Articles

Mandatory Retirement Account Distributions

Sunday, December 10th, 2017

You faithfully make your annual contributions to your IRA or 401(k) accounts.  You’ve been doing this for years, maybe decades.  Can you keep your retirement funds in your account indefinitely?  Of course not.  You generally have to start taking withdrawals from your IRA, Simple IRA, SEP IRA, or other retirement plan account when you reach […]

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How Will an IRS Lien Affect Me?

Wednesday, November 15th, 2017

If you have an outstanding balance due the IRS that remains unpaid after the IRS gives notice and demands payment, then a federal tax lien automatically arises.  The lien applies to all real and personal property of a taxpayer, including any after-acquired property. To protect its interest in a taxpayer’s property against other creditors, the […]

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Deadline To Make Late Portability Election Fast Approaching. Don’t Miss Out On this Estate Planning Opportunity—Act Before January 2, 2018.

Monday, October 30th, 2017

A “Portability” election allows a spouse to use their deceased spouse’s unused estate tax exemption by transferring the unused portion to their own estate plan. This will save death taxes from the estate when they later pass.  To utilize this benefit, a timely election is required to be made.  Taxpayers (and trustees, executors and PRs) […]

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If You Owe Money To The IRS, Your Credit Score May Be Going Up!

Tuesday, August 1st, 2017

For years, the three major credit reporting agencies (Experian, Equifax and TransUnion) have been including tax liens and civil judgments on credit reports—which obviously have had negative implications on credit scores.  But recent efforts by consumer advocacy groups, citing numerous errors resulting from this practice, finally convinced these agencies to stop doing so. As of […]

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Why Today’s Families Need Modern, Protective Estate Planning

Wednesday, July 12th, 2017

Blended families have become normal, with second and subsequent marriages often making up the modern American family.  They may have children from a prior marriage and children together.  Estate planning complications for these families can result in inheritance errors.   This can harm family relationships, and, in a worst-case scenario, end in costly litigation that can, […]

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How Long Can the I.R.S. Audit and Collect From Me?

Thursday, May 11th, 2017

There are two phases to a tax case: the first part is when the IRS conducts an examination to determine how much you owe (“examination”) and the second part is when the IRS tries to collect from you (“collection”).  Of course, if you filed your tax return and did not pay all that was shown […]

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Things to Consider Before Renting that Spare Bedroom

Wednesday, April 12th, 2017

Owning rental property used to be an endeavor of the wealthy.  But in the new sharing economy, legions of people have become mini-entrepreneurs.  Thanks to Airbnb and other sharing sites, anyone can easily offer up a couch, a spare room or the entire house for a short-term rental (usually defined as fewer than 30 days).  […]

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Can I resolve my IRS tax debt for pennies on the dollar?

Wednesday, March 8th, 2017

Taxpayers are barraged by television and radio advertisers claiming they can settle IRS debts for mere pennies on the dollar. These ads leave you believing that IRS will let anyone off on their tax debts for less than what is due and owing. Not so! We have had many clients over the years that have […]

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The Maze of Colorado’s & Denver’s Sales and Use Tax Laws

Saturday, January 14th, 2017

Small businesses are the backbone of Colorado’s economy— 98% of all businesses in the state have fewer than 100 employees. Because Colorado’s Constitution allows “Home Rule” jurisdictions to enact their own sales and use tax ordinances inconsistent from Colorado’s sales and use tax laws, businesses often have great difficulty wending their way through the variations […]

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Protecting Gifted Property in Case Your Child Divorces

Thursday, December 15th, 2016

Clients often ask if there is a way they can financially provide for their children without making that money available for their child’s spouse to take in a divorce. Gifting property to the child outright without any legal protections is just asking for trouble.  The two best alternatives are a premarital agreement, and a discretionary, […]

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