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 »

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.

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 »

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 »

Beware of IRS Impersonators A lot of honest taxpayers are being robbed by tricky IRS impersonation scams. These people are not real IRS employees, just thieves. If you are contacted by someone claiming to be an IRS employee, here are a few things to keep in mind: If you receive an automated message or a live call, stating that “IRS is filing a lawsuit against you,” and you need to send money right away to prevent it, you can be …

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The IRS frequently disallows deductions for activities it believes are “not engaged in for profit.” “Hobby Losses”, as the IRS calls them, often involve expenses for horse or dog breeding activities, small scale farming, small livestock operations, airplanes, etc. Because these businesses often grow out of hobbies, they tend to be started without adequate business planning and advice. For some, a business plan and other business like activities established at the outset of the business can make the difference between …

What is a Hobby Loss? Read More »

As reported by the Washington Times, Internal Revenue Service Commissioner John Koskinen admitted this week that the agency uses secret cellphone tracking systems, known as cell-site simulators, or StingRays, to collect information about people they are investigating. This finding has sparked an inquiry by two top U.S. senators into the use of these tracking systems. Advances in information collection technology and the ever-changing landscape of legal tax issues in America makes it more important than ever to take the necessary …

IRS Admits to Using Secret Cellphone Tracking Systems Read More »

If you owned stock or other interest in a foreign corporation or business, or real estate located outside the United States at any time during 2014, keep reading to learn how to avoid fines up to $25,000 and possible criminal sanctions. The tax attorneys at Anderson & Jahde recently came across a little-known reporting requirement: those who fall within the above reporting requirements must complete and file Form BE-10 with the Bureau of Economic Analysis (BEA). The due date for …

What is Form BE-10 and Why You Should Care? Read More »

Tax Fraud is a very serious matter that can result in civil and criminal prosecutions, severe penalties, jail time and a felony record. There are, however, different degrees and types of tax fraud and not all tax fraud is criminal. When confronted with potential tax fraud problems it is best to consult with a tax law professional, as opposed to an accountant. The tax lawyers at Anderson & Jahde have extensive tax fraud experience and can help with tax fraud …

What to do when Confronted with Tax Fraud Read More »

If you have legal questions about your taxes, or you have received a notice from the IRS and don’t know where to turn, the experienced tax attorneys at Anderson & Jahde, P.C. are here to help. In our new series of articles, our team of tax lawyers have outlined and debunked some of the most common tax myths and misconceptions, starting with settling tax liabilities and the collection of tax debts.