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Did Colorado Change Their Rules On Rounding Sales Tax?
User Photo Alan Smith
Tax Professional Level: Tax Enthusiast

Yes. Rounding is no longer allowed on sales tax returns. From the Colorado Department of Revenue (DOR): "For all sales that occur through December 31, 2017, Colorado sales tax returns allow taxpayers to...   Read More
User Photo John Dundon, II EA
Tax Professional Level: Tax Wizard

The Tax Cut and Jobs Act dramatically changed IRC 165 IMHO impacting the ability to deduct casualty and theft losses from an income tax return by adding a significant new criteria. The general rule of thumb is now...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

As a US citizen or resident, you owe taxes on your world wide income, regardless of source. The exchange rate that should be used is the prevailing rate in effect at the time the funds were received, paid, or...   Read More
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

As an S Corp, you must pay yourself a reasonable salary but you don't pay Social Security or Medicare on the profits above and beyond the salary. If you file as an LLC (sole proprietorship) you will pay income tax...   Read More
User Photo Alan Smith
Tax Professional Level: Tax Enthusiast

A Business Consumer Use Tax Return (DR 0252) is due at least annually by January 20th. Business consumer use tax can be paid annually if your total use tax owed is less than $300 per year, due on January 20th of...   Read More


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User Photo John Stancil

Lakeland, Florida, USA

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User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Dundon, II EA

Denver, Colorado, USA

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