05 Feb Compliance Issues for Liquidating Distributions of a Partner’s Interest in a Partnership
What is YOUR exit strategy from THAT partnership?...
Partnership
08 Jun Liquidating Distributions of a Partner’s Interest in a Partnership
In the plethora of files across my desk over the years, navigating compliance issues for liquidating distributions of a partner’s interest in a partnership have 3 buzzworthy considerations to avoid unwanted scrutiny. Calculating the recognized gain or loss from a cash or property distribution in...
17 Jan Nonresident Partners and Shareholders of Colorado Partnerships and S Corps
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in Colorado Income Tax, Colorado Department of Revenue, Composite Tax Return, Partnership, Sub-chapter S
The Colorado Department of Revenue revised its guidelines in FYI Income 54 regarding people who do not live in Colorado but are partners and/or shareholders of partnerships and/or S corporations in Colorado, ensuring that pass-through entities pay Colorado income tax on their Colorado-source income. This post breaks...
11 Mar Business Taxes Due Next Week – AVOID PENALIZATION – File An Automatic Extension Request TODAY – IRS Form 7004
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in Basis, Business Expense, Business Income, Colorado Department of Revenue, Corporation, Cost Basis, Extension, Partnership, Penalty, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Taxable Income
The Business and Partnership Tax deadline is coming up fast! Don’t sweat it! File IRS Form 7004 to apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled, feel welcome to check out the instructions for IRS Form 7004. If you...
09 Jan Can You Establish a SEP Plan if you are a Sole Proprietor? What if that Sole Proprietorship Had Historically Passive Income?
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in Business Expense, Deductible Expense, Employee Business Expense, Employment Tax, Partnership, Passive Activity, Payroll Tax Problems, Self Employ, Sole Proprietor, Sub-chapter S, Tax Deductible Expenses, Unemployment
Regardless of their nature or topic matter, off beat questions are one of the spices of life. When it comes to the realm of taxation generally speaking the answers frequently distill down to - it depends. These two questions were asked of me on my last...
11 Dec Take Care Closing Down An LLC – IRC 752 – Treatment of Certain Liabilities
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in Accumulated Adjustment Account, Basis, Cost Basis, Limited Partnership, LLC, Partnership, Small Business, Tax Deductible Expenses, Uncertain Tax Position
A taxpayer reading one of my blog posts from Ishpeming, Michigan was compelled to call me today. She was a member in a Limited Liability Company (LLC) who had ultimately resigned herself to abandoning her interest in the LLC. In advance of the call she faxed...
29 Oct What is the best Business Structure to form If Any?
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in Business Expense, Business Income, Business Structure, Capital Gain, Capital Loss, Employment Tax, Limited Partnership, LLC, Net Operating Loss, Partnership, Self Employ, Small Business, Sole Proprietor, Start up costs, Sub-chapter S, Tax Guidance & Preparation
What I love most about Colorado, more than the 300+ days of sun every year and the glorious rocky mountains, are the people. Â For the most Coloradans are risk taking job creators, starting new businesses from scratch out of their garages and turning passions for...
04 Jun IRC 7216 Disclosure Issues to Consider When Selling Your Practice – Start With A Tight NDA
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in Disclosure, Enrolled Agent, Partnership, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer
As many of you know who follow this blog I have served in the past as the President of the Colorado Society of Enrolled Agents, a state affiliate chapter of the National Association of Enrolled Agents. In this capacity I have been blessed with the...
31 Jan Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers
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in 1031 Exchange, 1231 Exchange, Capital Gain, Capital Loss, Investment Income, Like/Kind Exchange, Limited Partnership, Partnership, Passive Activity, Tax Guidance & Preparation
Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers. My friend Roger Botterbusch recently put together a most excellent presentation on the tax implications of owning Publicly Traded Partnerships (PTPs), also commonly referred to as Master Limited Partnerships (MLPs)....
25 Sep Accumulated Adjustment Accounts and the Subchapter S Corp
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in Accumulated Adjustment Account, Capital Gain, Corporation, Partnership, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests
This post represents some of my codified thoughts on Accumulated Adjustment Accounts and the Sub-chapter S Corp: IRS Form 1120-S Schedule M-3 Column (a), or in tax speak the AAA. Yes AAA could also be an acronym for Advanced Alcoholics Anonymous and maybe that is relevant...
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