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

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) who failed to meet the deadline for making the election now have a limited opportunity to fix the problem.  If you have a large estate …

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

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

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 July 1, 2017, these agencies started enforcing stricter rules on the public records they collect and report, now only reporting public records containing the person’s …

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

Why Today’s Families Need Modern, Protective Estate Planning

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, and should, be avoided with careful planning up front. If you are bringing both assets and children into a new marriage, you may want some, …

Why Today’s Families Need Modern, Protective Estate Planning Read More »

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

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 as due, the IRS will seek to collect the balance even if there was no examination. How long to examine? The general rule is the …

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

Things to Consider Before Renting that Spare Bedroom

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).  However, there’s more to renting out your extra space than simply pocketing the cash.  If you’re thinking of becoming a landlord in your own home, …

Things to Consider Before Renting that Spare Bedroom Read More »

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

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 fallen for these pitch men, only to have $5,000.00 to $10,000.00 taken from them with absolutely no resolution to their tax problems. BE VERY CAREFUL! …

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

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

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 between Colorado’s tax laws and those of a Home Rule jurisdiction such as Denver. Failure to plan for, and accurately comply with, myriad conflicting state, …

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

Protecting Gifted Property in Case Your Child Divorces

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, asset protection trust.

Good News for Taxpayers Who Owe Less Than $100,000!

The IRS recently announced it will test an expansion of its Streamlined Installment Agreement Program for Taxpayers who owe less than $100,000. In all Streamlined Installment Agreements, the dollar threshold is based on the “Unpaid Balance of Assessments,” which often may be less than the amount the Taxpayer actually owes. For example, when a Taxpayer files a tax return, the IRS will usually assess the amount of tax, plus any interest and penalties accrued to the date of assessment.  Generally, …

Good News for Taxpayers Who Owe Less Than $100,000! Read More »

The Dangers of Online Estate Planning

Today, the world-wide-library puts information at our fingertips in a moment.  Access to an unlimited amount of information is quite alluring.  When it comes to Estate planning, several web services claim that consumers can complete a will or a trust online in minutes.  Are these claims correct and what happens when problems arise? Online Estate planning seems like an enticing bargain at the outset.  But it may be pennywise and pound foolish.  They offer legal documents at a cheap price, …

The Dangers of Online Estate Planning Read More »

Scroll to Top