Latest News on Denver Accounting & Taxes

Recently I ended up in an audit that had been going on for over a year and a half. I would say that the average time it takes to complete an audit is probably a year, so this was an unusally long audit. I have another one that I think will settle soon and it's been going on only about seven or eight months.

A little about this particular audit... It began by looking at my clients S Corporation, then went into the C Corporation and personal tax returns for three years. This was the open statute of limitation for the IRS or they would've looked longer. I think the IRS could make a case that the client would've owed hundreds of thousands of dollars over these three years, but, in part of how we handled the case at Bloch Rothman, he ended up owing less than $100,000. Some of this is due to the fact that we're able to abate the IRS penalties from the case. The penalties are figured at 20% of the amount owed so we were able to reduce the amount significantly for our client.

We will now help the client enter into a payment agreement with the IRS and I expect that the payments will be about $2000 a month over a 5 year period.

If you find yourself selected for an audit by the IRS, please don't do it alone. Have experts on your side that have been handling IRS audits for over 20 years and know what the IRS is going to do.  Not getting the help you need could be one of the most costly mistakes of your life.

Call Bloch Rothman today for a free Denver IRS Audit consultation. We're here to help. (303) 321-7160

Bloch, Rothman & Associates located in Congress Park in Denver, Colorado provides expert tax prep for the Denver Metro area.

If you are currently looking for an experienced Denver accountant to assist you in the often sometimes daunting process of preparing your taxes, give us a call today for your free Denver tax preperation consultation. At Bloch, Rothman & Associates, we have over 20 years experience in preparing Denver's taxes. 

Speak with a knowledgable Denver accountant today. Personal and business Denver tax preparation. Call (303) 321.7160

JOB TITLE:                          ACCOUNTANT
 
JOB DESCRIPTION:                      
Prepare annual and quarterly individual, corporate and partnership federal and state income tax returns using current computer technology, including ATX tax software, QuickBooks software, and other professional software.  Ability to analyze financial information, prepare financial reports to determine and maintain record of assets and financial transactions for clients; develop, implement, and improve recordkeeping, accounting and payroll managing systems for business clients; analyze and reconcile bank statements, financial statements or other financial reports to access accuracy, completeness and conformance to reporting and procedural standards;  provide internal and external auditing services including updating and preparing trial balance, profit-and-loss statements and balance sheets; communicate and advise clients in areas such as compensation, the design of accounting data processing systems, and tax preparation plans; and liaise with the IRS as well as the local tax authority to solve client’s varying tax issues.
 
JOB REQUIREMENT(S):              Masters Degree in Business Administration, Accounting and Taxation
 
JOB LOCATION:                           Denver, CO

In this Denver accounting and tax services blog, we will discuss the topic of establishing a payment plan with the IRS when you owe less than $50,000 in taxes. All prior year or delinquent tax returns must be filed and processed before you can enter into an Installment Agreement with the IRS.  Establshing a payment plan is by far the easiest and quickest way to alleviate the presence and stress of having the IRS in your life.

If you owe under $50,000, a payment plan can even be organized online.  This is called an Online Payment Agreement and below is the IRS link: https://sa1.www4.irs.gov/irfof/lang/en/eiaTPstatus.jsp
Payment plans can also be set up over the phone or on Form 9465. The IRS charges a fee of up to $105 for granting an Installment Agreement.

The conditions of the Installment Agreement are that the Payer must pay the full dollar amount that they owe, including penalties and interest, within 5 years.  The Payer must also remain current and continue to file their taxes on time during the period of repayment.  Current is defined as filing all of your tax returns on time, and making on-time payments to the IRS, including estimated payments. The Payer must also agree to forfeit any potential tax refunds from the IRS until the full delinquent amount has been paid. Failure to comply with any of these conditions may cause the IRS to send a letter that comprises the Installment Agreement.  In this case the IRS may place a lien on you which allows them to begin levying your bank accounts and garnishing your wages. Having a lien filed against you can also make it very difficult to acquire a loan.

While Installment Agreements under $50,000 can be set up by taxpayers themselves, if you would like a trained Denver accountant and tax  professional to guide you through the process please give Bloch, Rothman and Associates a call for a free Denver tax service consultation.

While the question of war with Syria looms, the Supreme Court has been busy and has recently decided on a ruling that effects same-sex couples. The Internal Revenue Service will now allow same-sex couples who are legally married to use the status of Married Filing Jointly or Married Filing Separately when filing their tax return.

Until now same-sex couples could only file as Single or Head of Household. For some same-sex couples where both partners work this could mean an increase in taxes.  For same-sex couples where only one person works, the ruling could offer significant tax savings. The primary stipulation is that the parties must be legally married in a state that allows same-sex marriage. The ruling also allows same-sex couples to amend tax returns for prior tax years, up to three years in the past.  
 
If you have any questions about the new law and how it might affect you please contact Bloch Rothman and Associates, your local Denver Accountant. We can help you navigate these complicated and meaningful changes.