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Do You Have to File FBARs for Inherited Foreign Bank Accounts?
July 23rd, 2021
There can be a lot of confusion around who has a duty to report inherited assets. If you inherited foreign bank accounts from your parents, relatives, or loved ones, you need to know about the IRS reporting requirements, or you could end up paying hu…
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Categories: Tax News
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CPA Should Have Known About FBARs, Asked Questions, Court Says
July 7th, 2021
Many taxpayers facing audits over their foreign financial accounts say they relied on their CPA or accountant and didn’t know they had a duty to file FBAR reports. But when the taxpayer was a CPA himself, his claims of ignorance weren’t enough to…
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Buyer Beware: Court Refuses to Rule on Real Estate Transfer Tax Withholding Question
June 24th, 2021
Could a question over taxes sink a complicated real estate transaction with a foreign investment company? When taxpayers Eric and Audra Gilbert asked the Arizona courts to weigh in on their right to withhold taxes under the Foreign Investment in Real…
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How to Contest an IRS Passport Certification of Seriously Delinquent Tax Debt
June 10th, 2021
An IRS passport certification of seriously delinquent tax debt can cause the passports of U.S. taxpayers living overseas to be revoked or not renewed, leaving you scrambling to avoid disrupting your life in another country. Here is what you can do to…
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Is the FAST Act’s Passport Certification Constitutional?
May 24th, 2021
Can the government restrict your ability to travel overseas if you don’t pay your taxes? Is the 2015 FAST Act’s passport certification process constitutional? One doctor challenged the law, but he may have filed his lawsuit a bit too soon. 20 Yea…
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Categories: Tax / IRS Penalties
Plaintiff Tries to Dismiss His Own FBAR Lawsuit and Fails
May 10th, 2021
Why would you file a lawsuit against the IRS just to turn around and ask the District Court to dismiss it? A combination of impatience, new precedent, and personality changes left a Plaintiff looking for a way out of the Federal Court of Claims. Inte…
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Inherited Secret Emergency Account Caused Willful FBAR Violations, Appeals Court Says
April 22nd, 2021
Is there ever a good reason to hide something from the IRS? A recent opinion from the U.S. Federal Circuit Court of Appeals suggests that even the best of reasons won’t matter if a taxpayer is later found to have willfully failed to file FBAR forms…
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One Form, One Non-Willful FBAR Penalty, Circuit Court Says
April 8th, 2021
How many penalties can the IRS assess for a single missed form? That was the question before the Ninth Circuit Court recently in United States v Boyd. At least where an accurate FBAR report was filed late, the Court ruled that the one form and one vi…
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Can the IRS Impose FBAR Penalties if You Don’t Owe Taxes?
March 22nd, 2021
Many retired U.S. taxpayers don’t owe taxes at the end of the year. If their income from pre-tax retirement accounts and Social Security is offset by medical expenses or other allowable deductions, they may not have enough income to report, or any…
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Do You Have to Pay Taxes on Out-of-Court Settlements?
March 8th, 2021
Thousands of lawsuits settle out of court every year. These settlement agreements cover everything from slip and fall injuries to employment disputes. Figuring out whether you have to pay taxes on lawsuit settlements isn’t easy, or automatic. Here…
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Categories: Tax Exemptions
Tags: For Referring Attorneys
