Federal Taxation of Marijuana
Our Services for the Marjuana Industry include tax return preparation, CPA functions including Quickbooks/bookkeeping, payroll, financial statements, business valuation, retainer service, and corporate...
View ArticleDenver 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 CPA’s, c.f. IRS Pre-Audit Investigations. As part of our thorough...
View ArticleAccuracy 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 mileage log and provide the actual log to your CPA. Telling your CPA...
View ArticleInnocent 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. Tax Attorney Philip Falco provides you with Tax Tips based on the...
View ArticleNonresidents of Colorado Taxed on Colorado Real Estate
It is a little known fact that if a nonresident of Colorado owns real estate in Colorado, such as a ski condo, the nonresident must file a DR 104 and complete the 104PN Part-Year/Nonresident...
View ArticlePartnership 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 to pay the partnership a sum of money....
View ArticleTaxation 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 re-characterize losses as nondeductible hobby losses....
View ArticleInterest 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 1040. Actually, this is usually a taxpayer’s largest deduction....
View ArticleBlank 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 2, 2014. The case is a great way to...
View ArticleWhat 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. §5321. 31 U.S.C. 5314 is the statute that...
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