It's always better if you can build a professional relationship before the disaster strikes.

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... View More

Chad Silver Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Nov 17, 2018

The new Tax Code changes as a result of the Jobs Act removed your ability to claim a child as a dependent. You may still be eligible for child care tax credits. This is the first year for the new changes and you may be surprised (happy or mad) about the results.

Best,

Chad... View More

Colorado Revised Statutes 39-22-104.

Tax is not restricted to only attorneys that are licensed in the state. I have cases in about 10-11 different states. I'd have to go count them to be sure.

A Colorado attorney can help you with this issue.

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... View More

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... View More

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... View More

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... View More

If it's a repair you deduct it in the year it's incurred. If it's an improvement you adjust basis and depreciation.

Any expense that is incurred under the ordinary and normal course of a trade or business is deductible. 26 USC 162.

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... View More

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... View More

Usually not, but can't be sure until I've seen the docs.

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... View More

If you believe the notices are in error you would need to respond and provide evidence that the assessment is incorrect.

Yes, you would have to pay taxes on the restitution you received. Any accession to wealth is taxable unless that judgment is in the form of physical pain and suffering.

The return should be amended using Form 1040X.

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... View More

Assuming that the k-1 is correct you are required to report and pay any tax owed. Recovering any money owed to you is a seperate issue.

While our tax system is voluntary in the sense that you file a return and send in the money you owe, you will quickly find out how involuntary it is if you fail to do so. Many people have refused to file and have argued that they don't have to pay taxes. Most of them are in federal prison.

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... View More

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.