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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 10359
Experience:  Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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I am a Management Consultant and have a business (LLC formed

Resolved Question:

I am a Management Consultant and have a business (LLC formed in Florida) to conduct my business through. My wife and I lived in Colorado for several years. All of the income paid to the LLC for my services were derived from overseas work. None was derived by doing any business in the US or Colorado. For IRS Tax purposes we are treated as a partnership. Should I or my wife have paid Colorado state taxes on income passed through to us? (we didn't).
Submitted: 4 months ago.
Category: Finance
Expert:  Megan C replied 4 months ago.

Megan C :

Thank you for your question, and thanks for requesting me directly

Megan C :

I hate to be the bearer of bad news, but if you are a Colorado resident you are taxed in Colorado on your world wide income. So, the short answer to your question is "yes" you should have been paying tax to Colorado on this income.

Megan C :

This is true even though you did not actually do business in Colorado

Megan C :

You will need to file amended tax returns for Colorado and remit payment for taxes. If you cannot pay your taxes right now, you can set up payment plans to assist you in spreading out the costs

Customer:

That's not good. What immediate recourse does the state have in recouping taxes owed i.e. anything similar to what the IRS can do?

Megan C :

Yes, they can do pretty much anything the IRS can do. But, if you are proactive and work with them they shouldn't take any drastic measures

Megan C :

They aren't going to just levy your bank account if you are making efforts to pay

Customer:

OK - thanks

Megan C :

You're welcome

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 10359
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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