Tuesday, May 3, 2011

Being Compliant with Federal Tax Obligations May Soon Be A Requirement For Passport Renewal

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According to a recent Government Accountability Office (GAO) report, the State Department issued 224,000 passports to citizens who owed appr...
Monday, May 2, 2011

Truck Owners IRS Form 2290

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IRS Form 2290 , Heavy Highway Vehicle Use Tax Facts There is a cost associated with filing Form 2290, electronically. Taxpayers will incur t...
Friday, April 29, 2011

Colorado Department of Revenue Private Letter Rulings

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The Colorado Department of Revenue is now accepting requests for general information letters. This program was previously suspended because...
Wednesday, April 27, 2011

No Medical Expense Deduction Allowed for Precautionary Expenses Incurred to Treat Future Disease

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It is allowable to deduct the cost of preventing, treating, curing, mitigating, and diagnosing a disease that is existing or imminently prob...
Tuesday, April 26, 2011

Alternative Minimum Tax(AMT) + Incentive Stock Options(ISO)

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For Alternative Minimum Tax (AMT) and Statutory Incentive Stock Options (ISO), the date when your rights in the under lying stock are transf...
Monday, April 25, 2011

Statutory Stock Options - IRS Form 3921

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There are essentially two kinds of stock options, statutory and non-statutory.   If you exercise an Incentive Stock Option during 2010, you ...
Friday, April 22, 2011

IRS Collection Financial Standards Used in Calculating Repayment of Delinquent Taxes Effective March 1st, 2011

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Collection Financial Standards are used to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expe...
Thursday, April 21, 2011

Amended Tax Return - IRS Form 1040X

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An amended tax return generally allows you to file your taxes again to correct your filing status, your income or to add deductions or credi...
Wednesday, April 20, 2011

Girt Tax - Revised IRS Form 709 - Is THAT Gift taxable?

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The IRS released revised instructions to Form 709  Gift Tax Return. The revised instructions change the rules for allocating the unified cr...
Tuesday, April 19, 2011

IRS Examination Program Still Burdensome to the Taxpayer Requiring Effective Representation

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The Correspondence and Discretionary Examination Program (the Program) conducts examinations otherwise known as AUDITS exclusively by mail t...