When international spouses live, work, and pay taxes in multiple countries, it can create difficulties knowing who needs to disclose what accounts to the IRS. One U.S. taxpayer recently filed suit against the IRS over a willful FBAR penalty of more t… Read More

If you are operating a business with accounts overseas, it may make sense to maintain foreign financial accounts in those countries to make doing business easier. But as a business owner, choosing to open bank accounts in other countries may create t… Read More

By the time a wrongfully terminated employee receives their disability discrimination award after filing an employment discrimination lawsuit, much of that money is already earmarked for lawyers, medical providers, and other bills that have come due.… Read More

Could the way you do your banking affect how much you pay in IRS filing penalties? Until recently, the answer was universally yes. Now a federal district court judge in Texas has said that for non-willful FBAR penalties, Congress set the cap per year… Read More

Most married couples manage their money together. They may hold accounts jointly, or each keep their names on their own assets. But according to a recent complaint filed by the United States Secretary of Treasury, even keeping accounts in one spouse�… Read More

In many relationships, one spouse may handle all the financial affairs of the household. But what happens when that spouse dies? Can a widow (or widower) be assessed a willful FBAR penalty just for signing tax returns prepared by her spouse and a CPA… Read More

If things have gone wrong and you find yourself and your overseas bank accounts the subject of an IRS audit, you may feel like you are preparing for the worst. But what is the worst? How do the IRS and tax courts calculate willful FBAR penalties when… Read More

What’s the difference between a tax-advantaged retirement account and a regular savings account? About 10% if you take a withdrawal too early. But could that early withdrawal tax penalty be unconstitutional age or disability discrimination? The U.S… Read More