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...

Accuracy Related Penalty IRC 6662(a): 5 Tips

5 Tips by Tax Lawyer Philip Falco: Scan all of your receipts and email the questionable expenses to your CPA for review. Keep a...

Denver Head Tax a deduction on Colorado State Income Tax Return

We do a host of tax return amendments for clients either as part of OVDP, or simply corrected errors spotted by clients of other...

Breaking News: IRS Changes to the Offshore Voluntary Disclosure Program (OVDP)

IRS Reduces OVDP Penalty to 5% in non-willful offshore compliance cases. For eligible U.S. taxpayers residing in the United States, the only penalty will...

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...

Offshore Voluntary Disclosure Initiative (OVDI) (OVDP) Program

The clock is ticking on this tax amnesty program provided by the IRS. Countries from around the world have disclosed or are in the...

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...

What is a “Willful” Failure to Disclose Offshore Bank Account

This is the central question as to whether a taxpayer enters Offshore Voluntary Disclosure or Streamline.  It also fixes potential penalties under 31 U.S.C....

Partnership Basis in Contributed Promissory Notes and Guarantees: Tax Tips

Partners of a partnership sometimes contribute promissory notes to the partnership.  As an example, a partner drafts a note payable to the partnership promising...