How Long Can the I.R.S. Audit and Collect From Me?
Thursday, May 11th, 2017
There are two phases to a tax case: the first part is when the IRS conducts an examination to determine how much you owe (“examination”) and the second part is when the IRS tries to collect from you (“collection”). Of course, if you filed your tax return and did not pay all that was shown […]
Things to Consider Before Renting that Spare Bedroom
Wednesday, April 12th, 2017
Owning rental property used to be an endeavor of the wealthy. But in the new sharing economy, legions of people have become mini-entrepreneurs. Thanks to Airbnb and other sharing sites, anyone can easily offer up a couch, a spare room or the entire house for a short-term rental (usually defined as fewer than 30 days). […]
Can I resolve my IRS tax debt for pennies on the dollar?
Wednesday, March 8th, 2017
Taxpayers are barraged by television and radio advertisers claiming they can settle IRS debts for mere pennies on the dollar. These ads leave you believing that IRS will let anyone off on their tax debts for less than what is due and owing. Not so! We have had many clients over the years that have […]
The Maze of Colorado’s & Denver’s Sales and Use Tax Laws
Saturday, January 14th, 2017
Small businesses are the backbone of Colorado’s economy— 98% of all businesses in the state have fewer than 100 employees. Because Colorado’s Constitution allows “Home Rule” jurisdictions to enact their own sales and use tax ordinances inconsistent from Colorado’s sales and use tax laws, businesses often have great difficulty wending their way through the variations […]
Protecting Gifted Property in Case Your Child Divorces
Thursday, December 15th, 2016
Clients often ask if there is a way they can financially provide for their children without making that money available for their child’s spouse to take in a divorce. Gifting property to the child outright without any legal protections is just asking for trouble. The two best alternatives are a premarital agreement, and a discretionary, […]
Good News for Taxpayers Who Owe Less Than $100,000!
Friday, October 14th, 2016
The IRS recently announced it will test an expansion of its Streamlined Installment Agreement Program for Taxpayers who owe less than $100,000. In all Streamlined Installment Agreements, the dollar threshold is based on the “Unpaid Balance of Assessments,” which often may be less than the amount the Taxpayer actually owes. For example, when a Taxpayer […]
The Dangers of Online Estate Planning
Tuesday, September 20th, 2016
Today, the world-wide-library puts information at our fingertips in a moment. Access to an unlimited amount of information is quite alluring. When it comes to Estate planning, several web services claim that consumers can complete a will or a trust online in minutes. Are these claims correct and what happens when problems arise? Online Estate […]
Beware of IRS Impersonators
Monday, August 22nd, 2016
Beware of IRS Impersonators A lot of honest taxpayers are being robbed by tricky IRS impersonation scams. These people are not real IRS employees, just thieves. If you are contacted by someone claiming to be an IRS employee, here are a few things to keep in mind: If you receive an automated message or a […]
What is a Hobby Loss?
Tuesday, January 26th, 2016
The IRS frequently disallows deductions for activities it believes are “not engaged in for profit.” “Hobby Losses”, as the IRS calls them, often involve expenses for horse or dog breeding activities, small scale farming, small livestock operations, airplanes, etc. Because these businesses often grow out of hobbies, they tend to be started without adequate business […]
IRS Admits to Using Secret Cellphone Tracking Systems
Friday, October 30th, 2015
As reported by the Washington Times, Internal Revenue Service Commissioner John Koskinen admitted this week that the agency uses secret cellphone tracking systems, known as cell-site simulators, or StingRays, to collect information about people they are investigating. This finding has sparked an inquiry by two top U.S. senators into the use of these tracking systems. […]