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IRS Promises Guidance on Reporting Cryptocurrency on Your Tax Returns
August 12th, 2019
Preparing your own tax returns is hard enough when you are a regular employee with standard deductions. But what about when some of your currency only exists digitally? What do you need to know about reporting cryptocurrency on your tax returns? Will…
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Categories: Tax / IRS Penalties
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IRS Voluntary Disclosure Can Promise Tax Fraud and Heavy FBAR Penalties
July 24th, 2019
When taxpayers with foreign financial accounts take advantage of the IRS voluntary disclosure practice, they know that mistakes have been made, and that penalties will follow. But they probably don’t think of themselves as “tax criminals”. They…
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Categories: Tax / IRS Penalties
Would You Rather Pay Many Smaller FBAR Penalties, or One Big One?
July 10th, 2019
When tax attorneys came together at the New York University Tax Controversy Forum, everyone was talking about recent cases over the upper limit of willful FBAR penalties on a single account. But for one speaker, the question was which was worse: bein…
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Categories: FBAR
Court Tells U.S. Taxpayer Living Abroad, Pay First, Sue Second
June 24th, 2019
If you are a foreign resident but a U.S. taxpayer, it can be especially difficult to find the right way to challenge an unfair tax assessment. You may question if internal IRS appeals are enough, or whether you have the right to refuse payment and su…
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Categories: Tax / IRS Penalties
California Case Signals Bigger Non-Willful FBAR Penalties to Come
June 10th, 2019
When you open a new financial account overseas, it often is technically more than one account. You may have both checking and savings accounts at a foreign bank. Or your investments may be divided into different accounts with different investment str…
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Categories: FBAR
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
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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