» Tax News
International Spouse Challenges $5 Million FBAR Penalty
September 24th, 2020
When international spouses live, work, and pay taxes in multiple countries, it can create difficulties knowing who needs to disclose what accounts to the IRS. One U.S. taxpayer recently filed suit against the IRS over a willful FBAR penalty of more t…
Read More
Share
Do You Have to Report Your Business’s Foreign Financial Accounts on Your FBAR?
September 10th, 2020
If you are operating a business with accounts overseas, it may make sense to maintain foreign financial accounts in those countries to make doing business easier. But as a business owner, choosing to open bank accounts in other countries may create t…
Read More
Is a Disability Discrimination Award Taxable as Income?
August 24th, 2020
By the time a wrongfully terminated employee receives their disability discrimination award after filing an employment discrimination lawsuit, much of that money is already earmarked for lawyers, medical providers, and other bills that have come due.…
Read More
Non-Willful FBAR Penalties Capped Per Year, Not Account, Court Says
August 10th, 2020
Could the way you do your banking affect how much you pay in IRS filing penalties? Until recently, the answer was universally yes. Now a federal district court judge in Texas has said that for non-willful FBAR penalties, Congress set the cap per year…
Read More
IRS Sues Adult Children to Collect Their Parent's Tax Debt and FBAR Penalties
July 24th, 2020
Tax debt is notoriously hard to get rid of. The IRS is a zealous creditor with some tax liabilities even surviving bankruptcy. If you owe significant unpaid taxes, the IRS has a variety of ways to collect on that debt. But could those collections aff…
Read More
Categories: IRS Debt Collection
Married Spouses’ Willful FBAR Penalties Are Double, Treasury Department Says
July 10th, 2020
Most married couples manage their money together. They may hold accounts jointly, or each keep their names on their own assets. But according to a recent complaint filed by the United States Secretary of Treasury, even keeping accounts in one spouse…
Read More
IRS Says Widow Committed Willful FBAR Violations Just by Signing Tax Returns
June 24th, 2020
In many relationships, one spouse may handle all the financial affairs of the household. But what happens when that spouse dies? Can a widow (or widower) be assessed a willful FBAR penalty just for signing tax returns prepared by her spouse and a CPA…
Read More
How Courts Calculate Willful FBAR Penalties
June 10th, 2020
If things have gone wrong and you find yourself and your overseas bank accounts the subject of an IRS audit, you may feel like you are preparing for the worst. But what is the worst? How do the IRS and tax courts calculate willful FBAR penalties when…
Read More
Is a Retirement Account Early Withdrawal Tax Penalty Unconstitutional Discrimination?
May 26th, 2020
What’s the difference between a tax-advantaged retirement account and a regular savings account? About 10% if you take a withdrawal too early. But could that early withdrawal tax penalty be unconstitutional age or disability discrimination? The U.S…
Read More
Court Says Taxpayer Could Not Redeem Real Estate Sold Under Tax Lien
May 11th, 2020
Taxpayers who sink their assets into real estate rather than pay their taxes can find themselves facing sheriff sales when the IRS comes to collect what is owed. One taxpayer tried to use a Utah law to redeem real estate sold under a tax lien, but th…
Read More
