It’s that time of year when many people in Colorado and all across the country will be filing their federal taxes. Although some people use the services of professional tax preparers to complete and file their returns, others choose to do it themselves. However,...
Tax Law
Colorado set to accept cryptocurrency for taxes
A lot of people in Colorado and elsewhere have likely already heard of cryptocurrency. Bitcoin, Ethereum and other blockchain technologies have been used by investors to purchase all types of goods and services online; however, cryptocurrency’s use in the so-called...
What options could help address tax debt?
Debt in any form can quickly go from a slight hindrance to a serious problem. If Colorado residents have tax debt, they may feel even more pressure from their outstanding liabilities because they worry that the IRS will take action against them. Unfortunately, that...
Tax evasion conviction could come with significant penalties
Though most Colorado residents do not enjoy the idea of paying taxes, they typically face their necessary obligations and pay the IRS what it is owed. However, in some cases, the IRS may suspect a person or business of being less than forthcoming with their...
Should you worry about facing a tax audit?
Just the word “taxes” is enough to make nearly any Colorado resident groan. When it comes to a tax audit, that groan could turn into headbanging frustration as the individual tries to determine why the IRS is taking another look at his or her tax returns and what can...
Common reasons for tax penalties
Taxes -- you can’t escape them. They are and will always be there, like it or not. Some years, you’ll find you have no issue with your tax filing, and others, you will have problems arise that result in you having to pay penalties. There are various reasons the...
Remember, the IRS could file your tax returns even if you do not
Though the current tax season is rapidly coming to a close, many Colorado residents may still have many concerns about their taxes. In some cases, these concerns can stem from unfiled tax returns associated with previous years. It is important that taxpayers...
Offer in compromise may offer some tax relief
With the tax season well underway, many Colorado residents may still be feeling the pressure of trying to get their documents in order to file. While the process itself can certainly seem overwhelming, some individuals may have even more concerns because they are...
Some audit red flags are unavoidable
No Colorado resident wants to spend more time dealing with the Internal Revenue Service than absolutely necessary. This time of year, most taxpayers are trying to get their information in order so that they can file their returns and get their refund or pay what they...
Settlement companies not always best at addressing tax debt
Needing help with outstanding taxes is not something to be ashamed of. Many people in Colorado and elsewhere end up in difficult financial spots now and then, and in some cases, they may not be able to pay what they owe to the IRS. Fortunately, being in this...