Blog Archives

Tax Reform – 20 Sound Bites To Fill the Air Over the Holidays

Like a good tax nerd I spent a beautiful Saturday reviewing the US House Tax Cuts and Jobs Act H.R. 1 Section-by-Section Summary.  For your impending confrontation with Drunk Uncle (or Aunt) over the holiday season, the following is what I've been

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Posted in Tax Guidance & Preparation, Tax Reform, Uncategorized

ROLLOVER OF RETIREMENT PLANS SELF CERTIFICATION FOR MORE TIME

Normally you have 60 days to rollover retirement plan distributions in order to avoid current taxation and possible penalty. If you have special circumstances challenging your ability to complete the rollover within this 60-day time frame, please be advised that there

Posted in Uncategorized

AT RISK LIMITATIONS (IRC § 465) PART 1

I am knee deep in another interesting file under dispute with our esteemed taxing authorities involving At-Risk Limitations. This is intended as the first of many posts on the topic as I navigate the shoals of a relatively complicated file that

Posted in Uncategorized

Colorado Year End Tax Update: Focus on USE TAX – 50 Points of Light

It is that time of year again where we work ourselves into a tizzy finishing off the year "strong" and simultaneously enduring another holiday season whilst purportedly planning for a new year. YIKES! With internet sales exploding it is a

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

Retirement Savings Contribution Catch Up Considerations

If you will be 50 or older by the end of 2016, you may be able to contribute more money every year to your employer-sponsored retirement plans and your individual retirement arrangements. Contributing more money will help you save more

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Posted in Retirement, Uncategorized

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

LLC Income is INDEED Subject to Self Employment Tax: IRS Chief Counsel Advice 201436049

In 1997, the IRS issued proposed regulations governing when the distributive share of partnership income for Limited Liability Company (LLC) members was to be included in self-employment income. It basically advised that an LLC member would be treated as a

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Posted in Employment Tax, Entity Classification, Limited Partnership, LLC, Material Participation, Passive Activity, Payroll Tax Problems, Small Business, Social Security Tax, Taxable Income, Uncategorized

Top 8 Free US Tax Research Sites

The best free US tax research sites in my opinion are: 1. For actually referencing the US Tax Code - Cornell University Law School as they seem to do the best job with updates and maintenance and at the end

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, IRS Transcript, ITIN, Tax Abuse, Tax Court, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Uncategorized, Uncertain Tax Position, United States Treasury

Tax Audit Musings

If you chose to represent yourself in an IRS Examination realize the IRS Revenue Agent (RA) or Tax Compliance Officer (TCO) assigned your file is trained very thoroughly to advocate on behalf of the US Government. One method used quite often

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Audit Technique Guide, IRS Appeal, IRS Audit, IRS Collections, IRS Criminal Enforcement, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement, Uncategorized

Situations that would not qualify for IRS Fast Track Mediation

Issues for which there is no legal precedent Issues where the courts have rendered opposing or differing decisions in different jurisdictions Industry Specialization Program issues An issue for which you filed a request for competent authority assistance Service Center penalty appeals cases Service Center Offer in Compromise cases Collection

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Posted in IRS Appeal, IRS Audit, IRS Collections, IRS Examination, IRS Mediation, Uncategorized
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