Form 5471 Penalties (2018) – Failure-to-File 5471 | IRS Penalty Triggers As far as International Informational Returns go, IRS Form 5471 is a relatively difficult form to prepare in the realm of international tax. Form 5471 Penalties Common issues and questions we receive regarding IRS Form 5471 penalties: When is IRS Form 5471 Due? What…
Structuring Cash Transactions (2018) – FATCA/FBAR Reporting Crimes
Structuring Cash Transactions (2018) – FATCA/FBAR Reporting Crimes Structuring Transactions is considered a crime. Why? Because you are intentionally evading reporting transactions to the U.S. Government by “structuring” financial transactions to be below reporting thresholds (typically $10.000). Common issues involving structuring include: What is the definition of Structuring? What is a Cash Transaction Report? Why…
Delinquent Tax Returns (2018) – IRS Tax Problems & How To Fix Them
Delinquent Tax Returns (2018) – IRS Tax Problems & How To Fix Them There are many reasons why a person may get behind on their taxes, and usually, what may start out as one year of non-compliance may turn into several years out of IRS tax compliance. Common issues include: Unfiled U.S. Tax Return(s) Past-Due…
Avoid IRS Tax Evasion Penalties & Prison with Voluntary Disclosure
Avoid IRS Tax Evasion Penalties & Prison with Voluntary Disclosure (2018) IRS Tax Evasion can lead to both Tax Evasion Penalties and other IRS Penalties as well (depending on the facts and circumstances). Common issues include: Civil Tax Fraud Criminal Tax Evasion Offshore Penalties Willful Penalties Special Agent Investigations IRS Amnesty (Voluntary Disclosure) Whether the…
IRS Reporting of Foreign Bank Accounts (2018) – Foreign Account Amnesty
IRS Reporting of Foreign Bank Accounts (2018) – Foreign Account Amnesty International tax compliance, and specifically the reporting (or actually the ‘non-reporting’) of foreign bank accounts, income, investments, and assets has become a big business for the IRS. The IRS penalties associated with the non-reporting of foreign bank accounts, investments, assets and income has become…