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IRS Excuses Foreign Trust Reporting for Some Beneficiaries
March 31st, 2020
Retirement brings significant changes to the way U.S. taxpayers receive income, and report that income to the IRS. Up until now, if some part of that retirement income came from a foreign trust, beneficiaries ran the risk of IRS penalties unless they…
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Categories: Tax / IRS Penalties
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European Union Demands Reciprocity, Transparency from IRS
January 30th, 2020
Since 2010, the Foreign Account Tax Compliance Act has created trouble for U.S. taxpayers living overseas. Now, a letter from the European Union’s General Secretariat of the Council has turned the tide, putting pressure on Treasury Secretary Steven…
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Categories: FATCA
The IRS Offer in Compromise: What You Should Know
January 21st, 2020
If you are substantially behind on your personal taxes you may be considering a tax settlement. In some cases, an offer in compromise can offer you a quicker resolution and reduce the total amount paid to the IRS. However, before you submit an IRS of…
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Categories: IRS Debt Collection
Can a U.S. Embassy Seize Your Passport For Seriously Delinquent Tax Debt?
January 6th, 2020
American citizens living abroad rely on their local U.S. embassy to be their connection to their home country. That includes processing passport renewal applications. But if the IRS has certified you to the State Department for having seriously delin…
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Categories: Tax / IRS Penalties
Federal Circuit Court Weighs In on Willful FBAR Penalty Cap Issue
December 10th, 2019
The question of just how expensive an IRS willful FBAR penalty can be has been making its way through trial courts across the country for more than a year. Now the first of those cases are coming up on appeal. As the Federal Circuit Court weighs in o…
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Categories: FBAR
IRS Sends Warning Letters to Taxpayers Facing Passport Revocation
November 25th, 2019
Taxpayers living overseas or traveling for months at a time may worry that they won’t receive notification of IRS passport revocation until it is too late. Find out how a newly approved warning letter can help taxpayers respond before they are cert…
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Categories: IRS Debt Collection
Audit Reveals Problems in IRS Passport Revocation Procedures
November 12th, 2019
For the last few years the IRS has certified taxpayers with seriously delinquent tax debt to have their passport applications denied or their existing passports revoked. The program may be successful in collecting overdue taxes, but as a recent audit…
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Categories: IRS Debt Collection
Failing Company Lead to Criminal Tax Charges for Business Owner
October 24th, 2019
When a business opportunity turns sour it can leave entrepreneurs struggling to pay their employees and satisfy their creditors, including the IRS. A recent Court of Appeals decision shows how decisions made in a failing company led to criminal tax c…
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Categories: Tax / IRS Penalties
Tax Law’s Two Definitions of Willfulness, and Why They are Different
October 10th, 2019
The definitions of words in the U.S. tax code can be the difference between criminal convictions and financial consequences. Most taxpayers would assume that one word in that code would have one meaning. But when it comes to the definitions of willfu…
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Categories: Tax / IRS Penalties
FBAR Willfulness Decision is Up to the Jury, Court Says
September 24th, 2019
The difference between a willful and non-willful FBAR penalty against a U.S. taxpayer can be thousands, and sometimes millions of dollars. But how can the IRS know what was going on in your head, and whether your failure to file was on purpose? A rec…
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Categories: FBAR
