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Hurricanes & Natural Disasters: What You Need to Know About Casualty Deductions
September 15th, 2017
Hurricane Harvey and Hurricane Irma have rocked the southern states over the past weeks. Hundreds of thousands of people are returning to find their homes and businesses damaged, even destroyed. They may be able to use casualty deductions to offset s…
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Categories: Tax Deductions
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Court Says Sen. Rand Paul, Plaintiffs Can't Challenge FATCA / FBAR
September 12th, 2017
Senator Rand Paul and several individual plaintiffs asked an Ohio federal court to strike down the Foreign Account Tax Compliance Act (FATCA), the Bank Secrecy Act’s Financial Bank Account Reporting (FBAR) requirement, and certain intergovernme…
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Taxpayer Advocate Calls for IRS Transparency
August 28th, 2017
Taxpayers facing an IRS audit or investigation often feel like the decisions come out of nowhere. Lack of transparency isn’t a new problem for the Internal Revenue Service (IRS). In fact, a recent report from the National Taxpayer Advocate expl…
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IRS Seeks Prison Time for Willful Tax Fraud
August 18th, 2017
It can sometimes feel like the Internal Revenue Service (IRS) is out to get taxpayers who don’t know the rules. But a recent federal court indictment, if proven true, will show that sometimes taxpayers know exactly what they are doing when they com…
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Private IRS Debt Collectors May Have Broken Federal Law
July 25th, 2017
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…
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Categories: IRS Debt Collection
Taxpayers Beware: CPA Advice May Not Stop FBAR Penalties
July 7th, 2017
Taxpayers across the country rely on advice from their accountants and CPAs to meet the complicated requirements of the U.S. Tax Code. But a case currently pending in the U.S. Court of Federal Claims suggests that CPA advice may not be enough to stop…
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Covered Expatriates May Still Have to Pay U.S. Taxes
June 12th, 2017
The number of people leaving the United States for good is on the rise. However, just because ex-pats turn in their passports doesn’t mean they can throw away their U.S. tax forms. Find out whether you could be considered a “covered expat…
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Categories: Tax News
IRS Passport Revocation Raises Questions, Problems for Taxpayers
May 31st, 2017
Starting in 2017, the IRS and State Department will be revoking passports for taxpayers with seriously delinquent tax debt. But the process raises questions and problems for individuals and tax preparers alike. Find out what to watch out for with thi…
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Categories: Tax / IRS Penalties
Could Unpaid Taxes Cost You Your Passport?
May 22nd, 2017
Unfortunately, yes: you can lose your passport for unpaid taxes. A new law allows the IRS and the State Department to revoke a taxpayer's passport if he or she has "seriously delinquent tax debt." Find out how you could be affected / when you can…
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Categories: Tax / IRS Penalties
IRS "Reminders" Issued Days Before Filing Deadline
April 26th, 2017
The tax filing deadlines have passed, and with them the updated deadlines for the disclosure of foreign bank accounts and financial assets. In the last days before the filing deadline on April 18, the IRS issued “reminders” that could hav…
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