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International Currency, Globe, Calculator Symbolizing Taxes of Covered Expatriate

Covered Expatriates May Still Have to Pay U.S. Taxes

The number of people leaving the United States for good is on the rise. However, just because ex-pats turn in their passports doesn’t mean they can throw away their U.S. tax forms. Find out whether you could be considered a “covered expat… Read More
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Categories: Tax News
Red Check Mark: Revoked

IRS Passport Revocation Raises Questions, Problems for Taxpayers

Starting in 2017, the IRS and State Department will be revoking passports for taxpayers with seriously delinquent tax debt. But the process raises questions and problems for individuals and tax preparers alike. Find out what to watch out for with thi… Read More
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Categories: Tax / IRS Penalties

Could Unpaid Taxes Cost You Your Passport?

Unfortunately, yes: you can lose your passport for unpaid taxes. A new law allows the IRS and the State Department to revoke a taxpayer's passport if he or she has "seriously delinquent tax debt." Find out how you could be affected / when you can… Read More
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Categories: Tax / IRS Penalties
Tax Deadline April 18, 2017 Circled on Calendar

IRS "Reminders" Issued Days Before Filing Deadline

The tax filing deadlines have passed, and with them the updated deadlines for the disclosure of foreign bank accounts and financial assets. In the last days before the filing deadline on April 18, the IRS issued “reminders” that could hav… Read More
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Businessman Handcuffed for Tax Penalities

Concealed Foreign Accounts Send Businessman to Prison

When a California businessman’s Israeli bank accounts came to light, it revealed a decades-long conspiracy to hide assets that has aspects of a Hollywood movie. When the case was closed, the taxpayer was looking at 24 months in prison and milli… Read More
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Categories: Tax / IRS Penalties
IRS Dirty Dozen: Number 12 on dirty license plate

Offshore Accounts Make IRS Dirty Dozen, Again

Every year, the Internal Revenue Service (IRS) lists its “Dirty Dozen” — those behaviors that they say are the worst tax scams of the year. Offshore accounts have made the list again. But with proper reporting, there is nothing illegal… Read More
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Categories: Tax / IRS Penalties
Red Alarm Clock with word Deadline

Taxpayer Beware: New FBAR Filing Deadline for 2016

Changes to the IRS foreign financial account filing requirements, especially the FBAR filing deadline for 2016, could catch US taxpayers off guard next month. Don’t get caught unaware. Find out what you and your accountant need to know now, bef… Read More
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Categories: FBAR
Stoplight in front of IRS Building

Where to File a FBAR Penalties Challenge

No one wants to pay penalties for failing to file reports on federal accounts. Even in spite of a tax attorney’s best efforts, the IRS will sometimes issue FBAR penalties improperly. A recent federal District Court decision explains what U.S. t… Read More
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Tax Help Written in Red Marker

FBAR vs FATCA: What You Need to Know

As you prepare to file your federal tax return and related documents with the IRS, it is important to be aware that the federal government imposes mandatory reporting requirements for broad categories of foreign financial accounts and other assets in… Read More
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Categories: FATCA, FBAR
Gavel and dollars: Penalty for Reckless FBAR violation

Federal Court Imposed Penalties for Reckless FBAR Violations

The difference between willful and non-willful FBAR violations amount to hundreds of thousands of dollars. But what counts as willfulness can sometimes be unclear. A recent federal district court decision says even reckless taxpayers could face stiff… Read More
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