Amid Hacker’s Revenge on IRS Scammer, Let’s Review How IRS Notices Work

Amid Hacker's Revenge on IRS Scammer, Let's Review How IRS Notices Work
One of the most satisfying videos of the week has nothing to do with backflipping cats or adorable dogs or amazing vacation destinations you’ll never go to. Instead, it’s all about the hackers. Here’s the summary: an IRS Scammer tries to defraud the wrong person. That person got his revenge by calling the scammer back. ...

The Real Benefit Of the Home Office Deduction (Hint: It’s the Travel Expense)

The Real Benefit Of the Home Office Deduction (Hint: It's the Travel Expense)
I once asked my doctor what he thought about pharma ads and their ubiquitous tagline of “ask your doctor if Xilipum (not a real drug, I hope) is right for you.” He was not a fan. Now that I’m a CPA, I can partially commiserate. Joe Schmo loves to tell our client they should “just ...

IRS Finalized Gambling Rules to Tattle on Your Slot Machine Play

IRS Finalized Gambling Rules to Tattle on Your Slot Machine Play
Since I spent the end of last year in Las Vegas (though my city related activities were limited to the Mandalay Bay Aquarium and having my son tell me all about the MGM Grand Casino fire), it seemed appropriate to kick off the new year discussing new gambling tax rules issued by the IRS. If ...

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 ...

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 ...

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 ...

IRS Meddles in Generosity with Penalty Relief

IRS Meddles in Generosity with Penalty Relief
The first screw up is on the house. Nobody should call the IRS charitable. Their job is to take your money through threat of violence. As much as we like to harp on corporations trying to scam us into paying up (or selling us a faulty washing machine that breaks and floods our laundry room then ...