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Shutdown delays tax filing dates

The 16-day federal government closure has caused a one- to two-week delay to start reviewing 2013 taxes, the Internal Revenue Service announced. Set by federal statute, the April 15 tax deadline remains in place. The original start date of the 2014 filing season was Jan. 21, and with a one- to two-week delay, the IRS… Continue Reading Shutdown delays tax filing dates

Farmers and ranchers in El Paso County who lost livestock due to drought have an additional year to replace their stock, according to the Internal Revenue Service, which released the news Monday. Farmers and ranchers who were required to replace their animals by Dec. 31 now have one more year to do so. The additional… Continue Reading Drought-stricken ranchers given extension to replace animals

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IRS offering break for Colorado flood victims

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IRS offering break for Colorado flood victims

The Internal Revenue Service will provide tax relief to individual and business taxpayers affected by, flooding, landslides and mudslides in Colorado. The IRS announced this week that some taxpayers in the counties of Adams, Boulder, El Paso, Larimer and Weld will receive tax relief, and other locations may be added in coming days following additional… Continue Reading IRS offering break for Colorado flood victims

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Beware of phony IRS e-mails, it’s a scam

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Some Colorado Springs residents have received an e-mail notice from the IRS in recent days saying they are eligible for a refund. Sounds good, but it’s a scam. The IRS does not initiate communication with tax payers by e-mail, said Cheryl Solze, senior tax manager at Stockman Kast Ryan + Co., certified public accountants in… Continue Reading Beware of phony IRS e-mails, it’s a scam

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The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit. The IRS also detailed how tax-exempt organizations, which do not generally file tax returns, will claim the credit in 2011. A draft of Form 8941 can… Continue Reading Health care tax credit form ready for preview

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IRS seeks business owners’ input

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The Internal Revenue Service is looking for input from business taxpayers about issues involving a controversy, a dispute or an unnecessary burden on taxpayers. The IRS would like recommendations for the Industry Issue Resolution program, in order to resolve business-tax issues that are common to a significant numbers of taxpayers. Prior feedback from businesses and associations has helped shape tax… Continue Reading IRS seeks business owners’ input

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Come 2012, small business owners can expect a 1,250-percent increase in the volume of paperwork associated with new federal regulations regarding 1099-form reporting, says the National Association for the Self-Employed. That certainly isn’t welcome news for small business owners, but it might not be so bad for accountants, who are likely to be hired to… Continue Reading Form 1099 paperwork to increase 1,250%

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The Internal Revenue Service is mailing postcards to four million small businesses and tax-exempt organizations to remind them about the recently enacted small-business health care tax credit. Signed last month by President Barack Obama, the Patient Protection and Affordable Care Act includes a credit  – one of the first health care reform provisions to go into… Continue Reading Postcards give small-businesses a tax-break heads up

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The risk of small-business owners being audited by the Internal Revenue Service has increased dramatically. As unsettling as that might sound, the IRS’ bark may be worse than its bite, because what hasn’t risen dramatically are the number of audits that have yielded any more dollars for the IRS. Nonetheless, the government has increased the… Continue Reading Report: IRS increasingly targeting small businesses

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IRS offers tips on alternative minimum tax

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The Internal Revenue Service has made changes to the alternative minimum tax for 2009. Here are seven facts the IRS wants you to know about AMT changes. 1. Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers’ tax obligations.… Continue Reading IRS offers tips on alternative minimum tax

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