IRS Releases Form 8941 to Help Small Businesses Claim New Health Care Tax Credit

The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced

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Posted in Health Care Tax Credit, Health Insurance, Tax Credit, Tax Guidance & Preparation, Tax Relief

How to obtain copies of tax returns and canceled checks from the Colorado Department of Revenue

Taxpayers who need to get copies of Colorado tax forms (including electronically filed returns) and canceled checks submitted to the Department of Revenue must use the “Request for Copies” form DR 5714 available on the Colorado Taxation Web site through

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Posted in Colorado Department of Revenue

Release of IRS Lien/Levy due to hardship

IRC Sec. 6343(a)(1) provides that, if under regulations prescribed by the secretary, the secretary has determined that a levy is creating an economic hardship due to the financial condition of the taxpayer, the secretary must release all or a part

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Relief

Tax Avoidance Transaction – ROBS – Rollover as Business Start-up

ROBS - Rollover (of tax deferred or retirement $$) as Business Start ups - arrangements were created to secure available funds held in tax-deferred savings (usually under a prior employer’s plan) for an aspiring entrepreneur without incurring resultant tax liabilities

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Posted in Self Employ, Small Business, Tax Fraud

American Opportunity Tax Credit

There is still time left to take advantage of the American Opportunity Tax Credit, a credit that will help many parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment

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Posted in Education Expense, Family, Tax Credit

New reporting rules for passive activities force group decisions

As part of the IRS's continuing efforts to require greater disclosure of tax positions and strategies on returns, it recently released new, mandatory disclosure rules for grouping passive activities. Rev. Proc. 2010-13 for the first time mandates that passive-activity groupings

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Posted in Cost Segregation, Depreciation, Like/Kind Exchange, Mortgage, Net Operating Loss, NOL, Passive Activity, Rental Real Estate, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

Charitable Donations – Tax Tips

Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization and most will be able to tell you. Charitable contributions are deductible only if you itemize deductions using

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Posted in Charitable Contribution

IRS Notice – what to do ….

There are number of reasons the IRS sends notices to taxpayers. Each letter and notice offers specific instructions on what you need to do to satisfy the inquiry. If you receive a correction notice, you should review the correspondence and

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Posted in Amended Tax Return, Appeals & Audit Resolution, Back Taxes Owed, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Employee vs. Independent Contractor: Business Owners Tips

As a small business owner you may hire people as independent contractors or as employees. There are rules that will help you determine how to classify the people you hire. This will affect how much you pay in taxes, whether

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Business Expense, Earned Income Tax Credit, Employee Business Expense, Employment Tax, Payroll Tax Problems, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Wage Garnish

New Colorado Sales, Use, Withholding tax accounting system

The Colorado Department of Revenue is developing the next phase of our new accounting system which includes sales, use and wage withholding taxes. They will begin to use the new system when we process September 2010 filing period returns, which

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Posted in Colorado Department of Revenue, Sales Tax, Use Tax
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