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foreign money

Do You Have to Report Your Business’s Foreign Financial Accounts on Your FBAR?

If you are operating a business with accounts overseas, it may make sense to maintain foreign financial accounts in those countries to make doing business easier. But as a business owner, choosing to open bank accounts in other countries may create t… Read More
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disabled man in a wheelchair stopped in front of a staircase

Is a Disability Discrimination Award Taxable as Income?

By the time a wrongfully terminated employee receives their disability discrimination award after filing an employment discrimination lawsuit, much of that money is already earmarked for lawyers, medical providers, and other bills that have come due.… Read More
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Gavel and Themis statue in the court library.

Non-Willful FBAR Penalties Capped Per Year, Not Account, Court Says

Could the way you do your banking affect how much you pay in IRS filing penalties? Until recently, the answer was universally yes. Now a federal district court judge in Texas has said that for non-willful FBAR penalties, Congress set the cap per year… Read More
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Gavel, calculator and money

IRS Sues Adult Children to Collect Their Parent's Tax Debt and FBAR Penalties

Tax debt is notoriously hard to get rid of. The IRS is a zealous creditor with some tax liabilities even surviving bankruptcy. If you owe significant unpaid taxes, the IRS has a variety of ways to collect on that debt. But could those collections aff… Read More
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Categories: IRS Debt Collection
Scales of Justice weighing cash

Married Spouses’ Willful FBAR Penalties Are Double, Treasury Department Says

Most married couples manage their money together. They may hold accounts jointly, or each keep their names on their own assets. But according to a recent complaint filed by the United States Secretary of Treasury, even keeping accounts in one spouse… Read More
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Woman signing tax forms

IRS Says Widow Committed Willful FBAR Violations Just by Signing Tax Returns

In many relationships, one spouse may handle all the financial affairs of the household. But what happens when that spouse dies? Can a widow (or widower) be assessed a willful FBAR penalty just for signing tax returns prepared by her spouse and a CPA… Read More
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How Courts Calculate Will…

How Courts Calculate Willful FBAR Penalties

If things have gone wrong and you find yourself and your overseas bank accounts the subject of an IRS audit, you may feel like you are preparing for the worst. But what is the worst? How do the IRS and tax courts calculate willful FBAR penalties when… Read More
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Is a Retirement Account E…

Is a Retirement Account Early Withdrawal Tax Penalty Unconstitutional Discrimination?

What’s the difference between a tax-advantaged retirement account and a regular savings account? About 10% if you take a withdrawal too early. But could that early withdrawal tax penalty be unconstitutional age or disability discrimination? The U.S… Read More
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Court Says Taxpayer Could…

Court Says Taxpayer Could Not Redeem Real Estate Sold Under Tax Lien

Taxpayers who sink their assets into real estate rather than pay their taxes can find themselves facing sheriff sales when the IRS comes to collect what is owed. One taxpayer tried to use a Utah law to redeem real estate sold under a tax lien, but th… Read More
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U.S. Tax Court Suspends I…

U.S. Tax Court Suspends IRS Tax Levy During Tax Appeal

Can the IRS continue to seize your income even if you are appealing a tax determination? Can you stop an IRS tax levy if you believe there was an error, or do you simply have to pay now and sue later? The U.S. Tax Court provided a helpful summary of… Read More
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Categories: IRS Debt Collection

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