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Colorado Business Law
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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Limited Liability Company
Limited Liability Company And Colorado’s Requirements A limited liability company (LLC) is a popular choice of entity for many business owners in Colorado. Further, many business owners in Colorado will form other forms of partnerships, whether they mean to or not. When forming the actual entity, many business owners are unaware of the statutory requirements...
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Understanding Stock Distributions and Options
Employee Stock Rights Many corporations may provide corporate stock distributions or stock rights to employees. When a corporation distributes its stock, this would be referred to as a stock dividend, and when a corporation grants stock rights, these are typically referred to as stock options. When individuals receive stock dividends and stock options, they generally...
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Property Transactions and Realization Events on Gains and Losses
When Must I Realize Gain? Generally, it is easy to understand when gain or loss has been realized, but sometimes it may be hard to ascertain. The article below has been prepared by a Denver tax attorney and business attorney to discuss gain or loss on specific property transactions and certain realization events.  Please remember...
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Original Issue Discount and Debt Instruments
What Is Original Issue Discount?   An original issue discount (OIDs) is the discount in the price of a bond from its face value at the time it is first issued. The term initially referred to the fact that the issuer of a bond pays less than par value for the bond. This type of discount...
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Calculating Cost Basis
Cost Basis Calculations The IRS requires you to report cost basis on certain property transactions, including sales, exchanges, gifts, inheritances, and losses. If you don’t know what it is, you’re probably confused about how to calculate it. You might think “cost basis” means “the amount I paid for my house,” but it doesn’t. Instead, it...
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Limited Liability Companies May Conflict With S Corporation Elections
Limited Liability Companies Conflict With An S Corporation Operating Agreement Abiding by the LLC operating agreement may cause the entity to operate in a manner that invalidates the S corporation election.  An LLC can be formed quickly and has a lot of flexibility regarding members, operations, and taxation structure. It is not rare for an...
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Understanding the Cohan Rule
The Cohan Rule Basis Individuals or businesses audited by the Internal Revenue Service may be familiar with the Cohan rule. The Cohan rule is based upon a court case that may allow a taxpayer an allowance for certain business deductions even if the taxpayer cannot verify or substantiate certain expenses.  A business attorney has prepared...
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