Blog Profile / Tax Problem Attorney Blog

Filed Under:Business & Finance / Taxes
Posts on Regator:120
Posts / Week:0.5
Archived Since:March 8, 2011

Blog Post Archive

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 […]

Beware of the Unexpected Tax Refund Windfall & Other Pitfalls

Each and every year April 15th brings fear and dread for millions of Americans who fear that they will face a hefty tax liability. Some may even choose to put off the filing by requesting an extension prior to the filing deadline, but the fact remains that the tax will have to be reported and […]

Four Family Members Who Defrauded IRS of more than $5 million in Payroll Tax Payments Face Prison

Temporary employment agencies have become a more prevalent part of the American work experience since the 2007 financial crisis and the difficult economic times that followed. While on one hand, temporary employment agencies can provide workers with an entry point into a new industry, on the other hand they require payment for their placement services […]

Rushing through Your Taxes Can Increase the Odds of an IRS Audit

It is not uncommon for many people to want to get done with their taxes as quickly as possible and not devote a moment beyond what they have to. If they complete their own taxes using computer software or an online program, they may rush through the process and fail to read and understand what […]

HSBC Data Leaks Show that No Foreign Financial Account is Truly Secret

The 2010 release of internal HSBC Switzerland communications made during the early to mid-2000s led to uncovering countless acts and attempts to conceal client assets and income by the bank. Some of the alleged practices revealed by this initial leak included: The bank would arrange to provide clients with bricks of cash. The cash was […]

OVDP can correct FBAR disclosure problems

In the past, having an interest in or signature authority over a foreign financial account did not attract the level of attention and scrutiny that it does today. This is because in the past foreign banking secrecy laws prevented even the disclosure of the identity of the account holder or holders and their links to […]

What are the top signs a criminal tax investigation is forthcoming?

While many people think that a criminal tax situation is something that cannot happen to them unless they had the intent to defraud the government, the truth is that criminal tax charges can be triggered by even a slight misstep. Mistakes on your taxes that are perceived as willful misstatements by an IRS agent, and […]

More than 100 International Agreements Mean the Risk of Undisclosed Foreign Account Detection is Higher Than Ever

At one point, banking secrecy laws in traditional tax havens were considered to provide ample protections in concealing the identity of the account holder. Wealthy individuals, companies, partnerships and a variety of other entities utilized these secrecy laws to open accounts where millions of dollars of otherwise taxable income could be surreptitiously funneled away to […]

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