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When Are Rental Real Estate Losses Not Deductible?

Many U.S. taxpayers find themselves as landlords even while working full time in another industry. When the cost of owning a rental property starts to add up, you may wonder whether those costs can help offset your income on your U.S. tax returns. A… Read More
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Categories: Tax Deductions
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Does an IRS Passport Revocation Violate Taxpayers’ Right to Travel?

When a taxpayer falls seriously behind in paying tax obligations, they may fall subject to IRS passport revocation procedures used to collect the outstanding tax liabilities. But does the IRS blocking a taxpayer’s ability to get or renew a passport… Read More
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Categories: Tax / IRS Penalties
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Will Reasonable Reliance on Tax Professionals Save You in an Audit?

When taxpayers hire accountants to help prepare their tax returns, they expect it to be done right, and to save them from audits. But sometimes the quality of that product is limited by the information the taxpayers themselves provide. A recent Unite… Read More
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US Sanctions Create FBAR Problems for Irani Immigrants

International sanctions made it hard for two Irani immigrants to transfer proceeds from the sale of their home. But the U.S. District Court in Oregon said that what they did next created FBAR problems resulting in willful FBAR penalties that no jury… Read More
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Categories: FBAR
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What Happens if Your Tax Deficiency Petition is Filed Late?

Anything can cause you to miss a deadline, from illness to mailing issues. But the IRS doesn’t tend to excuse those delays. This can raise the question, what happens if your tax deficiency petition is filed late? Can you ask for an extension? Can t… Read More
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Categories: Tax / IRS Penalties
Federal Tax Court

Notice-and-Comment Rulemaking: How the IRS Can Change Tax Reporting Rules

Most taxpayers assume that once they submit a tax return for the year, they will have satisfied the tax reporting rules, and their duty to the IRS is done. For those with more complicated tax situations, they may rely on a tax preparer to make sure e… Read More
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Categories: Tax News
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Harvard Professor Struggles to Defend Against Criminal Tax and FBAR Charges

If you are facing criminal FBAR charges for failing to disclose your foreign financial accounts, you and your tax attorney may need to get creative in crafting your defense. But as one recent criminal tax case from Massachusetts shows, creativity doe… Read More
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Categories: FBAR
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What Counts as a Foreign Trust for IRS Trust Reporting Requirements?

Accounts and organizations created under foreign laws do not always fit easily into the Internal Revenue Code’s models, but that does not excuse the founders from following IRS trust reporting requirements. Understanding what counts as a foreign tr… Read More
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Categories: Tax News
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FBAR Penalty Calculations: Does the IRS Have to Show its Work?

When the IRS imposes penalties, it can sometimes seem as though the number is plucked from the air. But when an FBAR penalty case goes to trial, the IRS is required to prove the amount of its penalty complied with the law. However, a now-familiar cas… Read More
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Categories: FBAR
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Innocent Spouse Relief: Do You Qualify?

It’s one thing to owe back taxes and penalties because of your own mistakes. But when your spouse filed on your behalf, sometimes their errors or omissions can come as a shock. When your current or former spouse’s conduct leaves you on the hook f… Read More
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