Tax Law

Can you use a monthly payment plan for tax debt?

Having any kind of debt can weigh heavily on a person. If Colorado residents have tax debt, they may feel even more burdened and worried that the government will take action against them. Unpaid taxes can result in penalties, fees and interest, but qualifying...

What should I know about tax court?

The IRS notifying you that you owe substantial back taxes is a situation most people never want to experience. However, if it happens to you, you may believe the IRS is incorrect and that you do not owe the amount they are claiming. If so, you may dispute the claim of...

IRS asked to move tax date due to COVID-19

As spring arrives each year, a lot of focus is given on the looming April 15 income tax filing deadline. For Colorado residents, both state and federal income tax returns must be filed, or an extension must be requested. However, in 2020 the situation may end up being...

Am I in danger of an IRS audit?

Every year, those who earned an income must file a report with the Internal Revenue Service. After submitting, most people forget about their taxes immediately. And that is fine since the IRS reports that it only examined 0.5% of returns in 2018. But that means an...

How do I qualify for earned income credit?

For many people, tax time provides them with a large refund that they can use to pay for expenses that fall outside their regular spending. Some people may pay off debt or make a large purchase, such as buying furniture. Others may put the refund into a savings...

4 things to remember about the IRS

If you are going through a personal tax audit, then you may be concerned about what the IRS will find. The Interval Revenue Service is not trying to dig deep to prove that you've done anything wrong. Audits are a normal part of life. In fact, most audits go well with...

The new tax lay may burden families and retirees

Many people who filed their 2018 tax returns were surprised to receive a lower tax refund than they ever had before. Some people in Colorado may have even received a tax bill from the IRS. While many of the new tax law provisions benefit the wealthy and some benefit...

I can’t pay my taxes, what now?

Even though tax season has already passed, many taxpayers still remain quite stressed about their financial situation. This is often the case when you owe taxes that you can't pay, which means you'll be faced with the prospect of costly penalties until your taxes are...

How can you reduce tax penalties?

If you receive an unfavorable decision letter from the IRS stating you owe tax penalties on your Colorado state or federal return, you may be panicking. However, there are things that may reduce the penalty. One option is to negotiate with the IRS examination agent,...