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May 2015
The IRS may issue Form 12257 after an appeals hearing.  Form 12257 provides a summary of the determination made by the IRS Appeals Office.  Further, by executing the form, you may be waiving certain rights regarding the issue and matter at hand and thus it is important that you agree with the determination made by...
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Are distributions from my Roth IRA taxable?  Many people know and understand that when they take distributions from their traditional IRA or a 401(k) the distributions are taxable.  These distributions are taxable, and it makes sense because you contributed money to the traditional IRA or 401(k) without paying income tax on the contributions.  Thus, being...
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What is the Bank Secrecy Act?  The Financial Recordkeeping and Reporting of Currency and Foreign Financial Transactions Act of 1970, is generally referred to the Bank Secrecy Act (BSA).  The act can be found at 31 U.S.C. 5311.  The purpose of the act is relatively simple, that being to require financial institutions in the United...
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Many businesses in Denver are required to collect and pay sales tax, but many business owners have questions regarding sales tax matters.  The article below has been prepared to provide additional information regarding sales tax matters in Denver County. First and foremost, when is sales tax imposed in Denver?  In Denver, sales tax will be...
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FinCEN (Financial Crimes Enforcement Network) has recently been investigating and examining businesses involved with virtual currencies such as Bitcoin.  In fact, on May 5, 2015, FinCEN announced the first civil enforcement action stemming from a virtual currency provider.  FinCEN and the United States Attorney General Office for the Northern District of California assessed a $700,000...
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The filing of a federal tax lien by the Internal Revenue Service creates many issues and questions when property is held jointly.  Related issues can arise when the Internal Revenue Service files a tax lien against a party, and the party holds an interest in property but the other owners of the property have no...
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Form 114 is the form used to report financial interests or signatory authority over foreign financial interests as required under the Report of Foreign Bank and Financial Accounts.  The form is filed yearly, and electronically with the Financial Crimes Enforcement Network (FinCen).  It is important to note that Form 114 is filed separately from your...
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Who files Form 709, and why is Form 709 required to be filed?  Form 709 is used to report transfers that are subject to federal gift tax and types of Generation Skipping Transfer Taxes (GST Taxes), as well as calculate the tax due, if in fact any tax would be due under the facts and...
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