Reasonable Compensation and the S Corp owner is a case study of a multiyear dispute with the IRS over an owner's fair employee compensation. The file in question was shepherded through the IRS Appeals function, reconciling a statutory notice of deficiency. This CASE STUDY is shared...
The Second Regular Session of Colorado's 73rd General Assembly starts January 5th, 2023, and when it convenes, sales tax on professional services rendered in Colorado can happen. The Assembly is made up of a new super majority all wearing the same color shirt, which means that...
Inflation Reduction Act Tax Briefing - Tax Credits & Excise Taxes - at a very high level provides opportunities for investment in clean energy via the reduction of carbon emissions by, among other things, expanding tax benefits for renewable energy, including the Internal Revenue Code...
Year End Tax Planning & the Kiddie Tax - IRC §1(g)(2) - IRS Form 8615, one of the most common year end tax planning considerations revolving around the implications of sheltering and feeding fully grown and educated children. In that flying the coop has become increasingly...
This new law concerns the authority of a pass-through business entity to elect to pay state income taxes at the entity level, known euphemistically as Colorado’s SALT Parity Act. It was first enacted in 2021 and amended in May 2022 & is effective January 1, 2022. ...
The Californication of Colorado Continues...
Colorado Tax Legislation Update As the Chair of the Government Relations Committee for the Colorado Society of Enrolled Agents outreach to legislators was provided on bills moving through the process this session as they pertained to matters of taxation. With special thanks to Heidi Morgan of Wagner...
IRS proposed Regulations on Basic Exclusion Amount for Estate and Gift Taxes. The Tax Cuts and Jobs Act increased the basic exclusion amount (BEA) used to compute federal estate and gift taxes. For decedents dying and gifts made after Dec. 31, 2017, and before Jan. 1, 2026, the...