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Hourglass and calendar - How long can the IRS wait before imposing tax assessments?

How Long Can the IRS Wait Before Imposing Tax Assessments?

When taxpayers discover errors in their tax returns, or they learn they were supposed to file FBAR reports, the problem they uncover can sometimes span years. The larger these foreign financial accounts are, the quicker the unpaid taxes, penalties, a… Read More
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Switzerland Flag Piggy Bank

Swiss Bank Concealment Scheme Results in Prison and FBAR Penalties

Many foreign nationals do not realize the reporting and tax requirements imposed on them by the IRS. While it has been said ignorance of the law is no excuse, intentional tax avoidance can result in far more severe penalties, including prison and mil… Read More
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Depiction of Audience at IRS Panel on End of the Offshore Voluntary Disclosure Program

The End of the Offshore Voluntary Disclosure Program

The IRS has begun to hint that the end of the Offshore Voluntary Disclosure Program (OVDP) is coming. Those hints became clearer at a recent panel discussion in Florida. Find out why the OVDP is on the way out, and what options taxpayers may have goi… Read More
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Categories: OVDP
Bitcoin on stock exchange board

Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court

Virtual currencies like Bitcoin have been on the rise in recent years. 2017 saw the cryptocurrency market soar to $650 billion, with some investments more than doubling in value within the year. The skyrocketing value of these assets have caught the… Read More
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Categories: Cryptocurrency
Exclamation Point Sign - Accountant Advice May Not Protect from FBAR Penalties

Wrong Answer on Schedule B Dooms Taxpayers' Attempt to Rely on Accountant's Tax Advice as Reasonable Cause to Avoid FBAR Penalties

Many American taxpayers and business owners use accountants or CPAs to prepare their taxes. Their involvement in the tax process may be as little as signing the return and cutting a check, without ever really considering their accountant’s advi… Read More
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$1 Million - FBAR penalty

Criminal Bribery Charges Lead to $1 Million FBAR Penalties

For many taxpayers, the failure to file reports of foreign financial accounts happens by accident, or at least inadvertently. Even many penalties issued for willful violations are the result of a taxpayer’s negligence rather than any complex ta… Read More
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Expatriate at Airport Worried about Exit Tax

Enforcing the Exit Tax Against Expatriates: California State Bar Recommends Change

In theory, surrendering your U.S. citizenship for tax purposes can be expensive. However, the IRS sometimes has difficulty enforcing the exit tax against expatriates. Now the State Bar of California is recommending legislative changes that would make… Read More
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Categories: Tax News
Red Penalty Stamps - FBAR Penalties

FBAR Penalties Build Up Over Years, Even Through Criminal Penalties

As a U.S. taxpayer, you may believe that one run in with the IRS is enough. If you have faced FBAR penalties or criminal prosecution for tax evasion or failure to file necessary forms, you may assume you don’t have to worry anymore. But FBAR penalt… Read More
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1st Page of Manafort - Gates Indictment

Paul Manafort Indicted for Conspiracy, Tax Fraud, and FBAR Felonies

On October 31, 2017, it was announced that Trump adviser Paul Manafort and his assistant Richard Gates were indicted in federal court on charges of conspiracy, tax fraud, and FBAR reporting felonies. These charges were some of the first arising from… Read More
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Man in Handcuffs Jailed for Felony Tax Obstruction

Bad Records Keeping a Felony? Supreme Court to Weigh In

Could lazy records keeping or document retention result in felony tax obstruction charges? Could not following an accountant’s advice land a business owner in prison? If the Supreme Court of the United States upholds a recent Second Circuit dec… Read More
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Categories: Tax / IRS Penalties

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