Colorado1040

Turbo Tax has suspended sending returns to states because of security concerns. One more reason to use a professional!.

IRS seems to be slowing down again on processing Offers in Compromise. Get your offers in sooner to beat the backlog.

Congratulations Joe on being free from the IRS and your offer accepted!

If you purchased health insurance through any of the exchanges, there will be a new form you have to bring from your insurance exchange before you can file your tax return. The form, Form 1095-A, lists everyone in the household who has coverage and what the government paid for each person in subsidies

Generally, a taxpayer may not deduct personal, living expenses related to his or her residence unless a specific room or area of the home is exclusively and regularly used as the taxpayer's principal place of business.

Over the past several years, the IRS has taken a strict approach toward automobile expenses by requiring a concurrent log to support them. The logs must contain not only information as to miles and business purpose but even odometer readings.

Amazon.com to begin collecting sales tax in MN, other states will follow soon.

In several recently issued private letter rulings, the IRS has ruled that, under Sec. 104, damages or other compensation related to physical injury can be excluded from the taxpayers' gross income.

Phone fraud is increasing and people are posing as IRS employees. You will NEVER get a call unless you received a letter from them. Give no information and ask for their phone number and call us for verification.

New projections estimate that Social Security Trust Fund runs out in 2033, 19 years from now.

IRS announces that is will monitor churches for political activity. Tax exempt status could be pulled.

IRS is looking at tax exempt meals/food from employers. IRS may force them to go away or be taxed, stay tuned.

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Did you know that the IRS imposes a 25% accuracy penalty for incorrect tax returns? May want to think twice this year with new forms.

Many taxpayers this tax season will no longer be able to file 1040EZ's due to the Affordable Care Act and the new forms that will be required according the H&R Block CEO Bill Cobb.

USTA reports that US workers left 429 million vacation days unused or 3.2 days per worker. A lot of people would like those days.

JP Morgan Chase reports that it is not seeing an unusually high amount of fraud after being hacked.

With the recent hacking of businesses, it is even more important than ever to check your credit report at least monthly.

The IRS accepted an offer in compromise for another one of our clients. They are free of the burden and can start fresh. Congrats Mark!

CBO reports the US debt is 74% of the entire US GDP. Going to have to pay this someday.

Tax Courts have ruled that making your mileage and other logs after a reasonable time of the event makes them non-deductible. Keep your records up to date!

Think you will need a loan in the next 24 months for your business? You need to plan now with profit and balance sheet items to be ready.

Bonus depreciation has not been passed for 2014 yet. Vote in House today but Senate may not vote until after Nov.

I often hear from clients that they don't want to pay taxes. I have a simple solution that helps. I raise my fee high enough to make 0 tax.

Are you under audit from the IRS? GAO finds IRS has provided misleading time frames for when you will hear back from the IRS. Get Help...

I clearly remember the time in 2007 & 2008 when people were saying house prices will never go down because there in not enough land...I take a somewhat contrarian view. When all the media and financial people are saying things are great, WATCH OUT. Start looking at defensive tactics for your business and money.

Mid Year is a great time to see if you should be making estimated tax payments.

Jobless Rate drops to 6.1% and June payrolls added 288,000 people. Things look good so now is the time to be cautious.

We recommend always filing a tax return, even if not required to trigger the 3 year statute of limitation. If you don't the IRS can go way back.

If you get $400 or more in self-employment earnings you have to file a tax return. Even though it is less than the $600 1099 limit.

A married taxpayer is jointly and severally liable for taxes owed on a joint return EVEN AFTER divorce.

California has legalized bitcoin as an alternative currency in the state.

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AICPA continues to fight the IRS on a voluntary tax preparers certification program??? It would be better for the public IMO.

Did you know that after converting your IRA to a ROTH IRA you can change your mind and convert back if done by Oct 15th,