Best Tax Attorneys in Colorado Springs

FAQs

• Where does the Tax Court hold trial sessions closest to Colorado Springs, Colorado?

  The Tax Court has only one trial location in the state of Colorado, which is in Denver at Courtroom C502, Byron G. Rogers U.S. Courthouse, 1929 Stout Street. Trial sessions for tax cases in Colorado Springs are typically held here.

• Where is the low-income taxpayer clinic that is closest to Colorado Springs, Colorado?

  The low-income taxpayer clinic nearest Colorado Springs is at the Sturm College of Law's Ricketson Law Building. Its complete street address is 2255 East Evans Avenue, #390, Denver.

• What is the personal income tax rate in Colorado Springs?

  The state of Colorado has a flat-rate approach on personal income tax, which is assessed at 4.40%. This means that individuals in Colorado Springs and the rest of the state pay the same tax rate regardless of their income level.

• What is the difference between failure to file and failure to pay in Colorado Springs?

  In Colorado Springs, failure to file means a taxpayer could not file their income tax return before the annual tax deadline, which typically falls on April 15. Meanwhile, failure to pay refers to a situation in which a taxpayer who owes money to the IRS did not fulfill their obligation on time.

• Is filing a tax return waived in Colorado Springs when one does not owe taxes?

  No. In Colorado Springs, as long as you earn an income, you are required to make a report to the federal government by filing a tax return on time, whether you owe taxes or not. You will incur a penalty amounting to $135 if you fail to do so.

• Does the IRS accept an "offer in compromise" from taxpayers in Colorado Springs?

  Yes. The IRS may accept an "offer in compromise" from a taxpayer in Colorado Springs if their due tax debt has been incorrectly assessed. Upon meeting certain criteria, this option allows a taxpayer to settle their debt at an amount that is less than the original value they owe.

• Who is eligible for an "offer in compromise" in Colorado Springs?

  Those in Colorado Springs who file their required tax returns and make all required estimated payments are eligible to apply for an offer in compromise. They should also not be involved in any open bankruptcy proceedings and have been granted a valid extension for the existing year's return. Employers who make tax deposits for the current year and past two quarters are also eligible.