Two years ago, the Internal Revenue Service (IRS) had 74,608 pages in their Tax Code (laws). More pages have been added since then. Is it no wonder taxes are one of the most complicated and complex legal issues today? Adjustments are made yearly to the income tax brackets which most of us are aware of. However, there are also other adjustments made, making taxes even more confusing. Thirty-three years ago “tax indexing” was added to the tax codes. Tax indexing adjusts variou
Nothing chills our veins like a letter from the IRS. Especially when you open the letter and find you’re under an IRS Audit or under an IRS Investigation. After you get over the shock - think twice before you even think of calling them. What you say to the IRS and what documents you provide can and most likely will be held against you. Most people think if they cooperate with the IRS, answer all their questions and give the IRS everything they ask, they’ll be treated better.
On December 8, 2017, the Internal Revenue Service (IRS) made changes to its authentication system. This is the system that verifies tax returns that mortgage applicants provide. The system is known as the Income Verification Express System (IVES) and is in place to make sure tax returns aren’t fraudulent. Within five days of the changes, on December 13, mortgage groups were finding problems with the new system. Other groups said problems with the changes began almost immediat
This is the time of year millions of Americans begin pulling out receipts to start compiling their tax deductions before the April 15th deadline. People deduct the strangest items, but some are actually tax deductible, including: A GLUTEN-FREE DIET: Gluten-free foods are averaging around 242% higher in price than the ordinary counterpart. The additional expense of going gluten-free can be a legitimate tax deduction. If you have a recognized disease where gluten-free foods hel
Denver tax attorney Tyler Murray, of Gantenbein Law Firm, taught tax case law updates at Colorado Bar Association CLE. The 2014 Annual Case Law Update was sponsored by the Business, Real Estate, Tax & Estate Law Sections of the Colorado Bar Association. Mr. Murray dicussed various legislative updates that pertained to tax law, business law and real estate law- including sales and use tax, property tax, employee classification, and Denver Lodges tax. Mr. Murray is a well-estab
There are many reasons why someone may not have filed taxes, including financial difficulties. Back taxes accrue interest and penalties- quickly adding to the total debt owed to the IRS. When the IRS feels you’ve been hiding money, filed fraudulent returns or willfully failed to file, there are cases where jail time is ordered. The IRS can also place liens against your property or seize your property including bank accounts and garnish your wages without ever going to court.
The Mortgage Forgiveness Debt Relief Act was passed in 2007, and allowed homeowners the protection of forgiving mortgage debt. Mortgage debt includes: principal balance forgiveness, waiver of debt in a short sale, waiver of debt in a deed-in-lieu, any deficiency waiver, as well as charged-off second mortgages. Prior to the passage of the MFDRA, homeowners would have to declare any forgiven debt as 'income', and would be taxed on that 'income.' MFDRA provided financial relief
Many consumers prefer to shop online during the holiday season, to avoid crowds and long lines and for easy lower-price comparison shopping. Consumers have been concerned that many of their favorite online markets will be forced to implement a state sales tax on purchases made online. However, consumers can rest easy for at least one more holiday season: House Speaker John Boehner stated last week that the Act forcing retailers to implement state sales tax on online purchases
No one wants to give their hard-earned money to the IRS. Read our blog post to get tips on ways to save money on your taxes, and make sure you do it before the end of the year! If you live in the Denver area, and have tax issues, contact our attorney at 303-618-2122. http://denvertaxattorney.wordpress.com/2014/10/23/smart-moves-to-make-now-on-your-taxes/ #denvertaxattorney #taxsavingtips #filingtaxes #savemoneyontaxes #taxlitigationlawyerdenver #taxplanningdenver #taxlawyerde
Don't forget, today is the last day to file your taxes, if you got an extension! Have tax filing questions? Call our tax attorney! #denvertaxattorney #taxlawfirmindenver #denvertaxlawfirms #taxlawfirmincolorado #coloradotaxlawfirms #denvertaxlawfirm #gantenbeinlawfirm #savemoneyontaxes #taxlawyerdenver #taxlitigationlawyerdenver #taxplanningdenver #taxsavingtips
Our Denver tax attorney is one of the very best in Colorado! Read our blog for a quick how-to guide on protecting your estate plan and reducing estate taxes: http://denvertaxattorney.wordpress.com/2014/10/10/death-and-taxes-a-guide-to-estate-tax-reduction #taxauditlawfirmdenver #estateplanningdenver #estatetaxattorneydenver #coloradotaxlawfirm #coloradotaxlawfirms #denvertaxattorney #denvertaxlawfirms #denvertaxlawfirm #gantenbeinlawfirm #savemoneyontaxes #taxlawfirmincolora
Under the Taxpayers' Bill of Rights, Colorado taxpayers are entitled to a refund if a business generates more than $67 million in revenue, unless a ballot measure is passed that allows the state to keep the excess funds generated. In Colorado, it is forecasted that pot revenues will exceed $107 million. Will this mean a refund to Colorado taxpayers? Read more on our blog, HERE. If you have tax issues or concerns - including issues with pot taxes, or want to lower your busines