Experienced · Local · Affordable

» Tax News

Businessman Handcuffed for Tax Penalities

Concealed Foreign Accounts Send Businessman to Prison

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… Read More
Read More
Categories: Tax / IRS Penalties
IRS Dirty Dozen: Number 12 on dirty license plate

Offshore Accounts Make IRS Dirty Dozen, Again

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… Read More
Read More
Categories: Tax / IRS Penalties
Red Alarm Clock with word Deadline

Taxpayer Beware: New FBAR Filing Deadline for 2016

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… Read More
Read More
Categories: FBAR
Stoplight in front of IRS Building

Where to File a FBAR Penalties Challenge

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… Read More
Read More
Tax Help Written in Red Marker

FBAR vs FATCA: What You Need to Know

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… Read More
Read More
Categories: FATCA, FBAR
Gavel and dollars: Penalty for Reckless FBAR violation

Federal Court Imposed Penalties for Reckless FBAR Violations

The difference between willful and non-willful FBAR violations amount to hundreds of thousands of dollars. But what counts as willfulness can sometimes be unclear. A recent federal district court decision says even reckless taxpayers could face stiff… Read More
Read More
IRS Desk with Empty Chair - Will OVDP Program Continue?

IRS Commissioner Pushes for OVDP Program to Continue

Any presidential election brings with it the chance for changes to tax laws and enforcement priorities. IRS Commissioner John Koskinen explains that, at least through November 2017, the Offshore Voluntary Disclosure Program (OVDP) will continue. Many… Read More
Read More
Categories: OVDP
Tax Shortcuts - Audit

Tax Shortcuts Can Lead to Criminal Consequences

No one wants to pay more than they have to in taxes. But taking tax shortcuts can cause big problems when the IRS and the Justice Department get involved. Depending on the size, length of time, and severity of the tax fraud, you could even face crimi… Read More
Read More
Categories: Tax / IRS Penalties
Credit Suisse Freezes Accounts

Credit Suisse Freezes Accounts to Find Non-Reporting U.S. Taxpayers

If you are a U.S. taxpayer with accounts over seas, you may feel safe not reporting that income. You might assume there is no way the IRS will know. If so, recent activity by the Swiss bank Credit Suisse should give you food for thought. The Foreign… Read More
Read More
OVDP or Streamlined Voluntary Disclosure

OVDP or Streamlined: Which Voluntary Disclosure Procedure Should You Use?

The IRS recently encouraged U.S. taxpayers to come clean about unreported foreign financial assets and income. The agency offered up two voluntary disclosure procedures to save non-compliant taxpayers from steep penalties and criminal prosecutions. B… Read More
Read More

For More Information

  • This field is for validation purposes and should be left unchanged.