As 2021 comes to a close, eight issues to watch for as you prepare to have your 2021 income tax returns filed: required minimum distributions (RMD); charitable contributions; child & dependent care credit; child tax credit; education benefits; qualified principal residence debt cancellation exclusion; premium...
Are Certain Foster Care Payments Taxable? Medicaid Waivers and IRC 131...
Partnerships and Income Tax - Staring into the Abyss of IRS Form 1065 and its accompanying regulations is a challenge, not for the faint of heart. The first question I always ask partners in on-going partnerships looking for bookkeeping, accounting, payroll and tax prep services is ...
IRS Commissioner calls CRISIS! Rettig's editorial in the Washington Post as released by the US Treasury is as remarkably bold as the man himself. He is calling CRISIS! This is BIG and must be repeated. The IRS Commissioner is CALLING CRISIS! Messaging from a Trump appointed 'republican' via a 'liberal rag'...
Harrison Smith and Justin Abold-LaBreche are improving IRS communication efforts. As Co-Directors of the IRS Enterprise Digitalization and Case Management Office with experience across multiple IRS offices, they spearhead efforts to modernize systems, simplify business processes, and empower employees to rapidly resolve issues in simplified...
The Tax Fairness for Coloradans package – is coal dead in Colorado? This is one of many questions arising out of HB21-1311 (Income Tax) and HB21-1312 (Insurance Premium Property Sales Severance Tax), combined legislation that expanded tax credits for working families and small businesses but hurt the coal...
Colorado Sales Tax Nexus & Destination Sourcing Rules The Colorado General Assembly adopted SB21-282, which extends the small business exception to destination sourcing requirements. This exception applies only to businesses with less than $100,000 in retail sales. As of February, 1st 2022 however, all retailers must apply the destination sourcing...
In the plethora of files across my desk over the years, navigating compliance issues for liquidating distributions of a partner’s interest in a partnership have 3 buzzworthy considerations to avoid unwanted scrutiny. Calculating the recognized gain or loss from a cash or property distribution in...
Over the last several years, retailers across the U.S. have needed to adjust to the widespread implementation of economic nexus as a direct result of the ‘Wayfair’ Supreme Court Decision. A handful of states – with the Colorado sales tax regime at the top of...