Questions Answered by D. Mathew Blackburn

Q: Retirement annuity payout

1 Answer | Asked in Tax Law for Colorado on
Answered on Dec 13, 2017

It depends. You'll need to hire an expert to determine tax realization and recognition depending on how the annuity was originally purchased, whether with pre / post tax dollars.
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Q: I work for a small biz as an employee and was sued personally (small claims) for a mistake the biz made. What do I do?

1 Answer | Asked in Business Law, Civil Litigation and Employment Law for Colorado on
Answered on Dec 12, 2017

Hire an attorney, A company policy is not the law and they can sue you and the company. You'll have to respond to the complaint and defend yourself at trial if necessary.
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Q: Can I use the standard meal allowance method to calculate M&IE deductions when traveling internationally for business?

1 Answer | Asked in Business Law for Colorado on
Answered on Nov 16, 2017

Yes, just make sure you use the international tables not the domestic.

INternational: https://aoprals.state.gov/content.asp?content_id=184&menu_id=78

Domestic: https://www.gsa.gov/travel/plan-book/per-diem-rates

Publication 463: https://www.irs.gov/publications/p463
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Q: Hi, I foolishly paid a fee for a loan consultant service when starting up a business; help me not pay?

1 Answer | Asked in Business Law and Contracts for Colorado on
Answered on Nov 15, 2017

It's going to depend on the contract and whether they followed state funding laws whether you can get out of the obligation or get any money back. Let me know if you'd like to setup a consult and we can discuss costs and options.
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Q: I inherited a farm for which I have income to report my share of the proceeds from the sale of livestock and coop dist

2 Answers | Asked in Tax Law for Colorado on
Answered on Nov 10, 2017

If you're not actively participating in the business then no you are not subject to SE tax. Also farms have alternative SE calculations that may come into play. I would suggest hiring a professional to help with this. The Schedule F looks simple enough but there are numerous traps for the unwary.
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Q: We moved from NM to CO w/ two LLCs. We have to dissolve the LLCs in NM, correct? Just Articles of Dissolution needed?

1 Answer | Asked in Business Law for Colorado on
Answered on Oct 26, 2017

Not quite, to avoid tax issues it's often better to create the new LLC in Colorado and contribute your interests in the NM LLC to the CO LLC then dissolve. Remember that if you dissolve a company you are taxed on the FMV of the assets reduced by your basis. It's going to depend on your basis, FMV, and other factors which approach is best.
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Q: Do business owners sometimes need to file their individual taxes and business taxes together?

1 Answer | Asked in Tax Law for Colorado on
Answered on Oct 24, 2017

If you own your business as a sole-proprietorship, a Single-Member LLC, or a Multi-Member LLC where the other member is your spouse then the business return will go on your F1040 Schedule C (One for each spouse for the marital LLC). Otherwise the entity type will determine the type of return to be filed along with the due date which is usually March 15 or April 15 of the year following the tax year. This assumes a calendar based tax year.
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Q: Can my for profit business make a tax deductable donation to my non profit?

1 Answer | Asked in Tax Law for Colorado on
Answered on Oct 6, 2017

The only business that can deduct a charitable donation is a corporation. LLCs, S-corps, sole-props, etc... all pass that deduction directly to the owners and is not deducted at the entity level.

The next question is does this qualify as self-dealing. Given the details you've presented there's no way to know.

This is a question for your attorney. if you're running a two businesses you need an attorney.
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Q: We run an ecommerce site to sell products

1 Answer | Asked in Business Law for Colorado on
Answered on Sep 27, 2017
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Q: Is the General Contractor in a breach of contract

1 Answer | Asked in Business Formation, Contracts and Construction Law for Colorado on
Answered on Sep 22, 2017

Maybe. In a technical capacity yes it's a breach. The next question becomes is it material. is there a time clause? If the contract doesn't say time is of the essence then the times are more like guidelines and breaking them becomes an immaterial breach. A no harm no foul sort of situation. Which brings us to the next step: damages. Even where you have a breach there's little you can do without damages. Depending on the contract you may be able to rescind or cancel the contract, there may be...
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Q: Do I still pay property taxes if I'm currently appealing the assessment?

1 Answer | Asked in Tax Law for Colorado on
Answered on Sep 9, 2017

Yes. You pay and appeal to request a refund. Failure to pay may result in a lien and foreclosure.
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Q: Does a retention agreement, where my company is moving locations (and I am not) and I am being retained for two months

1 Answer | Asked in Business Law and Employment Law for Colorado on
Answered on Sep 1, 2017

Not automatically. Any deviation from prior contractual agreements should be included in the retention agreement.
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Q: I have two questions concerning IRS treatment of Colorado maintenance.

2 Answers | Asked in Divorce and Tax Law for Colorado on
Answered on Aug 16, 2017
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Q: Is it legal to have people sign a non-compete when testing out a dating method? Please read more for details.

1 Answer | Asked in Contracts, Business Law and Consumer Law for Colorado on
Answered on Aug 6, 2017

The non-competes would be very difficult to enforce under Colorado law. The "test run males" are not working for you they are the customers.Non-competes can't be enforced against customers, you can't stop someone from using another firms services. You could ask them to sing non-disclosure agreements but again they are difficult to enforce. I'm making an assumption you have a legitimate business method and we're not talking about prostitution. If it is a truly new and unique method you would...
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Q: My father left his house to my sibling - but it's a part of the whole estate - do I have to pay taxes on it?

2 Answers | Asked in Tax Law for Colorado on
Answered on Aug 6, 2017

Property taxes will be paid by the estate until transferred to your brother after which he will be responsible for the property taxes. Estate taxes, if any, are paid by the estate and the recipient of a gift or inheritance is not taxed in Colorado or for federal purposes. The only way you individually would be required to pay tax would be if you distributed property as the Personal Representative prior to paying taxes owed by the estate and the IRS or CDOR came after you to collect those taxes...
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Q: Advice on a non resident of Colorado responding to a demand letter for payment of taxes for monies that did not exist

2 Answers | Asked in Tax Law for Colorado on
Answered on Jul 8, 2017

Get a tax attorney. The Colorado Dept. of Revenue tends to be a bit nasty and once they get an idea they don't let go.
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Q: If I have a title for a vehicle I traded into a dealership, can I go get it from the dealership?

1 Answer | Asked in Business Law, Contracts and Lemon Law for Colorado on
Answered on Jul 6, 2017

You should hire an attorney. This is a tricky situation that's going to have to be handled with a bit of care.
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Q: Can you get a tax refund if you are still making payments on previous year taxes?

2 Answers | Asked in Tax Law for Colorado on
Answered on Jun 30, 2017

No, any refunds will be applied against the outstanding amounts owed.
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Q: What type of tax filing option is best for my business?

2 Answers | Asked in Business Law and Tax Law for Colorado on
Answered on Jun 6, 2017

You should seek out a tax attorney to advise you. You're asking for legal advice and attorney's can't provide legal advise to people who are not their client.
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Q: My wages were garnished by the IRS due to back taxes the garnishment was stopped and I was since declared noncollecta

1 Answer | Asked in Tax Law for Connecticut on
Answered on Mar 26, 2017

No, federal income taxes are not deductible.
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