» IRS Debt Collection

How Long Can the IRS Wait Before Imposing Tax Assessments?

March 12th, 2018

Posted By

Joseph R. Viola

When taxpayers discover errors in their tax returns, or they learn they were supposed to file FBAR reports, the problem they uncover can sometimes span years. The larger these foreign financial accounts are, the quicker the unpaid taxes, penalties, a… Read More

Categories: IRS Audits, IRS Debt Collection, Tax / IRS Penalties

Private IRS Debt Collectors Tear Up Rules

Private IRS Debt Collectors May Have Broken Federal Law

July 25th, 2017

Posted By

Joseph R. Viola

In April 2017, the IRS began using private debt collectors to pursue unpaid back taxes. But after only two months, it appears at least one of the contractors may have broken federal law to get the job done. 2015 Law Allows for Private IRS Debt Collec… Read More

Categories: IRS Debt Collection

Tax FAQ & Info

I received an inheritance from a non-resident alien relative who lived in a foreign country. Do I have to report this foreign money even though an inheritance in the United States is not considered "income"?

Only if the total amount you receive is valued at more than $100,000. If so, you must complete Form 3520Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts. This is separate from your income tax return filing requirement and generally will not result in taxable income provided the money is a legitimate gift or bequest.

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How Long Can the IRS Wait Before Imposing Tax Assessments?

Private IRS Debt Collectors May Have Broken Federal Law

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