Blog Profile / Tax Problem Attorney Blog

Filed Under:Business & Finance / Taxes
Posts on Regator:127
Posts / Week:0.5
Archived Since:March 8, 2011

Blog Post Archive

Small Business Owners Who Doctor the Books or Misuse Company Funds for Personal Expenses Can Face Serious Tax Charges

Small business owners are the dedicated and hardworking individuals that make our economy strong and our country great. On the whole, many small business owners lack the resources or processes and procedures to ensure that they and their company remains fully compliant with all tax obligations. Unfortunately for owners of small businesses, the IRS is […]

More Swiss Banks Enter Into Non-Prosecution Agreements While Offshore Penalties Soar

One of the top priorities for the IRS and Department of Justice has been the focus on offshore financial accounts held by U.S. taxpayers, and used to avoid or defeat the assessment of tax. Underscoring the need for an increased focus on offshore tax enforcement is a 2008 U.S. Senate report showing that the use […]

Accidental American Status Can Lead to Huge Tax Liabilities

Status as an American citizen, legal permanent resident, and other circumstances can result in a tax obligation to the United States government. Individuals who are confused about their status should never wait to see how things play out. Rather, they should investigate diligently to determine their status and whether any tax obligation is owed to […]

U.S. and Turkish Governments Will Share Tax Information Under FATCA

In yet another sign of the rapidly expanding reach of FATCA and the U.S. government’s increased access to account data from around the world, the Turkish government reached a reciprocal information sharing agreement with the United States government. The bottom-line here is that taxpayers holding undisclosed accounts and assets in Turkey are now significantly more […]

Treasury Inspector General: IRS mishandled 24,000 Tax Lien Notices

No taxpayer wants to receive news of a tax deficiency, tax audit, or other bad news from the IRS; however, it may turn out that the only thing worse than receiving bad news from the IRS is not receiving notice that you need to take action to correct a past tax filing or past tax […]

The Length of Time You Are Subject to an IRS Audit May Have Just Doubled

The U.S. Tax Code is, essentially, in a constant state of flux. While there are certain bedrock principles, such as the obligation to file and pay taxes, particularities regarding both substantive and procedural handling of tax issues can change with time. Decisions made by judges, changes to the Internal Revenue Code by acts of Congress, […]

Indian Government Agrees to FATCA & Tax Information Sharing with United States

On July 9, 2015, the United States and Indian governments announced that they had entered into a Foreign Account and Tax Compliance Act (FATCA) agreement. FATCA is a U.S. law that has been described by some as a “global banking law.” The reason for this characterization is because the law requires banks and other financial […]

Foreign Bank Account Report (FBAR) Filing Date Extended by HR 3236

On July 31, 2015, President Barack Obama signed into a law HR 3236 a highway funding bill. Buried in the Bill is a provision which changes the filing date for Foreign Bank Account Reports (FBARs) to April 15th. Up until now the due date for the FBAR, which must be filed electronically on FinCEN Form […]

How Long of a Prison Sentence Can Someone Face for Tax Fraud?

As many tax controversy attorneys can state, tax problems can lead to major issues including a tax audit and even criminal tax charges. Even though tax problems are typically serious matters there are certain tax crimes that stand out even among serious offenses. Tax Evasion and tax fraud involving the use of stolen identities and […]

How Many Years Back Can the IRS Go in its Search for Tax Fraud?

The IRS and Department of Justice have cracked down on tax fraud and tax evasion regardless of its form. However, in recent announcements the Department of Justice has revealed its targeted enforcement focus on business payroll tax fraud, offshore tax fraud including non-compliance with FATCA & FBAR, Stolen Identity Tax Return Fraud (SIRF), and other […]

IRS Issues New FBAR Penalty Guidance (SBSE-04-0515-0025)

On Friday the IRS released new guidance on how examiners should determine the amount of any penalty for the failure to file an FBAR (Report of Foreign Bank Account, FinCEN Form 114). The guidance is effective for all open cases as of May 13, 2015. It does not appear to apply directly to cases in […]

Have You Received a Deficiency Notice or Another Letter Regarding Tax Problems From the IRS?

You filed your taxes like you were supposed to and you should be able to spend the rest of the year free from worries about taxes. But, then one day it appears. The envelope is fairly nondescript except for the name and address of the Internal Revenue Service emblazoned upon it. Maybe you tear it […]

U.S. Expatriates and International Workers: Beware of Exceptions to the Foreign Income Exclusion

U.S. citizen, resident aliens and others who are U.S. taxpayers face a unique mode of taxation in the United States. That is, U.S. taxpayers are taxed on their worldwide income regardless of where it was earned. Predictably and understandably, this method of taxation results in many expatriates worrying about whether they will face double taxation […]

Tax Problems Following a Divorce or Marital Problems? Innocent Spouse Relief May Be an Option

Many married couples find it advantageous to file a joint tax return rather than filing separately. This comes as no surprise as the federal government has built a number of tax advantages for married couples filing jointly into the tax code. These benefits include: Depending income distribution, a lower rate of taxation than they would […]

Failure to File Taxes? Expats can face a Customs Hold, Failure to File Penalty, and a Failure to Pay Penalty

If you are living in the United States it can be difficult to miss the numerous announcements and pronouncements of the impending April 15th tax deadline. And yet, every year thousands of US taxpayers will fail to file and pay taxes. There are a variety of reasons for this failure. These reasons can include situations […]

Tax Preparer Fraud Can Lead to Serious Consequences for Both the Tax Professional and Filer

Most accountants, CPAs, and certified tax preparers are honest, hardworking people who are dedicated to their profession. Most tax professionals simply want to secure the best possible tax deal for their clients while following all best practices regarding accuracy. Show More Summary

IRS Continues Its Tax Enforcement Crackdown on S Corporations

The 2007 financial crisis and its aftermath fundamentally changed how Americans think about risk and business. Another effect of the financial crisis was creating a renewed urgency regarding balancing the federal government’s finances. Show More Summary

FATCA Obligation? IRS’ International Data Exchange Service Again Ratchets up Risk of Undisclosed Foreign Account Detection

Since FATCA’s passage, critics of the law have assailed its provisions and the IRS’ interpretations of the law. However one of the most oft-repeated charges against the account disclosure statute was that the IRS, itself, was not ready for the law and could not handle the influx of data including complex tax filings. A December […]

Attempts to conceal you tax mistakes compounds your tax problems increasing the risk of a prison sentence

Nobody wants to file and pay taxes. However, the only thing worse than filing and paying taxes each year may be making a filing mistake that opens one up to an IRS tax audit or a criminal tax prosecution. Many times taxpayers may realize that they made an error on their initial filing. However what […]

Failure to File Taxes Plus a Frivolous Tax Argument Can Equal a Prison Sentence

The Wisconsin owner of several self-help and life development companies received a rather jarring wake-up call when he was convicted on tax crimes and sentenced to a year in federal prison. Eric T. Plantenberg had failed to file taxes for ten years from 2000 to 2010 after he began subscribing to the views of the […]

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