Profile cover photo
Profile photo
Philip M. Falco, CPA, Juris Doctor - Honors
106 followers
106 followers
About
Philip M. Falco, CPA, Juris Doctor - Honors's posts

Post has attachment
The disclosure of the Panama Papers promises to cause global unrest as exemplified by the recent protests in Iceland.  As more and more leaders are tied to illicit offshore bank accounts continued unrest will follow.  What appears to be a time-consuming…

Post has attachment
What could be more important than filing your tax return?  An FBAR, FinCEN 114 (formerly TD-F 90-22.1), here’s why. FBAR’s are due June 30, 2015, period, no extensions allowed. FBAR penalties are as harsh as penalties come. Our service includes: Philip…

Post has attachment
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 requires reporting of foreign bank accounts.  Pursuant…
#offshorebankaccount   #offshorevoluntarydisclosure  

Post has attachment
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 discuss what the IRS and Tax Court require as far as…
#charitablecontribution  

Post has attachment
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.  Well, what if the taxpayer is not liable for the…
#interestdeduction   #mortgageinterestdeduction  

Post has attachment
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.  So if an artist is an employee while also building a…
#hobbyloss   #taxloss  

Post has attachment
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.  The question then becomes whether the partner has an…
#partnershiptax  

Post has attachment
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 Computation Form. For example, a taxpayer who lives in…
#coloradotax  

Post has attachment
If a taxpayer prevails under the provisions of innocent spouse relief, the taxpayer will be freed of that tax-liability shackle.  I will discuss the procedures and requirements and then discuss a recent unpublished tax case drafted by the United States…
#innocentspouserelief  

Post has attachment
Philip Falco, Attorney, CPA now a member of the AICPA Employee Benefit Plan Audit Quality Center.  We participate in peer review.  We perform public accounting functions such as 401k audits.
#401kaudit #cpaaudit  
Wait while more posts are being loaded