» Tax News
Notice-and-Comment Rulemaking: How the IRS Can Change Tax Reporting Rules
December 7th, 2022
Most taxpayers assume that once they submit a tax return for the year, they will have satisfied the tax reporting rules, and their duty to the IRS is done. For those with more complicated tax situations, they may rely on a tax preparer to make sure e…
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Categories: Tax News
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Harvard Professor Struggles to Defend Against Criminal Tax and FBAR Charges
November 7th, 2022
If you are facing criminal FBAR charges for failing to disclose your foreign financial accounts, you and your tax attorney may need to get creative in crafting your defense. But as one recent criminal tax case from Massachusetts shows, creativity doe…
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Categories: FBAR
What Counts as a Foreign Trust for IRS Trust Reporting Requirements?
October 10th, 2022
Accounts and organizations created under foreign laws do not always fit easily into the Internal Revenue Code’s models, but that does not excuse the founders from following IRS trust reporting requirements. Understanding what counts as a foreign tr…
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Categories: Tax News
FBAR Penalty Calculations: Does the IRS Have to Show its Work?
September 7th, 2022
When the IRS imposes penalties, it can sometimes seem as though the number is plucked from the air. But when an FBAR penalty case goes to trial, the IRS is required to prove the amount of its penalty complied with the law. However, a now-familiar cas…
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Categories: FBAR
Innocent Spouse Relief: Do You Qualify?
August 3rd, 2022
It’s one thing to owe back taxes and penalties because of your own mistakes. But when your spouse filed on your behalf, sometimes their errors or omissions can come as a shock. When your current or former spouse’s conduct leaves you on the hook f…
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Foreign Mutual Funds Lead to Willful Penalties for FBAR Filing Error
July 14th, 2022
Sometimes, the interest earned through foreign mutual funds and investment accounts can result in income taxpayers don’t realize they have. These earnings are often reinvested automatically. If you and your accountant are not careful, an error in d…
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Categories: FBAR
First Circuit Court Says 8th Amendment Excessive Fines Clause Doesn’t Apply to FBAR Penalties
June 14th, 2022
How large a penalty is too large, constitutionally speaking? Many people are shocked to learn that the maximum amount for a willful FBAR penalty is one half the balance of the account at the end of the reporting year. This can easily add up to millio…
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SCOTUS Sides with Taxpayer on Collection Due Process Appeal Deadline
May 16th, 2022
One day can make all the difference in tax lawsuits. But in Boechler PC v Commissioner of Internal Revenue, the Supreme Court of the United States said that filing a request for a collection due process appeal one day late may not have been enough to…
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Court Says Holocaust Survivor’s Willful FBAR Violation Determination is Up to the Jury
April 26th, 2022
What makes an error on a tax return or a missing form willful, rather than just negligent? Is signing a tax return enough to assume the taxpayer read and approved every line? A recent decision out of the United States District Court for the Southern…
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Steps to Take Before Suing the IRS for a Tax Refund
March 21st, 2022
When the IRS makes a mistake, individuals and small businesses often want it corrected in a hurry. They may rush to file a lawsuit to correct the error. But if you miss certain steps before suing the IRS for a tax refund, your case could be dismissed…
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