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Tax debt is notoriously hard to get rid of. The IRS is a zealous creditor with some tax liabilities even surviving bankruptcy. If you owe significant unpaid taxes, the IRS has a variety of ways to collect on that debt. But could those collections aff…
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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…
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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…
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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…
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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…
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Taxpayers who sink their assets into real estate rather than pay their taxes can find themselves facing sheriff sales when the IRS comes to collect what is owed. One taxpayer tried to use a Utah law to redeem real estate sold under a tax lien, but th…
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Can the IRS continue to seize your income even if you are appealing a tax determination? Can you stop an IRS tax levy if you believe there was an error, or do you simply have to pay now and sue later? The U.S. Tax Court provided a helpful summary of…
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Bankruptcy attorneys often advise clients that filing their bankruptcy petition will put an end to collections efforts by creditors. However, tax attorneys know that the IRS does not give up so easily. A recent bankruptcy court case shows that an aut…
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In this digital age, having documents “cross in the mail” is almost obsolete. However, IRS processing delays in reviewing foreign trust beneficiaries’ reasonable cause applications for forgiveness of reporting penalties can mean taxpayers recei…
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Retirement brings significant changes to the way U.S. taxpayers receive income, and report that income to the IRS. Up until now, if some part of that retirement income came from a foreign trust, beneficiaries ran the risk of IRS penalties unless they…
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