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Denver Tax Attorney
Under certain circumstances and upon the Internal Revenue Service issuing certain collection notices, you have the right to request a Collection Due Process Hearing.
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Foreign Bank Account Report (FBAR)
Navigating the world of international finance can be a complex task, especially when understanding the requirements and compliance issues related to the Foreign Bank Account Report (FBAR), also known as FinCEN Form 114. This guide aims to comprehensively understand FBAR, its requirements, and how to ensure compliance. What is the FBAR? The U.S. government requires...
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Man standing in front of employees
What is form 5471: Form 5471 is an information reporting form the must be filed with a taxpayer tax return when they meet certain ownership amounts of foreign corporations. Broadly speaking, the form reports who owns the foreign corporation, the current year financial information of the foreign corporation, information related to subpart F and GILTI...
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Forward Triangular Merger
As discussed previously in other articles, reorganizations can provide a way to restructure business entities or acquire others without experiencing high tax costs. In other words, reorganizations offer ways to accomplish business goals through tax-free restructuring like a forward triangular merger. Common Use for a Forward Triangular Merger One standard method used is a forward triangular merger, or...
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Non-Recourse Liability and Debt
Advantages of Taking on Debt with Non-Recourse Liability Non-recourse debt means that if the debtor defaults, the creditor cannot pursue the debtor personally. Instead, the creditor must seek recovery from the collateral securing the loan. The creditor can file a suit against the borrower if the collateral does not cover the debt. However, if the...
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Do You Know About IRC 368 Tax-Free Reorganization
IRC Tax-Free Reorganization Reorganization is a term used when a company changes its structure. A reorganization differs from a merger or acquisition because it does not involve merging two companies. Instead, it consists in changing the legal form of a corporation. Reorganization is also different from liquidating a company because it doesn’t involve selling all...
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Understanding the differences in a stock sale and asset sale.
Two Options: Stock Sale and Asset Sale When buying a company, you have two options: buy all its shares or just the company’s assets. If you’re looking to sell your company, you may also choose to sell all of its shares or just its assets. There are pros and cons to stock sales or asset...
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IRC Section §351 and Property Contributions
Overview of IRC Section §351 and Contributing Property Are you considering establishing a corporation? Perhaps you have considered contributing property as consideration for your interest while another member would like to contribute cash. You may even find yourself in a situation where a third person would like to donate his services in exchange for an...
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Tax Implications When Gifting Property
Gifting Property Tax Implications When gifting property, gift and estate taxes are two different types of taxes applied to wealth transfers. A gift is when someone gives away property without getting anything back in return. An example of a gift is giving your car to your friend. Estate taxes apply to the transfer of assets...
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Learn About Individual Taxation in Colorado
Individual Taxation Income taxes are a significant source of revenue for states. Most states impose an income tax on residents and non-residents alike. Individual taxation is usually progressive, meaning that the amount of tax owed increases with each additional dollar earned. States also levy other taxes, including sales, property, excise, and corporate taxes. The Internal...
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