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High-Income Taxpayers: Get Your Taxes Filed On Time, or Else, IRS Says

Individuals and households earning more than $100,000 often have more complicated tax situations than their lower-earning counterparts. That could be especially true this year, as many wage-based employees are finding themselves working from home and… Read More
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Categories: IRS Debt Collection
amount you owe

IRS Tax Installment Agreements: What You Need to Know

The amount taxpayers owe the IRS for unpaid taxes and penalties can add up quickly. Past-due penalties and statutory interest can turn even a modest unpaid tax debt into a significant problem, even for couples making a comfortable living. IRS tax ins… Read More
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Categories: IRS Debt Collection
legal documents

IRS Says Due Process Only Requires Written Response, Not a Hearing

What opportunity should you have to dispute an IRS penalty before it is assessed? Should you be able to take the government to court? What about an administrative hearing by the IRS Appeals Office? In a recent motion to dismiss a taxpayer’s complai… Read More
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Foreign Money

Court Finds Drug CEO’s FBAR Violations Willful, Even if Unintentional

Can the IRS assess penalties for willful FBAR violations if the taxpayer didn’t mean to lie to the government or hide assets? In a second opinion, one federal judge in Pennsylvania has ruled that a drug company’s CEO owed more than $1 million in… Read More
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IRS Ignores Reasonable Cause Statements in Assessing Foreign Trust Account Reporting Penalties, Website Says

Recent changes to the IRS website acknowledged an existing policy to assess penalties for failure to file Form 3520 regarding foreign trust assets without considering taxpayer-provided reasonable cause statements. The website warns that taxpayers wil… Read More
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Judge's gavel and cash

Judge Cancels $3.2 Million in Foreign Trust Reporting Penalties

If you are the owner or beneficiary of a foreign trust, you must disclose that asset, and any distributions you receive from it to the government every year. Failure to comply with the IRS reporting requirements can add up to steep penalties, and eve… Read More
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Categories: Tax / IRS Penalties
Scissors cutting into money bag

Fourth Circuit Adopts “Recklessness” Standard For Willful FBAR Violation and Rejects $100,000 Willfulness Penalty Cap Argument.

If you decide to take advantage of more favorable terms and interest rates in foreign financial accounts, you may not realize how significantly those investment choices may complicate your tax filing requirements. Failing to file annual FBAR reports… Read More
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foreign currency

When Do You Have a Financial Interest in Foreign Bank Accounts for FBAR Filings?

If you have a complicated banking situation, including business entities and shared accounts with non-U.S. taxpayers, it may not be clear when you have a financial interest in foreign bank accounts that requires disclosure under the IRS regulations r… Read More
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Fifth Amendment papers

Can You Plead the Fifth Amendment on FBAR Filings?

After spending years trying to hide money in a “secret account” in Switzerland, one couple was assessed civil willful FBAR penalties after they filed a report that simply said “Fifth Amendment”. The tactic raises the question, can you plead t… Read More
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Different forms of currency

What Are the FBAR Reporting Requirements for U.S. Citizens Living Overseas?

If you are an American citizen whose work, family, or lifestyle have sent you to live overseas, you may wonder whether you are still required to file U.S. tax returns or disclose your foreign assets. A recent complaint filed by the IRS in the United… Read More
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Categories: FBAR

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