Establishing a family LLC is not new, but it is gaining speed as high-income earners seek ways to protect their hard-earned assets and develop generational wealth. Baby boomers have the highest household net worth of any US generation before. Defined by the Federal...
Last month, the U.S. Supreme Court unanimously favored the IRS in the court ruling, Polselli v. Internal Revenue Service, permitting the agency to request the financial records of delinquent taxpayers without notification to third-party businesses. Many believe the...
If I had a penny for every time a small business client asked me one of the questions below, I might not be a CPA anymore. Whether they run a taco stand in downtown Denver or an oil and gas business in Durango doesn’t matter—many owners wonder the same things. ...
Many Homeowners Associations get confused when filing their annual taxes. Inexperienced board members need help understanding which tax reports to file, how to complete Form 1120 and if their HOA income is tax-exempt. Incorrect tax filings result in unexpected fines,...
Most people starting a small business default to filing a sole proprietorship. Why not, it is generally quite easy to do. But, other entity structures may work better to accomplish your financial goals as you grow a business. Before deciding, learn the pros and cons...
Taxes and death are the only two guarantees of life. While you cannot avoid death, you can reduce or avoid some tax liability. If you want to reduce your taxable income, credits, deductions and investment strategies are available for individuals, solopreneurs and...
