IRS Streamlined Procedures

Must Taxpayer Repatriate Foreign Money for FBAR Fines? Must Taxpayer Repatriate Foreign Money for FBAR Must Taxpayer Repatriate Foreign Money for FBAR Fines? In the case of US v Schwarzbaum, the Defendant was hit with a $13M judgment for FBAR Penalties – which the Defendant is still appealing. In the meantime, the US Government wants to move forward with enforcement, and seeks to collection of the judgment — by forcing Defendant to repatriate the…
Do You Reside Overseas and Missed the June 15 Tax Deadline? Missed the June 15 Tax Deadline?  June 15 Tax Deadline: Do You Reside Overseas and Missed the June 15 Tax Deadline? For US person taxpayers who reside inside the United States, they must file their US tax return by April 15 — unless it falls on a weekend or the US government extends the time to file — as in 2020, when the US…
FBAR Filing 2021 Deadline Missed FBAR Filing Deadline 2021 FBAR Filing Deadline 2021: The FBAR Filing process works similar to filing a tax return. Just as a person files a tax return with the IRS in the current year, to report for the prior year — the same holds true for foreign bank account reporting. For example, in 2021, US Persons who own foreign accounts and meet the threshold requirement for reporting foreign accounts,…
Important Information About IRS & Passport Revocation IRS Passport Revocation for Seriously Delinquent Tax Debt IRS Revocation or Denial of Passport in Case of Certain Unpaid Taxes: In recent years one of the most popular tools the Internal Revenue Service has began using in order to enforce tax compliance is to revoke or deny a passport. A few years ago, Internal Revenue Code (IRC) Section 7345 was introduced in order to provide the US government…
FBAR Filing Deadline 2021 FBAR Filing Deadline 2021 FBAR Filing Deadline 2021: The FBAR (FinCEN Form 114) reporting follows the same logic of tax filing. For example, you file your 2020 tax return in 2021, to report your 2020 income. With FBAR Filing, the same holds true. Therefore, you will file your 2021 FBAR in 2020, to report your 2020 maximum foreign bank and financial account values. The FBAR (aka FinCEN Form 114) is on…
Syndicated Conservation Easement Indictment for Tax Crimes & Money Laundering Syndicated Conservation Easement Indictment for Tax Crimes & Money Laundering Syndicated Conservation Easement Indictment for Tax Crimes: Recently in a separate post on our main website, our Tax Attorneys explained how the Internal Revenue Service has been cracking down on Taxpayers getting caught up in the syndicated conservation easement tax scheme — both in the United States and abroad. In addition, we also summarized the…
  How Tax Return Preparer Fraud Puts Clients at Risk for IRS Investigation Tax Return Preparer Fraud Puts Clients at Risk for IRS Investigation How Tax Return Preparer Fraud Puts Clients at Risk for IRS Investigation: When a taxpayer utilizes a Tax Preparer, and that Tax Preparer is later investigated by the Internal Revenue Service for fraud and/or other potential tax crimes — it may trickle down to the taxpayer and result in an investigation…
(New) IRS Audit Triggers Common IRS Audit Triggers (New) IRS Audit Triggers: In 2021, the US Government actively seeks to increase funding for the Internal Revenue Service. While this may help to make the IRS function better (which would be a welcome benefit), it will also lead to an avalanche of audits and examinations by Agents and Examiners in years to come. Moreover, the industries that the IRS usually focuses on will also change. Each…
Let’s Get it Kraken – CA Court Authorizes John Doe Summons Court Authorizes John Doe Summons Against Kraken Let’s Get it Kraken: Kraken Is a cryptocurrency exchange, in which the Internal Revenue Service has recently set its sights. Recently, A District Court in Northern California has approved the issuance of a John Doe Summons to allow the Internal Revenue Service to seek information regarding potential US Taxpayers who have not properly reported or paid tax…
Court of Claims Holds Numbered Account Willful FBAR Penalty Court of Claims Holds Numbered Account Willful FBAR Penalty Court of Claims Holds Numbered Account Willful FBAR Penalty: In the FBAR Penalty case of Landa v US, the Court of Claims affirmed a willful IRS FBAR penalty of more than $3 million. The penalty involved a Swiss Bank Account worth several million dollars. Taxpayer’s main argument was that he did not have financial interest in the…