New Entity EIN and Tax Classification

This is one of the most important steps that could impact the entire future of your new business. Take your time before applying for...

S Corp Requirements (disproportionate distributions)

The first rule is that shareholders have to choose to be taxed as an S corporation. Shareholders do so by filling out a Form...

Guilty until Proven Innocent? Tax Court Burden of Proof

Who has the upper hand in Tax Court, the IRS or the Taxpayer? You decide. You are considering filing a petition with the United...

CFO and Board Service

Chief Financial Officer for your company. Given the dual licensing as a Certified Public Accountant and Attorney, this background and 30 years of business...

City & County of Denver Taxes

So what are these mysterious taxes? Here they are: Sales Tax – On the purchase price for all sales and purchases of tangible personal...

Mandatory Filing for LLC’s, Corporations- FinCEN

Quite simply, assume your entity must file a transparency report with the Financial Crimes Enforcement Network. This report resembles foreign/international transparency forms that we...

Tax Compliance Check-Up

For Individuals, Small Businesses, Corporations, Partnerships, and Limited Liability Companies Tax Compliance Checkup-Up by Philip Falco, CPA, Juris Doctor – Honors We have IRS...

Commonly Overlooked Taxes & Tax Forms

Denver Head Tax Unemployment tax assessed by Colorado Department of Labor and Employment.  This tax is assessed even on sole proprietors! Denver ad valorem tax FBAR...

Innocent Spouse Relief Even for the Wealthy

If a taxpayer prevails under the provisions of Innocent Spouse Relief, the taxpayer will be freed of that tax-liability shackle. Philip Falco, CPA, Juris...

IRS Pre-Audit Investigations

Audit “Flags” – Straight from the Internal Revenue Manual Large Unusual Questionable Items (LUQs) The definition of a large, unusual, or questionable item will...