I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Many taxpayers worry about the possibility of being audited by the IRS, but the likelihood of an audit is relatively low (at this point in time), although that is expected to increase with the additional hirings the IRS is making. Several factors can increase your chances of being audited, including: High Income: Taxpayers with high incomes are more likely to be audited than those with lower incomes.  Self-Employment: Self-employed individuals are more likely to be audited than those who are employed by a company, especially if you are Schedule C filer. In my experience, Schedule C landscapers, contractors and real estate agents fall into this category. S corporations have b... 05/03/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. An IRS partial pay installment agreement is a payment plan that allows taxpayers to pay off their tax debt in smaller, more manageable monthly payments. Unlike a traditional installment agreement, a partial pay installment agreement allows taxpayers to pay less than their full tax debt over a longer period of time.To qualify for a partial pay installment agreement, taxpayers must first submit a financial statement to the IRS, which outlines their income, expenses, and assets. The IRS will then review the financial statement and determine if the taxpayer is eligible for a partial pay installment agreement.If approved, taxpayers will be required to make monthly payments toward... 04/27/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. If you owe taxes to the IRS and are unable to pay, you may be concerned that they will seize your home and assets. While the IRS does have the power to seize property to satisfy a tax debt, it is important to note that this is not something that happens without warning.The IRS would generally only consider seizing a taxpayer's property as a last resort. Before taking such a drastic step, the IRS would typically send multiple written notices and give the taxpayer opportunities to make payment arrangements or dispute the debt in question.When the IRS does move forward with a seizure, it will be done in accordance with strict procedures and laws. They cannot simply take any pro... 04/24/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. If you find yourself in a position of owing back taxes to the IRS, you may be eligible for IRS tax debt relief through one of several methods. As with any debt, the sooner you act to remedy the situation the better, so understanding the available options is key. Generally speaking, the IRS will accept a payment plan for back taxes owed and may grant some type of penalty or interest abatement depending upon your financial situation. Though it may be burdensome to pay the debt back in this manner, it is a common form of IRS tax debt relief. Additionally, if you deep financial hardship, you may be able to negotiate an Offer in Compromise, which allows you to pay less than the f... 04/20/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. When you are filing your taxes, avoiding mistakes is essential. Even minor errors can cause big problems with the Internal Revenue Service (IRS). To prevent this from happening, there are several things that you can do to avoid common mistakes and potential issues with the IRS.First, it is important to double-check all of your information before submitting it to the IRS. Make sure all of your calculations are correct and that your deductions are valid. Take your time so that you don’t rush and make errors that could lead to additional problems.Also, make sure to properly use any tax software that you might be using. Many people make mistakes when using tax software, so it is... 04/10/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Many poeple have heard of the IRS "First Time" Penalty Abatement, but what exactly is it?The IRS First Time Penalty Abatement (FTP) is a program available to taxpayers who have incurred late filing and/or late payment penalties on their federal income tax returns. The program waives any applicable penalties for taxpayers who qualify. Generally, to qualify for FTP, the taxpayer must meet the following three criteria:1) The taxpayer must have had no prior penalties for the last three tax years.2) The taxpayer must show reasonable cause for the penalty incurred (e.g. a death or illness in the family, natural disaster, etc.).3) The taxpayer must agree to comply with all filing a... 04/07/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. An unfortunate common mistake that happens when you prepare your tax return is recording the banking information for direct deposit refunds incorrectly.Taxpayers need to be extremely careful when entering the banking and routing numbers for direct deposit refunds. If you enter the wrong number, obviously the refund will not be hitting your bank account. There are a couple of steps that you can take:     If the return hasn’t already posted to the IRS system, you can call them and ask to stop the direct deposit.     Generally, if the financial institution recovers the funds and returns them to the IRS, the IRS will send a paper refund check to your last known addr... 02/23/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The IRS First Time Penalty Abatement (FTP) is a program available to taxpayers who have incurred late filing and/or late payment penalties on their federal income tax returns. The program waives any applicable penalties for taxpayers who qualify. Generally, to qualify for FTP, the taxpayer must meet the following three criteria: 1) The taxpayer must have had no prior penalties for the last three tax years.2) The taxpayer must show reasonable cause for the penalty incurred (e.g. a death or illness in the family, natural disaster, etc.).3) The taxpayer must agree to comply with all filing and payment requirements going forward.If you or someone you know has back t... 02/22/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. If you haven't filed recently, or in years for that matter, you should file all returns as soon as possible regardless of the reason for not filing. If your return(s) wasn't filed by the due date (including extensions of time to file): You may be subject to the failure-to-file penalty, unless you have reasonable cause for your failure to file timely. Tax not paid in full by the original due date of the return (regardless of extensions of time to file) may also result in the failure-to-pay penalty, unless you have reasonable cause for your failure to pay timely. Interest is charged on taxes not paid by the original due date, even if you have an extension of time ... 01/12/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. I frequently hear the question: "I need to file my taxes, but I owe the IRS and state and don't have the money to pay. What do I do?"The answer to that question is: even if you do owe, file your tax return on time! The reason is this - many people don’t realize that the IRS charges a penalty of up to 25% just for filing your tax return late. That’s right - you will get hit with an additional 25% of what you owe if you miss the deadline for filing individual tax returns. What most people don't know is that you can file ANY tax return on time and avoid the 25% penalty even if you don't send in the money that is owed on the return. Did you also know that, even if y... 01/10/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The IRS is ramping up their audit team and realtors (especially ones with a Schedule C) are always on their radar. Here are some tax tips to help navigate that road.1 - Keep good records. If you don't have the backup, your expenses may be disallowed.2 - Track your mileage. Make sure you have a thorough log or  an app to keep the mileage correct and bullet proof.3 - Watch the client gift amounts. You can only give up to $25 per client, so keep this in mind.4 - You can still deduct 100% of meals. This is for the full cost of business-related food and beverages purchased from a restaurant. Keep in mind this has NOT been renewed for tax years after 2022.5 - Make you... 01/06/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. The IRS does make deals on taxes owed, including penalties and interest.The requirements are rigid - but if you qualify, the results are incredible. To qualify for a deal with the IRS, I would suggest that you owe the IRS at least $15,000 and have very little in the way of equity in assets. Also, you must be using your monthly income to pay for your necessary living expenses and not have much or only a small amount left over to pay old taxes.If you meet these requirements then you owe it to your yourself to explore the possibilities of getting a reduction on the original amount owed, if you qualify.The IRS cuts these deals to get you back in the system as a curr... 01/03/2023

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. It seems like virtually every single day I receive a notice on behalf of one of my clients from the IRS, and it contains penalties owed.When it comes to tax audits, the IRS wins 80% of the time when you are not represented by a qualified practitioner. Taxpayers are deemed guilty until proven innocent, which menas the IRS can start an audit by disallowing every deduction you made on a return until each one is proven to be legitimate. If a taxing authority has decided to audit you, it's important that you don't let yourself be pushed around by the IRS. Additionally, if you don't file your taxes, the IRS may file them for you. This is a bad thing as the IRS files t... 12/20/2022

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. There are millions of taxpayers that run into IRS trouble, and many that get audited. But what if you don't want to deal directly with them?The great thing is, you DO NOT HAVE TO TALK TO THEM. As a matter of fact, going or talking to the auditor yourself is the WORST thing you can do!The Taxpayer Bill of Rights allows you to be represented by a qualified practitioner who can answer questions for you and provide documentation to the IRS. Many taxpayers attempt to handle their own audit or hire the person who prepared the tax return to handle it for them. The reason this usually doesn't work out is because most tax return preparers do not handle IRS audits on a fr... 12/15/2022

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. Yes, there are literally millions of taxpayers that for whatever reason, just don't file their tax returns on time. How should you handle this?Many people don’t realize that the IRS charges a penalty of up to 25% just for filing your tax return late. That’s right; you will get hit with an additional 25% of what you owe if you miss the deadline for filing individual tax returns.  It’s even worse for payroll tax returns.What most people don’t know is that you can file ANY tax return on time and AVOID the 25% penalty even if you don’t send in the money that is owed on the return. We see so many people who could have saved THOUSANDS OF DOLLARS on penalties if they j... 12/13/2022

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, Texas, New York, California and elsewhere. It seems like virtually every single day I receive a notice on behalf of one of my clients from the IRS, and it contains penalties owed.The IRS has over 148 different types of penalties they can hit you with. And the worst part is that the IRS can also charge interest and additional penalties on the original penalty.Penalties can be such a high percentage of the total amount owed to the IRS, it usually makes sense to consider requesting the IRS to reduce all penalties to ZERO.IRS penalties can often be reduced to ZERO if you have REASONABLE CAUSE.  What makes up REASONABLE CAUSE you ask?  Well, in our experience in negotiations with the IRS, anything may qualify... 12/08/2022

I represent taxpayers in Boulder, and Denver Metropolitan, CO who have issues with unpaid taxes  and outstanding tax liabilities, back taxes and wage garnishments. Is the IRS Sending Collection/Audit Notices? Short answer is “yes”On May 26, 2022,  The IRS updated audit numbers showing that the IRS's tax collection activities are taking place even with other  issues of unprocessed tax returns inventory and understaffing.  The data book release date is  September 2021 and it contains audit rates for 2019, where the IRS can continue to enforce collection activities. The audit rates in the data book are a  “snapshot” of activity in time. The data will change over time as open examinations close and new ones are initiated. It is important to remember that once the tax returns are filed and a... 07/17/2022

Our team continues to be very active in Arapahoe Ridge Boulder. The demand for Boulder Homes remains extremely high as Buyers continue their struggle to find available homes. We know the tough market is causing a headache for many buyers. We wanted to post some of the most recent numbers here.Arapahoe Ridge's Home Data Points: There are 0 Arapahoe Ridge Homes for sale. There are 62 Boulder Homes for sale. Under contract Arapahoe Ridge Homes : 1. Under contract Boulder Homes : 171. There are 0 Boulder foreclosures . Average prices decreased ($101,135.00) over the last year from $1,051,000 to $949,865. We will continue to watch this area and report the numbers here. Hopefully we will see an upward trend in the coming reports.There is a lot of information inside these charts. We would love... 02/22/2022

Our team continues to be very active in Heatherwood Boulder. The demand for Boulder Homes remains extremely high as Buyers continue their struggle to find available homes. We just created this report for one of our team's clients, and thought it was worth posting here.Heatherwood's Home Highlights: There are 0 Heatherwood Homes for sale. There are 77 Boulder Homes for sale. 1 under contract Heatherwood Homes . 156 under contract Boulder Homes . There are 0 Boulder foreclosures . Average prices increased $317,493.00 over the last year from $657,507 to $975,000. We will continue to watch this area and report the numbers here. Hopefully we will see an upward trend in the coming reports.There is a lot of information inside these charts. We would love to discuss this all in detail with you. ... 02/18/2022

Gunbarrel Boulder remains a popular area with buyers. As we continue to see record high demand for Boulder Homes, we are searching the MLS daily for new homes and updating our clients on sold prices. As we were researching the market for one of our buyers, we created this report and thought it may help some of you understand the area as well.Recent Gunbarrel Housing Numbers: 0 Gunbarrel Homes for sale. 79 Boulder Homes for sale. 2 under contract Gunbarrel Homes . Right now, there are 153 under contract Boulder Homes . There are 0 Boulder foreclosures . Average prices increased ($114,955.00) over the last year from $1,004,255 to $889,300. Keep reading our blog for the latst area stats as we will continue to report on the sold data as it becomes available.Please keep in mind that these nu... 02/16/2022