Five Big Threats to your Estate Plan

Estate planning is a wonderful way to love your family and completing a plan often brings relief.   There are several threats however, that you must be aware of so that your estate plan does not fail when you need it the most. #1 Avoiding One-Size-Fits-All Planning The first rule of thumb is to make sure your estate plan is custom written for you.  Each and every family is unique with different needs.  For example, if your family has conflict and …

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The New Partnership Audit Rules

If you are a partner in a partnership, you should be aware there are new rules starting with partnership taxable years that begin after December 31, 2017.  The new regime replaces the provisions of the Internal Revenue Code known as the TEFRA procedures, which still govern partnership audits for taxable years beginning before December 31, 2017, and may also be applicable for audits by states that have not adopted the new federal procedures. The new rules cover all partnerships, including …

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Taxation of Cryptocurrency

Virtual currency has risen in popularity over the last several years, not only for investment, but for use in paying for goods and services.  Unlike the U.S. dollar, the IRS does not treat virtual currency (also called “digital currency” and “cryptocurrency”) as currency.  It is treated as property, even though it can be used as a form of payment. That means that if you have had any transactions beyond your initial purchase of virtual currency—you have traded it for other …

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What Happened To My Refund?

Lately there has been a lot of mainstream and social media attention surrounding people who traditionally get a tax refund but are not this year.  Some are finding they actually owe money.  Understandably, these reports are causing anxiety and anger among a large portion of the taxpaying public who feel cheated after being promised a tax reduction.  Much of this is based on a misunderstanding of how the 2017 Tax Act worked. Many taxpayers believe that because their refund is …

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How the Government Shutdown Affects the IRS

Many taxpayers are wondering how the recent government shutdown might affect their ongoing matters with the IRS.  The most immediate question seems to be whether and how it will affect the upcoming income tax filing deadlines for all taxpayers.  For now, the filing deadlines have not been extended.  But there are also taxpayers with ongoing tax controversies with the IRS, including but not limited to: audits, appeals, Tax Court cases, Federal Tax Liens, levies, and other collection issues. The IRS …

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Time to Calculate your 2018 Tax Liability

Congress overhauled the tax rates and brackets for the 2018 tax year (and beyond), when it passed the Tax Cuts and Jobs Act (the Act) at the end of 2017. The new law reduces taxes for millions of taxpayers by lowering income tax rates across the board. In addition, the Act nearly doubles the standard deduction for all filers. As a result of these changes, the IRS updated the income tax withholding tables for 2018 to help most workers ensure …

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IRS Debt and Passport Denial or Revocation

Taxpayers with more than $50,000 of unpaid federal tax liabilities may find they cannot travel internationally, unless they are working with the IRS to resolve their tax liabilities.  In December 2015, Internal Revenue Code § 7345 was enacted, authorizing the IRS to notify the State Department of taxpayers with “seriously delinquent tax debt,” which is: A legally enforceable federal tax liability of an individual; which has been assessed; is greater than $50,000; and for which a Notice of Federal Tax …

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The New Age For Online Retailers

On June 21, 2018, the United States Supreme Court issued its Opinion in South Dakota v. Wayfair, Inc., overturning decades-old precedent requiring a retailer to have an actual “physical presence” within a state before that state can require the retailer to charge, collect, and remit its sales tax. With such a drastic change in the legal landscape, many wonder how the Supreme Court’s decision may affect their businesses. Colorado (as we expect many others to do) has acted quickly to …

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I have an Estate Plan—What do My Successor Trustees or Personal Representatives Actually Do?

The Successor Trustee If you have completed your estate plan using a living trust, you likely have named successor trustees of your trust.   A trustee is a person or trust company you select and name in your trust.  With a living trust that you create, you are the Grantor of the trust and you are generally the first trustee in charge of your own assets held in your trust.  As the Grantor, you can make changes to your trust, including …

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IRS Updates the Tax Withholding Tables

Congress recently changed the tax rates and brackets for 2018 and beyond, when it passed the Tax Cuts and Jobs Act (the “Act”). The rate changes, however, were not as radical as some had initially proposed. Instead, the major changes affecting many taxpayers stem from other provisions of the Act, such as nearly doubling the standard deduction to $12,000 for single filers, $18,000 for head-of-household filers and $24,000 for married couples who file jointly. In any case, the Act was …

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