» Tax News
The End of the Offshore Voluntary Disclosure Program
February 13th, 2018
The IRS has begun to hint that the end of the Offshore Voluntary Disclosure Program (OVDP) is coming. Those hints became clearer at a recent panel discussion in Florida. Find out why the OVDP is on the way out, and what options taxpayers may have goi…
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Categories: OVDP
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Bitcoin Users Beware: IRS John Doe Summons Finds Partial Support at Court
January 23rd, 2018
Virtual currencies like Bitcoin have been on the rise in recent years. 2017 saw the cryptocurrency market soar to $650 billion, with some investments more than doubling in value within the year. The skyrocketing value of these assets have caught the…
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Categories: Cryptocurrency
Wrong Answer on Schedule B Dooms Taxpayers' Attempt to Rely on Accountant's Tax Advice as Reasonable Cause to Avoid FBAR Penalties
January 10th, 2018
Many American taxpayers and business owners use accountants or CPAs to prepare their taxes. Their involvement in the tax process may be as little as signing the return and cutting a check, without ever really considering their accountant’s advi…
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Criminal Bribery Charges Lead to $1 Million FBAR Penalties
December 21st, 2017
For many taxpayers, the failure to file reports of foreign financial accounts happens by accident, or at least inadvertently. Even many penalties issued for willful violations are the result of a taxpayer’s negligence rather than any complex ta…
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Enforcing the Exit Tax Against Expatriates: California State Bar Recommends Change
December 8th, 2017
In theory, surrendering your U.S. citizenship for tax purposes can be expensive. However, the IRS sometimes has difficulty enforcing the exit tax against expatriates. Now the State Bar of California is recommending legislative changes that would make…
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Categories: Tax News
FBAR Penalties Build Up Over Years, Even Through Criminal Penalties
November 30th, 2017
As a U.S. taxpayer, you may believe that one run in with the IRS is enough. If you have faced FBAR penalties or criminal prosecution for tax evasion or failure to file necessary forms, you may assume you don’t have to worry anymore. But FBAR penalt…
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Paul Manafort Indicted for Conspiracy, Tax Fraud, and FBAR Felonies
November 21st, 2017
On October 31, 2017, it was announced that Trump adviser Paul Manafort and his assistant Richard Gates were indicted in federal court on charges of conspiracy, tax fraud, and FBAR reporting felonies. These charges were some of the first arising from…
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Bad Records Keeping a Felony? Supreme Court to Weigh In
October 24th, 2017
Could lazy records keeping or document retention result in felony tax obstruction charges? Could not following an accountant’s advice land a business owner in prison? If the Supreme Court of the United States upholds a recent Second Circuit dec…
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Categories: Tax / IRS Penalties
AICPA Criticizes Changes to IRS Dispute Resolution Process
October 12th, 2017
When U.S. taxpayers find themselves in dispute with the Internal Revenue Service (IRS) they can face confusing processes, a rotating roster of agents and employees, and an often opaque decision making process that can make them feel outnumbered and i…
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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
