» Tax / IRS Penalties
IRS Promises Guidance on Reporting Cryptocurrency on Your Tax Returns
August 12th, 2019
Preparing your own tax returns is hard enough when you are a regular employee with standard deductions. But what about when some of your currency only exists digitally? What do you need to know about reporting cryptocurrency on your tax returns? Will…
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Categories: Tax / IRS Penalties
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IRS Voluntary Disclosure Can Promise Tax Fraud and Heavy FBAR Penalties
July 24th, 2019
When taxpayers with foreign financial accounts take advantage of the IRS voluntary disclosure practice, they know that mistakes have been made, and that penalties will follow. But they probably don’t think of themselves as “tax criminals”. They…
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Categories: Tax / IRS Penalties
Court Tells U.S. Taxpayer Living Abroad, Pay First, Sue Second
June 24th, 2019
If you are a foreign resident but a U.S. taxpayer, it can be especially difficult to find the right way to challenge an unfair tax assessment. You may question if internal IRS appeals are enough, or whether you have the right to refuse payment and su…
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Categories: Tax / IRS Penalties
U.S. Tax Court Can Now Hear Tax Passport Certification Cases
March 8th, 2019
Receiving a notice from the IRS is always stressful. When that document tells you that your passport could be affected, it can make you nervous to exercise your constitutional right to international travel. New changes to the U.S. Tax Court’s rules…
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Categories: Tax / IRS Penalties
Court Decision Widens Divide on Maximum Willful FBAR Penalties
January 31st, 2019
What does it mean to willfully fail to file foreign financial account reports or make false statements on your tax returns? Can you willfully violate a rule you didn’t know existed? And if you do, how much should you be charged? These aren’t new…
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Changes to Whistleblower Law Could Mean More FBAR Investigations
December 14th, 2018
Whistleblowers have long been a strategic part of how the IRS investigates potential tax fraud cases. Now a change to whistleblower law will mean those who disclose unreported international accounts could receive rewards based on FBAR penalties and c…
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Resolving the FBAR Penalty Conflict: Will Taxpayers Have to Pay More?
November 26th, 2018
The federal district courts and the court of claims have come down on opposite sides and created an FBAR penalty conflict. Could the issue be headed for the Supreme Court? Or will U.S. taxpayers with financial accounts overseas end up paying more reg…
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Federal Court Says 2004 Law Raised Maximum Willful FBAR Penalties
November 9th, 2018
Three federal district courts have said the IRS is breaking its own rules by imposing penalties beyond a Treasury Department regulation. But the federal Court of Claims says a 2004 law raised the maximum willful FBAR penalties. That decision could co…
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The Case(s) for Lower Willful FBAR Penalties
October 24th, 2018
Not disclosing your foreign bank accounts to the IRS can quickly become a costly mistake. But has the IRS been imposing penalties for failure to file FBAR forms that are even higher than it should? There is a case to be made for lower willful FBAR pe…
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Is the IRS Breaking its Own Rules for Willful FBAR Penalties?
October 10th, 2018
The Secretary of Treasury and the Internal Revenue Service (IRS) are controlled by a number of laws and regulations that set the rules for issuing taxes, fines, and penalties against U.S. taxpayers. But when the law related to willful FBAR penalties…
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