What is FinCEN

FinCEN is the Financial Crimes Enforcement Network.  The goal and objective of FinCEN is to monitor financial institutions through regulations that require certain record keeping, record maintenance and reporting.  Because many crimes such as illegal drug trafficking, terrorism and others involve large sums of money and the use of financial institution, FinCEN and other law enforcement agencies feel the record keeping and reporting is invaluable in fighting crime.  John McGuire is a tax attorney with The McGuire Law Firm and has prepared the video below to provide additional information regarding FinCEN.  You can contact The McGuire Law Firm to speak with a tax attorney in Denver, Colorado or Golden, Colorado.

Is a Tax Lien Public Knowledge?

Are tax liens a matter of public record?  If so, why?  The answer is, yes, a tax lien, such as a notice of federal tax lien filed by the Internal Revenue Service is made public.  The reasoning is the same as to why certain debts are made a matter of public record as it provides notice to other creditors that a lien exists, as well as notice to the buyer.  A creditor or buyer must be able to access such information to determine whether to lend money to a debtor or take the proper steps to ensure clean title to an asset is received.  The video below has been prepared by John McGuire, a tax attorney at The McGuire Law Firm.  The McGuire Law Firm has law offices in Golden, Colorado and Denver, Colorado.  Please contact the firm to speak with a tax attorney.

Offshore Voluntary Disclosure Program

What is the Offshore Voluntary Disclosure Program?  Often referred to as the OVDP, this program was created to allow taxpayers with foreign financial accounts and interests to voluntarily disclose their interests for a reduced penalty.  Currently the foreign bank reporting requirements require that taxpayers with foreign financial accounts or interests report these interests when the aggregate amount in the accounts exceeds a certain threshold, which is currently $10,000.  This is often referred to as the FBAR.  When taxpayers fail to report such interests, penalties can be assessed by the Internal Revenue Service.  Thus the OVDP provides a means for taxpayers to be in compliance with the FBAR requirements, and reduce penalties that would apply if they do not voluntarily disclose and are eventually caught by the Internal Revenue Service.  John McGuire is a tax attorney in Denver, Colorado with The McGuire Law Firm and has prepared the video below to provide additional information regarding the Offshore Voluntary Disclosure Program.  You can speak with a tax attorney by contacting The McGuire Law Firm and schedule a consultation.

Form 8829

IRS Form 8829 is used to calculate business use of the home expenses that can be claimed on your tax return.  The form looks at direct and indirect expenses and most expenses are taken on a pro-rata basis.  The video below has been prepared by tax attorney John McGuire to provide additional information regarding IRS Form 8829.  If you have tax related questions or issues, you can contact The McGuire Law Firm to speak with a tax attorney in Denver, Colorado or Golden, Colorado.