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.
Live in Colorado full time. Quit a job that had a 401a instead of paying into S.S. There's not a lot of money in the account and I could use the money to fix somethings around the house. My current job uses PERA for retirement instead of S.S. I know that the IRS will impose a 10% penalty... Read more »
A realtor told me my house was worthless -said buyer gave me 215,000. Colo Real Estate Comm and Denver DA figured out that invisible buyer bought my house for 305,000 and then turned and sold it for 1,100,000. To avoid going to trial, I was given "criminal restitution" of $75,000. Do I... Read more »
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...Read more »
It is a simple trust and I am supposed to receive the money. I am replacing trustee and may sue to get my money but will IRS require me to pay taxes on K-1 income that I have not received. The trust holds rental property and have not seen money the last 2 years. $9,000 annually
I am from Colorado. I am purchasing an existing company in TX. That company will be manufacturing product in TX and I will have a partner there. The product will be built and shipped from that third party manufacturer to likely all 50 states. My question is when purchasing the company, can I set up... Read more »
Generally the best approach is to register in the state of operation. Also be aware you will pay income taxes to CO regardless of where you set up the LLC because an LLC is a passthrough entity and you are a CO resident.
You need to retain a business/tax attorney that can advise you on the...Read more »
I’m a disabled veteran and worked half the year in 2015. The only year I worked in 5+ years. VA pension so I didn’t work. I didn’t even think about my 2015 return, which as it turns out is almost 4k$. Should I still file it? Or will it affect my chapter 7 discharge?
For each return that is more than 60 days past its due date, IRS will assess a minimum failure to file penalty. The failure to file penalty runs at a severe rate of 5% up to a maximum rate of 25% per month of lateness.
The application said I have to file taxes jointly if I am married accepting tax credits. What is going to happen? Do I file jointly or married filing seperatley and pay back credits? I dont want to get in trouble. Did I go about this the wrong way?
You are supposed to list the total household income when you apply for the credit. You need to file correctly (married filing jointly) and then you will likely owe back some/all of the credits you received. You can only file married filing separately and still receive the credit in limited...Read more »
Per parenting plan, we alternate claiming our child. It is his dad's turn but he owes support from last year. Is there a date by which he has to be current? 12/31/17? Does the amount of arrears make a difference? He owes $150? Can I claim my son since he is behind?
There is no specific deadline in statute. If your orders contain no deadline, the general presumption would be that if you file first you file first and have done nothing wrong. There is also no amount. He could be behind $1 or $1,000,000 and would still lose the right to claim the exemption if...Read more »
Without a court order in place allocating the dependency exemption, if the child resides primarily with her or she had the child the majority of the time for 2017, IRS Code would say she gets to claim the child. If you all shared equal time you could consider filing a forthwith motion with the...Read more »
I have 1 part-time employee that started working for me last fall. He is my first employee. I paid him just under $1000 over 2 payments and withheld 6.2% for SS and 1.45% for medicare. TurboTax is assisting with his W2. Are there other forms, like a 944 that I have to send to the IRS? How do I pay... Read more »
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.
It's true. Property tax, sales tax and state tax deduction cannot exceed $10,000.00 per year. You may be able to deduct more property tax than that in 2018 (though not sales or income tax) if you pre-paid taxes in 2017.
I received an annuity payout from my deceased mother's retirement account (funded with pre tax $). Approximately 80K. What are the federal and state tax implications? Origin of account was in NE and I live in CO. Funds were wired directly to me.
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.
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...Read more »
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