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Colorado Business Law
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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What are Reorganizations? A reorganization allows a company to restructure its operations without triggering significant tax consequences. A reorganization is generally considered a change in the form of a corporation rather than a mere change in the place of doing business. For example, suppose a company moves its headquarters from New York City to Los...
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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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Section 338 Election Benefits Section 338 Election of the Internal Revenue Code provides a way to treat stock purchases as asset acquisitions for tax purposes only. In other words, under Internal Revenue Code §338(h)(10), the selling corporation will bear the tax associated with the transaction, but there will only be one level. This single layer...
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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 deductions for small business owners.
Small Businesses and Tax Deductions As small business owners, we know that you do your best to keep costs to a minimum. One way to save money that many business owners overlook is tax deductions. Tax deductions that sole proprietors, partnerships, and LLCs may be able to take add up to a significant amount of...
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When Identity Theft Impacts Your Taxes
What Is Identity Theft Identity theft happens when someone uses your personal information to commit fraudulent activity. This includes applying for credit cards, bank accounts, loans, or government benefits. If you suspect you are experiencing identity theft, contact your local police department. You don’t always realize you’re being targeted because the thieves usually steal your...
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What is an Abusive or Illegal Tax Scheme
What Is An Abusive Tax Scheme? You may have heard of a program or tax scheme that promises to eliminate or substantially lessen your tax burden and taxes due to the Internal Revenue Service. A promoter of such a scheme will likely use financial instruments such as a trust or pass-through entities such as a...
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Who Owns an LLC and Do They Expire
What Is an LLC? An LLC is a business organization called a “limited liability company.” It’s a separate legal person from its owners. This means you are not personally liable for the LLC’s debts, obligations, or liabilities. In addition, the LLC cannot be sued without joining the owner(s) and the LLC. The LLC is similar...
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FBAR Penalty Statutes of Limitations
What is the FBAR statute of limitations for penalty assessments? What other FBAR statutes should I be concerned about? If you have failed to file your FBAR, also known as FinCEN Form 114, you may ask yourself these questions. The article below was prepared by a Denver tax attorney at The McGuire Law Firm and will examine and...
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