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A trust can be a useful wealth management tool to reduce tax obligations, and ensure beneficiaries receive their intended assets. However, when that trust is held overseas, the IRS requires extra tax returns from both owners and beneficiaries to make…
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There’s an old saying that nothing is inevitable but death and taxes. But in a fight between the two, which one wins? If a person dies before paying off an assessment, can the IRS collect non-willful FBAR penalties from the deceased taxpayer’s es…
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The question of just how expensive a willful penalty for failing to report foreign financial accounts has been making its way through the federal court systems. Now, the Second Circuit has issued a split opinion that shows just how divided judges are…
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There can be a lot of confusion around who has a duty to report inherited assets. If you inherited foreign bank accounts from your parents, relatives, or loved ones, you need to know about the IRS reporting requirements, or you could end up paying hu…
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Many taxpayers facing audits over their foreign financial accounts say they relied on their CPA or accountant and didn’t know they had a duty to file FBAR reports. But when the taxpayer was a CPA himself, his claims of ignorance weren’t enough to…
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Could a question over taxes sink a complicated real estate transaction with a foreign investment company? When taxpayers Eric and Audra Gilbert asked the Arizona courts to weigh in on their right to withhold taxes under the Foreign Investment in Real…
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An IRS passport certification of seriously delinquent tax debt can cause the passports of U.S. taxpayers living overseas to be revoked or not renewed, leaving you scrambling to avoid disrupting your life in another country. Here is what you can do to…
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Why would you file a lawsuit against the IRS just to turn around and ask the District Court to dismiss it? A combination of impatience, new precedent, and personality changes left a Plaintiff looking for a way out of the Federal Court of Claims. Inte…
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Is there ever a good reason to hide something from the IRS? A recent opinion from the U.S. Federal Circuit Court of Appeals suggests that even the best of reasons won’t matter if a taxpayer is later found to have willfully failed to file FBAR forms…
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