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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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How many penalties can the IRS assess for a single missed form? That was the question before the Ninth Circuit Court recently in United States v Boyd. At least where an accurate FBAR report was filed late, the Court ruled that the one form and one vi…
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Many retired U.S. taxpayers don’t owe taxes at the end of the year. If their income from pre-tax retirement accounts and Social Security is offset by medical expenses or other allowable deductions, they may not have enough income to report, or any…
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Thousands of lawsuits settle out of court every year. These settlement agreements cover everything from slip and fall injuries to employment disputes. Figuring out whether you have to pay taxes on lawsuit settlements isn’t easy, or automatic. Here…
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