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Form 668-B for Thornton Colorado: What You Should Know

Tax Return Preparation — United States Internal Revenue Service Nov 14, 2024 — Please note, The IRS will mail a request to the taxpayer to review the return or form. When the returned tax return(s) is received, the tax collector will inform the taxpayer that the required tax filings for the current year, and subsequent years have been issued and that the return/form needs to be corrected. Once that is done, the taxpayer will not be issued a Form 5498.  How to File a Bankruptcy Tax Return  Oct 17, 2024 — The bankruptcy rules apply to estates that contain taxable property. Estate taxes apply on the basis of taxable estates. A trust or LLC is a taxable estate, even if the property passes in the form of a corporation to a new owner (the “real estate liquidation sale”), or is simply disposed of to pay any of the debts of an account holder (the “deemed distribution”). Please note that a taxable estate is not the same thing as any of the following: Property held in a trust Equity interests in a partnership or limited partnership A trust property that is used to pay the debts of the trust Property held in an IRA or Roth IRA A capital gain on property that the individual is able to sell, distribute, or dispose of using a “net operating loss” rule. How to File a Business Exempted Organization Tax Return Aug 15, 2024 — The tax rules in effect on May 3, 2025, will continue to apply for tax years beginning on or after that date. The business exemption rules provide a reduction in income tax for organizations such as banks, mutual benefit corporations, and limited partnerships (collectively known as a “pass-through entity”). If an entity is a pass-through entity in a taxable year, the IRS will treat it as a partnership for purposes of the corporate tax. On the other hand, if an entity is not a pass-through entity, the IRS will use the tax rules for partnerships with respect to taxing the tax basis of income resulting from the sale, exchange, or disposition of property owned by the organization. A number of important decisions regarding the taxation of pass-through entities will apply for tax-filing purposes for the taxable year in which the entity makes a sale, exchange or disposition.

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