D. Mathew Blackburn's answer Yes, the majority of the provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) took effect 1.1.2018. Some did not, most notably accelerated depreciation took effect 9.27.17 and the ACA penalty is removed 1.1.19.
My suggestions would be to call them up and talk to them. Sign an agreement. Put down a retainer of an agreed upon amount. If anything happens you have a lawyer retained and they know they'll get paid.
Some attorneys won't do this at all because they don't want to be responsible for representing you for whatever; they want to know what they're getting into. Others will likely charge...
Richard Sternberg's answer Unlike VAT, sales tax is paid by the vendor at point of sale. So, if the purchase was in Colorado, the vendor must report and pay sales tax on the sale unless there is an exemption under state law. Such exemptions often exist for non-profit charitable entities with § 501(c) status, but the exemptions are controlled by Colorado state law. You should consult a lawyer in Colorado for details.
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...
Linda Simmons Campbell's answer If the IRS finds out you will face stiff penalties and interest and possible criminal charges. If this was nonwillfull then your best option is to file via the offshore voluntary disclosure program. You only have until September 28th. The paperwork can be difficult and confusing and you may want to hire an attorney to help you with it. You also want to make sure that your noncompliance was not willfull.
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 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.
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