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IRS Seizes Social Security Benefits to Pay Tax Debt: Should You Be Worried?
May 24th, 2019
When Motown writer Edward J. Holland, Jr., owed the IRS nearly $20 million, the agency took some extreme steps to collect on the tax debt. It even seized 100% of his social security payments. Find out how the IRS could do that, and whether you need t…
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Categories: IRS Debt Collection
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IRS Places Levy on Royalties to Motown Artist for Unpaid Tax Debt
May 10th, 2019
Being a Motown artist behind famous songs like “Stop in the Name of Love” and “You Keep Me Hangin’ On” doesn’t excuse not paying millions of dollars in tax debt. But did the IRS go too far when it placed a levy on royalties owed to Gold F…
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Categories: IRS Debt Collection
The Muddier Waters of Willful FBAR Penalty Maximums
April 25th, 2019
From the Court of Federal Claims to District Courts across the country, it seems everyone has an opinion on whether an old IRS regulation caps willful FBAR penalty maximums well below the amounts authorized in the statute. Now a new decision further…
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Categories: FBAR
Will They Stop You At the Airport for Your Tax Debt?
April 10th, 2019
There has been a lot of news lately about the IRS certifying taxpayers to the State Department for seriously delinquent tax debt. Certification means a taxpayer’s passport will not be renewed and could be revoked. If you are behind on your taxes, d…
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Categories: IRS Debt Collection
What to Do if You Receive a Soft Letter from the IRS
March 28th, 2019
Enforcement at the IRS is getting tighter. Now that the Offshore Voluntary Disclosure Program is closed, taxpayers with foreign financial accounts are facing the possibility of higher penalties and tighter scrutiny of their offshore assets. One metho…
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U.S. Tax Court Can Now Hear Tax Passport Certification Cases
March 8th, 2019
Receiving a notice from the IRS is always stressful. When that document tells you that your passport could be affected, it can make you nervous to exercise your constitutional right to international travel. New changes to the U.S. Tax Court’s rules…
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Categories: Tax / IRS Penalties
How to Challenge a Penalty for Willful FBAR Violations
March 1st, 2019
If you have been assessed a civil penalty for willful FBAR violations, you may be wondering whether the IRS has the final say. Find out how to challenge a penalty for willful FBAR violations, and how the courts will decide whether or not you have to…
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Categories: FBAR
U.S. Prosecutors Claim First FATCA Criminal Conviction
February 15th, 2019
The Foreign Account Tax Compliance Act (FATCA) was designed to help the U.S. government track down undisclosed taxable assets overseas. Many say enforcement has been ineffective so far. Now U.S. prosecutors are claiming their first FATCA criminal con…
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Categories: FATCA
Court Decision Widens Divide on Maximum Willful FBAR Penalties
January 31st, 2019
What does it mean to willfully fail to file foreign financial account reports or make false statements on your tax returns? Can you willfully violate a rule you didn’t know existed? And if you do, how much should you be charged? These aren’t new…
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Treasury Dept. Announces New Voluntary Disclosure Practice
January 21st, 2019
Now that the OVDP is no longer available, what will taxpayers with undisclosed foreign assets do? The U.S. Department of Treasury has announced a new voluntary disclosure practice as an option for those trying to avoid possible criminal consequences.…
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