News - John R. Dundon II, Enrolled Agent
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News

September 1, 2010

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 this link: http://www.colorado.gov/cs/Satellite?blobcol=urldata&blobheader=application%2Fpdf&blobkey=id&blobtable=MungoBlobs&blobwhere=1239161361364&ssbinary=true NOTE: In an effort...

August 31, 2010

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 of the taxpayer’s property or...

August 30, 2010

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 that would ordinarily apply to...

August 27, 2010

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 Act of 2009 and is...

August 26, 2010

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 and regrouping, as required under...

August 25, 2010

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 compare it with the information...

August 24, 2010

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 you need to withhold from...

August 18, 2010

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 are due in October 2010....

August 16, 2010

There are five requirements the IRS assesses as part of granting innocent spouse relief: 1. Education Level - Does the innocent spouse possess the skill set, background, and/or experience to understand the jointly filed tax return? 2. Involvement in Financial Affairs - To what extent did...

August 9, 2010

If you get a bill this summer for late taxes, you are expected by the IRS to promptly pay the tax owed including any penalties and interest. First you should consider appealing the determination based on merit and evidence. For more information on...

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