What the New Tax Law means for your business

New Tax Law Helps and Hurts 95% of the 32 million businesses in the United States are what are called “pass-through” businesses and over 40 million taxpayers claim pass-through income on their personal income tax returns. If you have questions or need legal tax advice, Contact us The Tax Cuts and Jobs Act (TCJA) was signed into law by President Donald Trump on December 22, 2017.  The biggest change to our tax code businesswise that most people are familiar with is

Can the New Tax Bill Actually Affect Your Beer Choices?

The new tax reform bill will affect your brewery in a good way. The Tax Cuts and Jobs Act included the Craft Beer Modernization and Tax Reform Act (CBMTRA), which brings relief to breweries on several levels. The first and most immediate relief is financial: a reduction in federal excise taxes. Smaller breweries—producing less than 6 million barrels per year—will now pay $3.50 per barrel, down from $7 per barrel, on the first 60,000 barrels, and then $16, down from $18,

Can the IRS Take Your Passport for Unpaid Taxes?

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

4 Tax Considerations to Keep in Mind When Selling Your Business

Selling a small business is complicated. There are many different things that you will 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. The good news is that with proper planning and skillful guidance from an experienced Colorado tax attorney, it is possible to minimize