Blog Archives

NEW IRS Charitable Contribution Regulations

The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive

Posted in Colorado, IRS, Taxes

Members of LLC’s paying themselves through Payroll Risks

Since most people are familiar with being paid wages and receiving a W-2 each year, when forming an LLC, they may still expect to be paid wages.  However, LLC members can take guaranteed payments or distributions.  In fact, there are

Posted in IRS, Taxes

LLC Considerations with Partners

My friend and I want to form an LLC.  Should be both be members/owners, or should one of us be the owner and just pass on 50% of the money to the owner? Some things to consider as to how

Posted in IRS, Taxes

Receipts on Form 1099-K

Business owners may have received IRS Form 1099-Ks from most of the Payment Processors used during 2018. The Form 1099-K reports the gross proceeds received from Payment Processors, over the course of the year, which includes credit card companies, PayPal,

Posted in IRS, Taxes