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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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Concealed Foreign Accounts Send Businessman to Prison
April 17th, 2017
When a California businessman’s Israeli bank accounts came to light, it revealed a decades-long conspiracy to hide assets that has aspects of a Hollywood movie. When the case was closed, the taxpayer was looking at 24 months in prison and milli…
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Categories: Tax / IRS Penalties
Offshore Accounts Make IRS Dirty Dozen, Again
March 27th, 2017
Every year, the Internal Revenue Service (IRS) lists its “Dirty Dozen” — those behaviors that they say are the worst tax scams of the year. Offshore accounts have made the list again. But with proper reporting, there is nothing illegal…
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Categories: Tax / IRS Penalties
Taxpayer Beware: New FBAR Filing Deadline for 2016
March 13th, 2017
Changes to the IRS foreign financial account filing requirements, especially the FBAR filing deadline for 2016, could catch US taxpayers off guard next month. Don’t get caught unaware. Find out what you and your accountant need to know now, bef…
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Categories: FBAR
Where to File a FBAR Penalties Challenge
February 24th, 2017
No one wants to pay penalties for failing to file reports on federal accounts. Even in spite of a tax attorney’s best efforts, the IRS will sometimes issue FBAR penalties improperly. A recent federal District Court decision explains what U.S. t…
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FBAR vs FATCA: What You Need to Know
February 9th, 2017
As you prepare to file your federal tax return and related documents with the IRS, it is important to be aware that the federal government imposes mandatory reporting requirements for broad categories of foreign financial accounts and other assets in…
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