201901.21
0

Penalty Abatement vs. Amnesty – Apologize or Ask For Forgiveness?

Penalty Abatement vs. Amnesty – Apologize or Ask For Forgiveness? When it comes to the IRS and Penalties, it is always easier to try to avoid IRS penalties than it is to ask the Internal Revenue Service to remove penalties from your account. The difference between penalty abatement and tax amnesty, is sort of like the…

201901.16
1

IRS Reasonable Cause FBAR Violation Penalties (Summary 2020)

IRS Reasonable Cause Statement for FBAR Violation Penalties: The IRS Reasonable Cause Statement for FBAR Violation Penalties is complex.  FBAR is one of the the most dreaded IRS international information reporting forms in existence. It is not so much because of the complexity of the form (although it can be deceptively hard), but because of…

201901.09
5

Form 8938 Instructions (IRS Summary 2020)

Form 8938 instructions: The  Form 8938 instructions are complex. The IRS requires U.S. Taxpayers to report specified foreign financial assets each year on a Form 8938. In recent years, the IRS has increased offshore enforcement of foreign accounts compliance, including assets.  There are many components to accurately reporting foreign assets. When a U.S. person has…

201901.07
1

Unreported Offshore Accounts (Summary 2019-2020)

Unreported Offshore Accounts: Taxpayers who are considered U.S. persons, and who maintain money or assets in unreported offshore accounts are at risk of major offshore fines and penalties. If you have money offshore that you have not properly reported — you are not in IRS Offshore Compliance. If your failure to report was non-willful, you…