Is It Willfulness, Recklessness, or Attorney Scare Tactics? When U.S. taxpayers do not properly report their foreign accounts, assets, investments, or income to the IRS, they may become subject to fines and penalties. But often, taxpayers will qualify for one of the offshore disclosure/amnesty programs, which […]
A Simple Streamlined Filing Procedure Guide (New 2027) It is not uncommon for U.S. taxpayers in the United States and abroad who have foreign accounts, assets, and investments to be out of compliance with their annual reporting requirements. Each year, taxpayers are required to file […]
Board-Certified Tax Law Specialist Summary When an Attorney refers to themselves as a Tax Law Specialist, it does not mean they are board-certified in Tax. The term “specialist” when it comes to tax connotes that a person handles that specific area of tax exclusively; in other […]
What if I Missed Reporting My Foreign Assets? Individuals who are considered U.S. persons for tax purposes may have several international information reporting requirements to comply with each year to disclose their foreign accounts, assets, investments, income, trusts, and entities to the U.S. government. […]
Are Taxpayers on the Hook For Tax Preparer/Accountant Fraud? U.S. Taxpayers should be very careful when choosing their tax preparer, CPA, EA, or even tax attorney. This is because when a taxpayer hires a tax professional to assist them with filing their returns or other […]
Everything About IRS Foreign Information Tax Return Penalties Each year, millions of U.S. taxpayers worldwide are required to report their foreign accounts, assets, and investments to the IRS and the U.S. government on various international information reporting or ‘foreign information’ IRS returns. There are many […]
Streamlined Filing Compliance Procedures When a Taxpayer is a U.S. person for tax purposes and has not previously reported their foreign income on their U.S. tax returns and failed to file accurate international information reporting forms, they may be subject to extensive IRS fines and […]
Streamlined Domestic Offshore Procedures (Examples) When a Taxpayer is a U.S. person for tax purposes and has not previously reported their foreign income on their U.S. tax returns and failed to file accurate international information reporting forms, they may be subject to extensive IRS fines […]
Streamlined Foreign Offshore Procedures with Examples When a Taxpayer is a U.S. person for tax purposes and has not previously reported their foreign income on their U.S. tax returns and failed to file accurate international information reporting forms, they may be subject to extensive IRS […]
IRS Voluntary Disclosure Program Updated Practice When a US Taxpayer is out of compliance with the Internal Revenue Service, they have different tax amnesty options available to voluntarily disclose their unreported money — and get into compliance. The IRS Voluntary Disclosure Program is a Federal […]
Delinquent International Information Return Submission Procedures There are many different Internal Revenue Service offshore tax amnesty programs to assist Taxpayers with safely getting into offshore compliance. These programs are designed to asssist non-willful US Person Taxpayers who have undisclosed offshore accounts, assets, and/or investments — and […]
Crucial IRS Foreign Information Returns for U.S. Tax Filers U.S. taxpayers who have foreign accounts, assets, investments, income, etc., may be required to file several IRS foreign information returns each year to disclose their offshore account and asset information to the IRS and FinCEN. There are […]
Overview of New Immigrant U.S. Tax Rules When foreigners first move to the United States or otherwise become U.S. persons for tax purposes, learning how to file their U.S. tax returns is not usually their main concern – especially since filing taxes in most foreign […]
How to Avoid Foreign Gift & Inheritance Penalty Traps While there are many different types of international information reporting penalties that the IRS can assess against taxpayers, the foreign gift penalty for failing to report Form 3520 promptly is one of the most commonly issued foreign […]
A Complete Guide to IRS Civil Fines and Penalties When it comes to dealing with the Internal Revenue Service and tax violations, one of the biggest hurdles for taxpayers to contend with is the threat of fines and penalties. There are many different types of fines […]