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Commentary and Analysis Regarding Colorado Law

Subcategories from this category:

Ethics/Professionalism

Pass Through to Savings- a new deduction in the "Tax Cuts and Jobs Act"

Anton Dworak

There is a significant new tax deduction taking effect in 2018 under the new tax law, the Tax Cuts and Jobs Act (the Act). It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or sole proprietorship. This income is sometimes referred to as “pass-through” income.

The deduction is generally equal to 20% of your “qualified business income” (QBI) from a partnership, S corporation, or sole proprietorship, defined as the net amount of items of income, gain, deduction, and loss with respect to your trade or business. The business must be conducted within the U.S. to qualify, and specified investment-related items are not included, e.g., capital gains or losses, dividends, and interest income (unless the interest is properly allocable to the business). The trade or business of being an employee does not qualify. Also, QBI does not include reasonable compensation received from an S corporation, or a guaranteed payment received from a partnership for services provided to a partnership's business.

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35 Hits

The Harvey Weinstein Syndrome - Every Company's Needed Response

20171226 Blog

The allegations of abuse have been staggering. The numbers of abused victims are astounding. Are these problems limited to the film and television industries?

Ask any working woman, and the answer to that question is no. Although this is the 21st Century, sexual harassment is still prevalent in many of our work places.

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206 Hits

Planes, Trains and Automobiles (and Dirt) . . . all eligible for a tax deferred 1031 exchange (maybe)

Planes Trains and Automobiles

This photo, which I think is a marketing promo of a happy tax payer and his 1031 Exchange Accommodator, lists three types of property that might lose 1031 exchange protection under the tax bill making its way through the Senate and House chambers this week.  As noted in Retail Real Estate Law, the recent Senate-House compromise removed personal property from like-kind treatment under Section 1031 of the Internal Revenue Code.  So, today, you could complete a 1031 exchange with your plane, your train or even your automobile (provided that you adhere to the strict requirements established in Section 1031 and its associated regulations) but that may not be the case following approval of the revisions to the Tax Code in the coming weeks. 

For most of us, real estate is the like-kind property with which we deal on a regular basis.  That appears to be unaffected by the current tax bill.  Whether or not we lose the ability to exchange personal property, it seems that a refresher on 1031 exchanges is in order. 

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348 Hits

TICK-TOCK


TIME FOR EMPLOYER’S TO REVIEW “USE IT OR LOSE IT” VACATION POLICIES

Submitted by Catherine Tallerico.On January 1, 2015, a new Colorado Wage Protection Act (“Act”) went into effect, expanding wage claims under the Colorado Wage Act.  The Act gives the Colorado Department of Labor & Employment, Division of Labor (DOL) new enforcement authority to adjudicate complaints for unpaid wages, including earned vacation time.  The DOL’s authority to adjudicate vacation pay claims arises from the Wage Act’s definition of “wages” to include “vacation pay earned in accordance with the terms of an agreement.” Additionally, “if an employer provides paid vacation for an employee, the employer shall pay upon separation from employment all vacation pay earned and determinable in accordance with the terms of any agreement between the employer and the employee.” Colo. Rev. Stat. § 8-4-101.

Last summer, the DOL made statements indicating an intent to find “use it or lose it” vacation policies in violation of the Act.  Such statement would have constituted a change in the DOL’s prior position in which it had permitted such policies so long as the risk of forfeiture was clearly set forth in an agreement.

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647 Hits

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