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If you are substantially behind on your personal taxes you may be considering a tax settlement. In some cases, an offer in compromise can offer you a quicker resolution and reduce the total amount paid to the IRS. However, before you submit an IRS of…
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American citizens living abroad rely on their local U.S. embassy to be their connection to their home country. That includes processing passport renewal applications. But if the IRS has certified you to the State Department for having seriously delin…
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The question of just how expensive an IRS willful FBAR penalty can be has been making its way through trial courts across the country for more than a year. Now the first of those cases are coming up on appeal. As the Federal Circuit Court weighs in o…
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Taxpayers living overseas or traveling for months at a time may worry that they won’t receive notification of IRS passport revocation until it is too late. Find out how a newly approved warning letter can help taxpayers respond before they are cert…
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For the last few years the IRS has certified taxpayers with seriously delinquent tax debt to have their passport applications denied or their existing passports revoked. The program may be successful in collecting overdue taxes, but as a recent audit…
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When a business opportunity turns sour it can leave entrepreneurs struggling to pay their employees and satisfy their creditors, including the IRS. A recent Court of Appeals decision shows how decisions made in a failing company led to criminal tax c…
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The definitions of words in the U.S. tax code can be the difference between criminal convictions and financial consequences. Most taxpayers would assume that one word in that code would have one meaning. But when it comes to the definitions of willfu…
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The difference between a willful and non-willful FBAR penalty against a U.S. taxpayer can be thousands, and sometimes millions of dollars. But how can the IRS know what was going on in your head, and whether your failure to file was on purpose? A rec…
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A recent federal court tax fraud lawsuit against a woman and her deceased husband’s estate has set a new record for FBAR penalties exceeding over $119.6 million. Find out what the IRS says she and her husband did to deserve such a steep penalty. Hu…
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Where does an entirely virtual financial institution exist: on your phone, in a server-farm somewhere? Could the location of the founding company turn your Bitcoin wallet into a foreign financial institution? If so, you may need to report cryptocurre…
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