Tax News

A wealth of information from TaxOps

We want to share our knowledge and tools to help you achieve greater business success. For the latest tax developments and insights into leading practices, we invite you to:

Disclaimer: Before relying on information provided on this site, contact a tax professional to discuss the implications to your particular tax situation as it is not possible to provide comprehensive tax advice over the internet.

TaxOps and a Triple Bypass

While the work environment in most CPA firms leads to bypass surgery, our environment recently allowed for a much different bypass experience. On July 11th, I rode an organized bike ride called The Triple Bypass, a personal goal that I've had for some time.

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Misclassification of employees as independent contractors

Let's face it, hiring employees can be expensive; not just the cost of the services provided, but all of the administration that surrounds it, like payroll taxes and unemployment taxes. Now, at least in Colorado, add to that a state assessed fine beginning July 1, 2009 for all situations where the Division of Employment finds that an employer "with willful disregard of the law, misclassified employees" as independent contractors.

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Foreign subsidiary tax filings (Form 5471): avoid the $10,000 penalty

Effective January 1, 2009, the IRS has started to automatically assess a $10,000 penalty for each late filed Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. The penalty has been on the books for years, but has rarely been enforced. Now, in order to encourage greater compliance, the IRS is automatically assessing a $10,000 penalty for each Form 5471 that is filed late.

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Opportunity for Colorado loss companies

Still haven't filed your 2008 Colorado corporation income tax return? If you apportion your income to a number of states, maximize your 2008 Colorado NOL carryover by calculating the year's loss under both the two factor and three factor method; choose the method that provides the greatest loss.

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Welcome to our world of tax blogging!

We want to officially welcome everyone to our TaxOps Blog. This new addition to our website is meant to provide you access to the tax experts here at TaxOps.

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