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foreign trusts

Update: Sole Owner / Beneficiaries of Foreign Trusts Can Face Higher Penalties, Court Says

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… Read More
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FBAR IRS collection

Can the IRS Collect Non-Willful FBAR Penalties from a Deceased Taxpayer’s Estate?

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… Read More
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Categories: FBAR, Tax News
Appeals Judges Disagree O…

Appeals Judges Disagree Over Maximum Willful FBAR Penalty

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… Read More
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Do You Have to File FBARs…

Do You Have to File FBARs for Inherited Foreign Bank Accounts?

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… Read More
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Categories: Tax News
CPA

CPA Should Have Known About FBARs, Asked Questions, Court Says

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… Read More
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Categories: FBAR, Tax News
real estate transfer taxes

Buyer Beware: Court Refuses to Rule on Real Estate Transfer Tax Withholding Question

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… Read More
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Categories: Tax Deductions, Tax News
IRS passport certification

How to Contest an IRS Passport Certification of Seriously Delinquent Tax Debt

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… Read More
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Is the FAST Act’s Passport Certification Constitutional?

Can the government restrict your ability to travel overseas if you don’t pay your taxes? Is the 2015 FAST Act’s passport certification process constitutional? One doctor challenged the law, but he may have filed his lawsuit a bit too soon. 20 Yea… Read More
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Categories: Tax / IRS Penalties
Lawsuit

Plaintiff Tries to Dismiss His Own FBAR Lawsuit and Fails

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… Read More
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Emergency fund

Inherited Secret Emergency Account Caused Willful FBAR Violations, Appeals Court Says

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… Read More
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