Tax Blog
Tax tips, IRS updates, and expert insights from Philip Falco, Attorney & CPA
Understanding IRS Audit Letters: What to Do When You Receive One
Receiving an IRS audit letter can be stressful. Learn the different types of IRS correspondence, what they mean, and how to respond properly to protect your rights.
Read MoreThe Corporate Transparency Act and Beneficial Ownership Reports
The Corporate Transparency Act requires most LLCs and corporations to file Beneficial Ownership Information Reports with FinCEN. Here is what business owners need to know about compliance.
Read MoreFBAR Filing Requirements: Foreign Bank Account Reporting
If you have foreign bank accounts exceeding $10,000 in aggregate, you are required to file an FBAR (FinCEN Form 114). Failure to file can result in significant penalties.
Read MoreOffers in Compromise: Can You Settle Your Tax Debt for Less?
The IRS Offer in Compromise program allows qualifying taxpayers to settle tax debts for less than the full amount owed. Learn about eligibility requirements and the application process.
Read MoreUnfiled Tax Returns: Getting Back Into Compliance
If you have unfiled tax returns, the IRS knows. Learn why filing delinquent returns is critical and how an attorney can help protect you during the process.
Read MoreState and Local Tax (SALT) Issues in Colorado
Colorado businesses face audits from the Department of Revenue, Department of Labor, and local taxing authorities. Understanding your SALT obligations is essential for compliance.
Read MoreWhy a Dual-Licensed Attorney-CPA Is Your Best Defense
When it comes to tax problems, having both attorney-client privilege and CPA-level expertise on your side makes all the difference. Learn why the dual-license advantage matters.
Read MoreStreamlined Domestic Offshore Procedures: Coming Into Compliance
For taxpayers with unreported foreign accounts, the Streamlined Domestic Offshore Procedures offer a path to compliance with reduced penalties.
Read MoreTax Planning for Entrepreneurs and High Net Worth Individuals
Entrepreneurs and high-net-worth individuals face unique tax challenges. Proactive tax planning can significantly reduce your tax burden and protect your wealth.
Read MoreAsset Protection Strategies: Trusts and Entity Structuring
Protecting your assets from creditors, lawsuits, and tax liabilities requires careful planning. Learn about asset protection trusts and entity structuring strategies.
Read MoreCriminal Tax Defense: What You Need to Know
Tax crimes carry serious penalties including imprisonment. If you are under investigation, attorney-client privilege is your most important protection.
Read MorePre-Audit Investigations: What Happens Before the Audit
Before a formal audit begins, the IRS may conduct a pre-audit investigation. Understanding this process can help you prepare and protect your rights.
Read MoreHave a Tax Question?
Contact Philip Falco for expert tax advice and representation in Denver.