Cryptocurrency Tax Compliance

We are now performing tax compliance for taxpayers with Cryptocurrency, the Cryptocurrency net worth of which exceeds 1 million (U.S. convertible).  We are the...

S.A.L.T. deduction cap of $10,000 effect in Colorado

The State and local tax (SALT) deduction is limited to $10,000 for tax years beginning 2018.  As such there has been confusion as to...

Panama Papers: The Case for FATCA Global Adoption

The disclosure of the Panama Papers promises to cause global unrest as exemplified by the recent protests in Iceland.  As more and more leaders...

Keep your sanity during tax season.

There are a lot of pressures surrounding our voluntary tax system. There are deadlines and then there is honesty, to name a couple. What,...

FBAR Filing Service Provided By Philip Falco, Attorney, CPA

The Report of Foreign Bank and Financial Accounts is a critical component to United States compliance. FBARs must be filed electronically and it is...

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....

Blank Receipt – No Tax Deduction for Charitable Contributions

The U.S. Tax Court issued a decision concerning tax deductions of charitable contributions in Thad Deshawn Smith v. Commissioner of the Internal Revenue, October...

Interest Deductible Even On Non-Taxpayer’s Mortgage

I came across this today in passing while working on a tax case. Most homeowners deduct home mortgage interest on Schedule A of their...

Taxation of Artists: Business or Hobby Losses – Tax Tips

Artists typically have financial challenges while they build a market for their artwork.  During the many years of likely tax losses, the IRS might...

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...