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  • Primer on Protecting Americans from Tax Hikes Act

    The Protecting Americans from Tax Hikes Act or PATH was implemented to assist individuals and exempt organizations from Internal Revenue Service taxation issues. When each tax change occurs, it is crucial to understand what this means, how it could affect individuals and entities and how to keep within the boundaries set forth by the IRS.

  • Offshore Voluntary Disclosure Program (OVDP) - Understanding the Basics

    The IRS Offshore Voluntary Disclosure Program (OVDP) is a U.S. Government program designed to bring non-compliant individuals, businesses, and trusts that have not properly disclosed foreign and offshore accounts, investments, income, assets, real estate, pension and life insurance policies (amongst others) safely into compliance. The Streamlined Filing Compliance Procedures are offshoots of traditional OVDP and have limited reporting requirements, as well as reduced penalties.

  • US Passport can be Revoked Because of Tax Debt

    There are certain regulations and stipulations to the Internal Revenue Service with laws in the United States that may restrict travel or the ability to obtain a passport when taxes have not been paid. This usually involves tax debt that has been accruing or that has not been completely paid off for past taxes due.

  • Colorado Probate and Estate Tax Laws

    When someone passes away, it is important that the matter is settled quickly and easily so that the family and other dependents are given time to grieve and become situated with the circumstances. It is then vital that the next steps are taken to resolve any outstanding matters. The estate then must be settled and allocated as specified by a will or last testament.

  • Colorado Consumer Tax Law

    Taxes are collected by states on retail for items that are sold in shops and establishments. This may be similar to levied taxes on cigarettes smoked by consumers, gas needed for vehicles and alcoholic drinks consumed through individual purchases and when completed in a bar or pub. These taxes placed on items bought by customers are often used by the state to raise revenue for local projects.

  • Personal Income Tax in Colorado

    Each state has different income tax procedures and amounts based on what has been implemented by the state legislation. In Colorado, the income tax rate has become a flat 4.63 percent no matter what income level bracket the individual is within. It is important to file taxes on or before April fifteen so that additional fees are not added to the filing process.

  • Tax Professionals Report More Audits as Stricter IRS Deadlines Approach
      by Brown, PC

    The tax code is incredibly complicated and intricate. Even when a business or an individual intends to be in compliance with tax requirements, cost-saving measures can easily slip over the line into illegal territory.

  • U.S. District Court Upholds Multiple Willful FBAR Penalties Against Taxpayer
      by Brown, PC

    In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS's assessment of multiple willful FBAR penalties against an American business man and bank director.

  • IRS Assesses Another 150% Civil FBAR Penalty
      by Brown, PC

    The IRS has asserted multiple maximum civil FBAR penalties against Ashvin Desai, who failed to disclose the existence of offshore accounts or report interest income from the accounts on his tax returns. Desai, a sixty-four year old born in Mumbai, India, was sentenced last week to six months of imprisonment in his criminal trial.

  • The Importance of Choosing the Right Business Entity

    One of the first decisions a business owner or practicing professional faces is choosing the best business entity for their organization.

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