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I am the sole shareholder of a C corporation that owns a townhome in Colorado Springs, purchased in 2016 for $177,000 and now valued at approximately $330,000. Initially a rental property until 2020, I have been living there since then, paying rent to the corporation. Given the limitations with... View More 
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answered on Apr 12, 2025
Transferring the townhome from your C corporation to personal ownership involves a few important steps and tax considerations. Since the townhome has appreciated in value, any transfer may trigger capital gains taxes on the increase in value. One option is to sell the property from the corporation... View More
I own 5% of an LLC based in Utah, and recently, the accountant sent me tax documents indicating a pro rata wage of $4,500 for company tax deductions. However, I never received this amount. I made an investment into the company, and when I inquired about the wage, the company stated that it was part... View More
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answered on Apr 12, 2025
Yes, you should be concerned, especially if the LLC has reported income or wages under your name that you did not actually receive. If the $4,500 was reported on a K-1 form as part of your share of the LLC’s income, you may still be responsible for paying taxes on that amount, even though no... View More
I entered into an oral agreement to use my car as collateral for an $800 loan, with the understanding that I would repay the loan when I received my tax refund. I have made two $400 payments, as shown in my bank statements, but the person holding my car has not returned it. I have no witnesses to... View More
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answered on Apr 12, 2025
It seems like you're dealing with a tricky situation involving a verbal agreement and no physical proof of the arrangement. Since the agreement was oral, it can be more challenging to enforce, especially without witnesses. However, the payments you made are important evidence that you followed... View More
Much longer version:
I live in the state of Colorado, and cannot find anything that remotely answers this question. So, I went to community college several years ago, and apparently, during my last semester, I somehow became ineligible for the Pell Grant that I was awarded by the federal... View More
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answered on Feb 8, 2025
That sounds like an incredibly frustrating and unfair situation. A college generally has the right to seek repayment for a rescinded Pell Grant, but they are supposed to notify you first. If they never informed you, that raises serious concerns about due process and transparency. You should have... View More
We would like to gift 2.5 acres (undeveloped) of our 5 acre lot (which has our home and a large shop on it) to our son and his wife. Right now we are zoned RR-5; we know we will have to go to the county (it is on county land) to try to rezone. We wonder how gifting 1/2 the property might impact our... View More
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answered on Feb 1, 2025
Most mortgages/deeds of trust have a due on sale clause, so you cannot deed it to anyone without the lender's consent. His tax basis is the same as yours if you deed it now while your living, but he gets a stepped up basis at your death as an heir. Hire a CO attorney to advise.
in March. nothing mentioned of late tax. only liens. I recently won an injury settlement and could pay most if not all. if late penalties were removed even better. can I pay tax or do I pay liens, or can I do either. Can you help me please. You would understand me more if you read letter
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answered on Jan 12, 2025
I'm sorry you're going through this. With your injury settlement, you can use the funds to pay your back taxes directly, which may help prevent the auction of your home. Contact the tax authority immediately to inform them of your intention to pay and to discuss the best way to apply your... View More
Recently, there has been communication from district leadership indicating expectations regarding where and when I work, which aligns more closely with the control typically exercised over employees rather than independent contractors. I operate as a business owner, providing my own materials,... View More
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answered on Jan 10, 2025
Your concerns about maintaining clear contractor status are valid, particularly given the IRS's specific guidelines about behavioral control factors. The district's attempts to dictate when and where you work could indeed risk misclassifying your role.
Consider drafting a... View More
Hello I am visiting Florida and my job wants to change my tax code to Florida from colorado. I am currently a resident of Colorado. Is this legal?
answered on Nov 5, 2024
If you're visiting then no you are still domiciled in Colorado and you're not performing services in Florida so there would be no Florida source income.
If by visiting you mean working in the company's Florida office then yes. You would have Florida source income and the... View More
Colorado
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answered on Sep 25, 2024
It sounds like you're dealing with a serious situation. When a property with a tax lien is released or transferred, it's usually done through the payment or settlement of the outstanding taxes. The lien is often recorded with the local county or tax authority, and to release it, someone... View More
I have a page for my dog, and tiktok shop said I was qualified to start earning comissions by making videos for products people send me. I started doing that last year in October(2023) and was doing really well until December when tiktok shop bots flagged a video that was earning comissions as... View More
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answered on Sep 9, 2024
It sounds like you're in a frustrating situation, especially since you've put in the effort to create content and earn commissions that are now being withheld. TikTok does have policies that allow them to withhold commissions if they deem content to violate their guidelines, even if you... View More
I have 1.4 million USD in IRS tax debt. I have been involved with the IRS to settle the debt and they are threatening forced bankruptcy. I would like to take a trip to a foreign country. Should I be worried about my passport when dealing with US Customs? Might they seize my passport?
answered on Sep 2, 2024
Yes, you should be concerned.
Negotiate a resolution plan and verify your passport is valid before attempting to leave the country.
Just formed my LLC and want it to be the holding company and an S corp what do I need to file and in what order?
answered on Sep 6, 2024
I mostly concur with the earlier answer provided to your question above. Here is my response with a few more notes
1) Use Your LLC as a Holding Company: Structuring your LLC to act as a holding company simply involves using it to own other businesses or assets. You don’t need to file... View More
My father passed away in 2023. He told my sister and I we were beneficiaries to the trust prior to his passing. My step mother, the trustee, refuses to provide us with a copy or show us the trust or any of its contents.
I am not able to find a copy of his will, trust or probate in public records.
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answered on Aug 5, 2024
In Colorado, beneficiaries of a trust are generally entitled to information about the trust. This includes a copy of the trust document. Your stepmother, as the trustee, has a duty to provide beneficiaries with enough information to protect their interests.
You should request a copy of the... View More
I want to avoid capital gain taxes as much as possible.
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answered on Jul 23, 2024
Using money from the sale of property to pay down your mortgage can be a wise move, but it requires careful consideration of your overall financial situation. Paying down your mortgage can reduce your monthly expenses and the amount of interest you pay over time. However, it's important to... View More
I found myself with a surplus of old iPhones and Apple Squares. I had the idea of providing my local un-housed population with the phones and squares to make it easier for people to give them money. After supplying the phones and squares, I would like a small percentage of the transaction to go to... View More
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answered on Jul 18, 2024
Providing old iPhones and Apple Squares to the un-housed population for digital donations is an innovative idea, but there are several legal considerations. First, you need to ensure that your activity complies with local laws and regulations. It's advisable to consult with a local attorney to... View More
I live in Colorado, one of these people is only 17 (my brother, trained in CAD), and as of now the business is literally just me making prototypes in my room, I havent filed anything with the state in terms of LLC or whatever (yet)
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answered on Jul 18, 2024
Yes, you can employ people for your startup and offer them partial ownership of the company instead of cash, but there are some important considerations. First, you should formalize your business structure, such as creating an LLC or a corporation. This protects you and your employees and clarifies... View More
I owed and payed off but they took the sum out again even though I already paid. Have contacted them several times by phone and tried to make in person meeting but they are booked out the next 60 days. Tried to fax a form 911 for TAS to help but getting error messages for their fax number. Called... View More
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answered on Jun 27, 2024
While I understand your frustration with this situation, here's an overview of your options and some considerations:
1. Suing the IRS:
It's generally not advisable to sue the IRS over delayed refunds or processing errors, especially within this timeframe. Courts typically... View More
she is also in contempt of virtually every part of our separation agreement. she has not paid child support, not given me back my belongings, does not follow the parenting schedule, and does not provide the insurance for the children she claimed she would
answered on Apr 2, 2024
Good Morning,
I am very sorry to hear of your circumstances and know that it can be an incredibly difficult and frustrating experience when an ex-spouse does not follow Court Orders. It sounds like you have several issues going on, including: tax, parenting time, insurance, etc.... View More
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answered on Mar 18, 2024
If your ex-boss refuses to provide your W-2 or pay stubs, you should first try contacting them directly to request these documents. Explain the importance of receiving these items for your financial records and tax filing obligations. It's possible they may have overlooked your request or... View More
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answered on Mar 18, 2024
If you've been staying in a motel for a little over three months at a rate of $90 per day, calculating the total amount spent before taxes is the first step. To find this, multiply the daily rate by the number of days you have stayed.
The tax rate applied to your motel stay can vary... View More
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