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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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Since 2010, the Foreign Account Tax Compliance Act has created trouble for U.S. taxpayers living overseas. Now, a letter from the European Union’s General Secretariat of the Council has turned the tide, putting pressure on Treasury Secretary Steven…
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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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