D. Mathew Blackburn's answer It's going to depend on the goods and services provided. Is the company paying for a service or a good? Services are not subject to sales tax, goods are. If I have my brakes changed am I buying brakes, the installation service, or both? The first step would be an analysis of what was purchased and how does CO treat that purchase for sales tax.
For income tax purposes if the international company is buying from you and selling to a 3d party that you then deliver the stuff to, it...
D. Mathew Blackburn's answer Colorado is incredibly aggressive regarding residency for income tax purposes. You're going to have to provide evidence that you were not physically in Colorado and that you had changed your residency to Utah. Here's a CO Dept. of Revenue ("CDOR") FYI publication explaining resident/non-resident status. https://www.colorado.gov/pacific/sites/default/files/Income6.pdf
I would start with sending in the applicable documents to establish residency in Utah. If CDOR rejects those I would...
D. Mathew Blackburn's answer When an individual passes their property receives a step-up in basis to the current Fair Market Value either on the date of death or what's call the alternative valuation date. There are reasons to pick either I won't go into that right now.
What is basis? It's what you paid for the stock. So you buy 1 share of Acme at $40. If you sell it at $90 you pay tax on the gross revenue less basis 90 - 40 = $50
If you own the stock at death the basis "steps up" from $40 to $90 (FMV on...
D. Mathew Blackburn's answer The costs of pursuing legal action for negligence, fraud, etc... are rarely worth the time and costs. You would have to file in the county where you signed the service agreement, or where the BK's place of business is. Filing fee will probably be more than you paid for the return.
If you paid by credit card you can request a chargeback.
I would move on and hire a competent preparer next year.
Let everyone know this person doesn't know how to do returns, just don't...
D. Mathew Blackburn's answer File a lawsuit. If you have a contract and the other party refuses to honor the contract you take them to court and ask a judge to either make them do what they said they would do or to give you damages.
D. Mathew Blackburn's answer There's no state level penalty, but you can generally exclude income as taxable to CO if you wait. Colorado FYI Publication 25 https://www.colorado.gov/pacific/sites/default/files/Income25.pdf
The federal penalty is imposed on your F1040 so you'll incur it when you file your return.
Exceptions to the additional 10% tax apply for early distributions that are:
Made to a beneficiary or estate on account of the IRA owner's death
Once the return is filed the additional tax owed should be paid and you'll receive a notice for failure to pay penalties. At that point you can either pay the penalty or request an abatement on Form 843 requesting either "first time abatement" or "reasonable cause".
I would suggest contacting a professional so you can have a conversation about whether the "mistake" creates a situation where you need to amend and how to proceed.
D. Mathew Blackburn's answer It would a county court case which has jurisdictional authority on cases between $7,500 and $15,000. You would have to determine venue (Which county to file in) under the court rules. Generally you would sue everyone that did not fulfill their obligations under the contract. In this situation it may be the finisher only or the finisher and the contractor.
You should look for an attorney, county court is complex.
D. Mathew Blackburn's answer Generally the best approach is to register in the state of operation. Also be aware you will pay income taxes to CO regardless of where you set up the LLC because an LLC is a passthrough entity and you are a CO resident.
You need to retain a business/tax attorney that can advise you on the legal and tax ramifications of not only where to set up the LLC but also state sales and income tax nexus.
D. Mathew Blackburn's answer The developer, even though he wrote the software, would not be able to sell it without a license. This assumes the S-Corp owns the software either as a contributed asset or as work for hire. The judgement holder would likely seek a writ of garnishment to seize the rights to the software then sue the developer for infringement. If the developer want the software he would need to buy it from the S-corp at fair market value. If it's distributed to him or sold for less than FMV it would be...
D. Mathew Blackburn's answer You will need to file and remit tax for the 944 for withholding and SS, 940 for futa, uitr-1 for CO unemployment tax, and the CO withholding forms. Along with the w-2. You also have to file a notice of hiring with the CO department of labor.
D. Mathew Blackburn's answer You can absolutely draft your own contracts for your business without an attorney. It's not a good idea but you can do it. What is illegal, unauthorized practice of law, is to advise others on the legalities of contracts.
Regarding enforceability of the contracts you write is an entirely different issue. You're going to do the best you can and you're taking your chances that you're just as good as or better than someone who studied law for three years, passed the bar exam, and then...
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