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What to Do if You are Certified for Passport Revocation by the IRS
July 25th, 2018
The IRS has started to send certification of individual taxpayers with seriously delinquent tax debt to the State Department for passport consequences under the FAST Act. Your options to appeal this determination are limited. Know what to look for an…
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Categories: Tax / IRS Penalties
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National Taxpayer Advocate Calls Passport Revocation for Unpaid Taxes Unconstitutional
July 10th, 2018
Can the IRS take away your right to travel without advanced notice? The National Taxpayer Advocate says the passport revocation program created by Congress in 2016 — which authorizes passport revocation for unpaid taxes — may be unconstitutional…
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Categories: Tax / IRS Penalties
PFIC 101: How to Avoid PFIC Excess Distribution Interest Penalties
June 25th, 2018
Once U.S. taxpayers identify passive foreign investment company assets in their portfolio, the next logical step is to minimize the tax consequences connected to those assets. At the top of the list is finding a way to avoid PFIC excess distribution…
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PFIC 101: How to Tell if You Have PFIC Stock Interests
June 11th, 2018
It may seem easy to know whether a U.S. taxpayer has stock interests overseas. You may think that you will cross that bridge if and when you decide to invest in a foreign investment company. But you may have PFIC stock interests you don’t recog…
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PFIC 101: Reporting PFIC Tax Obligations for Foreign Stockholders
May 24th, 2018
When U.S. taxpayers own stock in foreign mutual funds and other investment companies, they may know the income from those assets need to be reported to the IRS. They may even know they can be taxed on that foreign income. But for many U.S. shareholde…
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PFIC 101: What is a Passive Foreign Investment Company?
May 10th, 2018
When U.S. taxpayers own or have interest in foreign assets overseas, it can raise reporting and tax consequences they don’t expect. FBARs and foreign asset reporting requirements can leave taxpayers worrying about what other legal obligations they…
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The OVDP Is Ending. What Now?
April 24th, 2018
Since the IRS announced that the OVDP is ending on March 13, 2018, you may be wondering what you can do to limit your exposure to audits or tax penalties for unreported financial assets overseas. Here are some options to consider with your tax attorn…
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Categories: OVDP
IRS Formally Announces End of Offshore Voluntary Disclosure Program
April 10th, 2018
Over the last decade, thousands of U.S. taxpayers have taken advantage of the offshore voluntary disclosure program (OVDP) to correct reporting errors connected to foreign financial accounts. They have voluntarily reported their accounts to the IRS t…
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Categories: OVDP
U.S. Tax Cuts and Jobs Act Brings Changes: What That Means for Expats
March 25th, 2018
President Donald Trump made tax reform a part of his campaign. He promised to simplify the U.S. tax code and reduce tax burdens, particularly on corporations and small businesses. On December 22, 2017, after months of intense debate in Congress, Trum…
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How Long Can the IRS Wait Before Imposing Tax Assessments?
March 12th, 2018
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…
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