Don’t Expect The IRS to Cover Your Expensive Lawyer

Don't Expect The IRS to Cover Your Expensive Lawyer
I get daily updates about the new and exciting (as if anything tax related were exciting) developments coming from both our friends in Washington and our illustrious judicial branch. The legislative updates I usually understand just by reading the headlines. The court cases. . .not so much. Today was a bad one with TC Memo 2016-192 and its ...

Tax Relief in Wake of Hurricane Matthew

Tax Relief in Wake of Hurricane Matthew
One of the most surprising things that I’ve discovered after becoming a tax accountant is that the IRS isn’t totally heartless. Is it a massive governmental bureaucracy that is sick and tired of hearing every excuse as to why you can’t file your taxes? Of course. Are there a few agents who wouldn’t qualify to donate ...

Offer In Compromise Cut Rate Price May Increase

Offer In Compromise Cut Rate Price May Increase
I’ve recently been working with a few clients who couldn’t pay their tax bill on time. We’ve managed to set up installment agreements for them, which is typically a fairly pain-free process with the IRS (though I hear some of the states are less lenient), since the Feds would rather get the money late than ...

Hillary Clinton Channels Marco Rubio for Child Tax Credit

Hillary Clinton Channels Marco Rubio for Child Tax Credit
Hillary Clinton, apparently deciding she needs to do more than sit in a lawn chair and watch Donald Trump’s latest gasoline fight accident, released something resembling an actual tax proposal today. Say hello to an expanded Child Tax Credit. Since I’m a bit of a tax nerd (if having a tax website didn’t give that away), ...

Kiddie Tax and Children’s Tax Returns

Kiddie Tax and Children's Tax Returns
Since nothing new and contentious has appeared in the Federal or Colorado tax world in the past few days, I figured it’s time to tackle an actual tax topics. Weird, I know. And just a bit boring. But since people have to file their taxes, and since they’re still using Google for tax advice (including tax ...

New York Times Invents Demons on Trump Tax Return

New York Times Invents Demons on Trump Tax Return
Leave it to the New York Times to screw up a potential bombshell like the leaked Donald Trump tax return they released over the weekend. I’m going to add a bit of a throat clearing before I get into this discussion: I am not pleased (put mildly) with our political candidates this year. When the ...

Colorado Sales Tax on that Herbal Essense

Colorado Sales Tax on that Herbal Essense
Herbs are all the rage in Colorado right now, and I’m sick of it. Fortunately, today’s herbal discussion has nothing to do with the recreational marijuana industry that’s bringing in annoying tourists and odd investment schemes. Today, we’ll focus on another long-time favorite: Chinese medicine. Colorado Department of Revenue–which has the awesome Game of Thrones ...

The Olympic Medal Tax Will No Longer Get The Gold

The Olympic Medal Tax Will No Longer Get The Gold
It looks like the media is going to have to invent one more controversy every two years, because they’ll have a hole in their schedule once the Olympic Medal Tax is repealed. Here’s the deal: each Olympics, even that one that takes place in that white stuff that so many Texan tourists come here to Colorado to ...

ACA Premium Tax Credit Could Cause a Scare

ACA Premium Tax Credit Could Cause a Scare
I had a bit of a scare filling out a client’s Form 8962, which calculates the Premium Tax Credit (PTC) related to health insurance plans bought on the Health Insurance Exchanges. I thought I’d spread the news along for anyone who falls into this same situation over the next few years (unless the Exchanges totally ...

Jerry Brown Struggles Mixing Taxes and Tampons

Jerry Brown Struggles Mixing Taxes and Tampons
I grew up in California during one of its biggest booms in economic growth. The good times were rolling, and the Sacramento Pols were doing their best to spend every dollar before it even hit their coffers. During one election before I could vote, I remember my mom debating how she should vote on some ...