Colorado Tax Law Blog

On June 18, 2014 the IRS announced major changes in its offshore voluntary compliance programs. The changes include an expansion of the streamlined filing compliance procedures announced in 2012 and important modifications to the 2012 Offshore Voluntary Disclosure...

IRS Announces Efforts to Help U.S. Citizens Overseas Come into Compliance with FBAR Filing Requirements for Offshore Accounts - "the New Streamlined Procedure"New streamlined filing compliance procedures for non-resident U.S. taxpayers went into effect on...

Perhaps the biggest problem facing medical marijuana dispensaries are the federal tax consequences of operating such a business. While Colorado state voters have legalized marijuana, the IRS still considers marijuana dispensaries to be drug traffickers under federal...

Some commonly asked question and answers about the IRS Offer in Compromise program:What is an Offer?An Offer in Compromise is an agreement between you (the taxpayer) and the IRS that settles a tax debt for less than the full amount owed.  It may be an option if...

In March 2012, the IRS expanded its "Fresh Start Initiative" to help struggling taxpayers who owe taxes. The IRS provided relief in three areas including:1. Penalty Relief: The IRS is providing a six month extension to fully pay 2011 taxes for eligible unemployed...