Blog Archives

Income 54: Nonresident Partners and Shareholders of Partnerships and S Corporations

The Colorado Department of Revenue has finally revised its guidelines in FYI Income 54 regarding people who do not live in Colorado but are partners and/or shareholders of partnerships and/or S corporations in Colorado, ensuring that pass-through entities pay Colorado income tax

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Posted in Colorado Department of Revenue, Colorado Income Tax, Composite Tax Return, Partnership, Sub-chapter S

Business Taxes Due Next Week – AVOID PENALIZATION – File An Automatic Extension Request TODAY – IRS Form 7004

The Business and Partnership Tax deadline is coming up fast! Don’t sweat it! File IRS Form 7004 to apply for Automatic Extension of Time to File Certain Business Income Tax. If you happen to be compelled, feel welcome to check out

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Posted in Basis, Business Expense, Business Income, Colorado Department of Revenue, Corporation, Cost Basis, Extension, Partnership, Penalty, Sub-chapter S, Tax Deductible Expenses, Tax Guidance & Preparation, Taxable Income

Can You Establish a SEP Plan if you are a Sole Proprietor? What if that Sole Proprietorship Had Historically Passive Income?

Regardless of their nature or topic matter, off beat questions are one of the spices of life. When it comes to the realm of taxation generally speaking the answers frequently distill down to - it depends. These two questions were

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Posted in Business Expense, Deductible Expense, Employee Business Expense, Employment Tax, Partnership, Passive Activity, Payroll Tax Problems, Self Employ, Sole Proprietor, Sub-chapter S, Tax Deductible Expenses, Unemployment

What is the best Business Structure to form If Any?

What I love most about Colorado, more than the 300+ days of sun every year and the glorious rocky mountains, are the people.  For the most Coloradans are risk taking job creators, starting new businesses from scratch out of their

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Posted in Business Expense, Business Income, Business Structure, Capital Gain, Capital Loss, Employment Tax, Limited Partnership, LLC, Net Operating Loss, Partnership, Self Employ, Small Business, Sole Proprietor, Start up costs, Sub-chapter S, Tax Guidance & Preparation

Use IRS Form 8082 to Report An Incorrectly Issued K1

I've been working a very complicated file since my last post involving income in 11 states and countless K-1s, Partner's Share of Income, Deductions, Credits, etc. Interestingly enough one of my trusted lieutenants noticed that one of the K-1s from one

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Posted in 1231 Exchange, Asset Classification, Audit Reconsideration, Business Income, Capital Loss, Distributions, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, K1, Partnership, Passive Activity, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests, Uncertain Tax Position

IRC 7216 Disclosure Issues to Consider When Selling Your Practice – Start With A Tight NDA

As many of you know who follow this blog I also currently serve in a voluntary capacity as the President of the Colorado Society of Enrolled Agents, a state affiliate chapter of the National Association of Enrolled Agents. In this

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Posted in Disclosure, Enrolled Agent, Partnership, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Preparer

Tax Implication of Publicly Traded Partnerships: Why Purveyors or the US Tax Code Snarl at Investment Brokers

My friend Roger Botterbusch recently put together a most excellent presentation on the tax implications of owning Publicly Traded Partnerships (PTPs), also commonly referred to as Master Limited Partnerships (MLPs). As a result I developed a new profound distaste for investment

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Posted in 1031 Exchange, 1231 Exchange, Capital Gain, Capital Loss, Investment Income, Like/Kind Exchange, Limited Partnership, Partnership, Passive Activity, Tax Guidance & Preparation

Reporting Non-Reimbursed Partnership Expenses

In regards to the correct treatment of deductible expenses incurred by a partner essentially the partnership agreement, or the general practice of the partnership, should clearly represent that the partners are responsible for certain expenses and that the partners are

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Posted in Business Expense, Deductible Expense, Partnership
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