Child Support Tax Deduction

Child Support Tax Deduction
A couple weeks back I discussed a court case involving alimony and taxes. The conclusion, for those of you who like spoilers, is that the spouse that pays the alimony usually receives a deduction, and the spouse that receives it usually must pick up taxable income. While I was writing it, I started to go ...

Colorado Tax Online

Colorado Tax Online
Since I live and work as a tax professional in Colorado, I get to experience the joys of their revenue service more often than I’d like. While I think it is a beautiful state, and even, for the most part, a decently run government, their Department of Revenue has gone a little bit down hill ...

File Income Tax Extension

File Income Tax Extension
It’s that time of year again. Winter passes, plants are finally blooming, and millions of people realize they haven’t yet heeded the government’s call for cash and convoluted forms. Yes, April 15th is just around the corner, and if you’re thinking “oh crap, I haven’t done my taxes,” you’re not alone. A quick, informal survey ...

What do you do as an accountant?

What do you do as an accountant?
When I was young and naïve, I wanted to be an Electrical Engineer.  I loved technology (still do), and believed I could create the next big thing. Since I was a good student in high school, I figured any major would be a piece of cake in college. I was wrong. And now I’m an ...

Postdated benefits

Postdated benefits
My taxes were promptly filed January 30th at 10 pm, the first day the IRS accepted returns. Not because I wanted to exercise my civic duty or anything, but because my estimates showed I was due a refund. Like an ornery client told me last year, I don’t want the government sitting interest free on ...

Back Alley Return Preps are Back

Back Alley Return Preps are Back
A couple years ago, the IRS decided that not every Joe Schmoe should be allowed to prepare other people’s returns. Of course anyone could attempt to prepare their own, but if you wanted to use someone else’s blood, sweat, and tears to fill out your 1040 , that someone else had to be stamped with ...

Tie-Out Euphoria

Tie-Out Euphoria
Here’s a common situation: I’m given an Excel document filled with formulas and calculations running longer than a digital wombat down my monitor (digital wombats are approximately 1000 pixels long, for frame of reference). At the bottom is a single number, the answer to whatever was being asked (retained earnings roll, total dividends, payables, fixed ...

Government accounting is broken

Government accounting is broken
When I was in Chicago towards the beginning of December, I sat down for dinner with a tax partner from Houston. He mentioned that he previously worked for Arthur Anderson before its demise. A small light sparked in the back of my mind. Arthur Anderson was the accounting firm that fell apart from its involvement ...

Mitten’s Return 2011

Mitten’s Return 2011
I chose the wrong day to not look at my tax feed. Once I noticed an explosion of hits to my original look at Mitt Romney’s tax return, I knew something was up. Lo and behold, Mitt had made his 2011 tax return available. As a follow up to my look through 2010, I decided ...

Ryan’s Return

Ryan’s Return
Paul Ryan released a couple years of tax returns on Friday night, and after scouring through about a billion articles filtering the information reported on the returns, I finally found the source PDF to make my own conclusions. Like I did with Romney’s 2010 return, I offer my thoughts as I was going through the ...