Rev. Proc. 87-24 regarding situations by which docketed U.S. Tax Court cases may be sent to Appeals for settlement consideration. This proposal: Intends to ensure that docketed cases are handled consistently nationwide. Clarifies that, except in

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Posted in Appeals & Audit Resolution, IRS Appeal, IRS Enforcement, Tax Court, Tax Relief, United States Treasury
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