Under §213, a taxpayer is allowed to deduct the cost of preventing, treating, curing, mitigating, and diagnosing a disease that is existing or imminently probable for themselves or a family member. Doctors now can store cord blood of an infant that contains stem cells that may be used to treat or cure a disease....
According to IRS Publication 590, chapter 1 section "Recognizing Losses on Traditional IRA Investments" you can indeed deduct for tax purposes a loss on IRA plans if you cash out all funs out of all IRAs of the same type be they traditional IRAs Roth IRAs. For...
In a letter to lawmakers dated April 29, IRS Commissioner Doug Shulman promised to review the 2 year requirement for submitting IRS Form 8857 as part of its ‘Fresh Start’ program. Once a joint tax return is filed, both spouses together are liable for 100% of...
Online Consumer Use Tax for Colorado taxpayers now available Consumer use tax must be paid by Colorado residents and businesses on purchases that did notinclude Colorado sales tax, such as those purchases made over the Internet, by mail order, or by telephone. Online Consumer Use Tax filing is...
If you own an office building that rents to various tenants and would like to install solar panels on the roof to generate electricity, and a geothermal heating and cooling system you may be eligible for a tax credit for these items. IRC §48 allows you...
Subchapter S corporations and mutual institutions participating in the Small Business Lending Fund will benefit from the incentives the Fund provides for increased lending. The more an institution increases its small business lending, the lower the rate it will receive. The application deadline for Subchapter S corporations and mutual...
For the most part if you talk to someone from the IRS about interest on penalties you will learn that they are trained to state that by statute the IRS is not allowed to abate interest. This statement albeit true has exceptions. Generally, the IRS has...
As detailed in IRS Publication 556 your tax return may be examined for a variety of reasons, and the examination may take place in any one of several ways. IRS Examination for the most part is needed to address both the questionable treatment of an item and...
Taxpayers and tax professionals may now access individual income tax returns, payment history, refund status and other information through the department’s Revenue Online service. Offering these services online, in one place, will help taxpayers quickly and easily submit documents online and transact tax business with the...
The basic intent of the tax laws governing Net Operating Losses (NOL) is to provide tax payment relief and reduce the need to make tax payments in related years when a loss is not incurred in business or trade. Difficulty often arises when applying tax...
