Additional Blogs of Interest

Can the IRS Take Your Passport for Unpaid Taxes?

Posted by Joe Whitcomb on Aug 28, 2019 1:44:38 PM

On December 4th, 2015, the United States Congress passed the Fixing America’s Surface Transportation (FAST) Act. Soon after, the legislation was signed into law by President Barack Obama. As is the case with many large transportation bills, this bill contained provisions that affected many unrelated areas of law.Most notably, the FAST Act contained a tax provision that has major consequences for those who owe a lot money to the Internal Revenue Service (IRS): If you have seriously delinquent tax debt, the United States federal government may now be able confiscate your passport. Here, our top-rated Colorado tax law attorneys explain when tax debt can cost you your U.S. passport.

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Tags: Tax Law

Four Important Tax Considerations When Selling Your Business

Posted by Joe Whitcomb on Jan 14, 2018 7:45:00 AM

Selling a small business can be  complicated. There are many things you need to consider in order to ensure that your legal rights and financial interests are adequately protected. Depending on the circumstances surrounding your specific small business, there is a chance that you could face a large tax bill as a result of the sale.

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Tags: Tax Law

Three Ways the New Tax Plan Could Affect You

Posted by Joe Whitcomb on Jan 10, 2018 7:25:00 AM

As reported by Fox 31 Denver, GOP leaders in the House of Representatives recently revealed key details of their tax reform plan. While this tax plan may not be signed into law, at least in its current form, it has already passed an important procedural vote. While this bill overhauls key elements of the corporate tax code, it also affects individuals. As such, all American taxpayers should have a basic understanding of how this plan might impact their wallets. Here, our experienced Denver tax law attorneys highlight some of the key provisions and policy changes contained within the latest GOP tax reform legislation.

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Tags: Tax Law

Tax Consequences of Property Transfers to Family

Posted by Whitcomb, Selinsky, PC Staff on Mar 13, 2017 10:06:00 PM

Property transfers to family members can have tax consequences.  Business owners should have estate plans, but many owners are unaware of the tax implications associated with recapitalizing their business entities to help family members.Business owners probably already know that sales of stock, for example, have tax consequences. Selling stock for an amount for more than was paid for it (“in excess of basis”), results in a taxable gain. However, they may not realize that there are other transfers of property that also result in taxable transactions.

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Tags: Tax Law

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