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Last year, I expressed skepticism over the IRS’ claim that it would be more understanding regarding collections matters. Here and here. So what do the numbers for 2011 show? Did the IRS ease up a bit? Anyone wondering if now is the time to settle back tax debt with the IRS, should read this …
The IRS ended the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. However, not every actually needs OVDP to clear up past mistakes. Sometimes there are better ways to deal with unreported overseas accounts and income. Yet, there still remains a path open for those worried about criminal exposure.
Most taxpayers have absolutely zero desire to think about the IRS. As someone who has spent my entire career staving off the IRS as they hone in on people who make mistakes, I get that. Not only do I understand it, but I would be shocked to find that taxpayers were sitting around actively …
The IRS has a new information reporting form that taxpayer are required to use starting in the 2012 tax filing season to report specified foreign financial assets for tax year 2011.
IMPORTANT UPDATE: Today’s Supreme Court decision in Kawashima v. Holder is bad news for any US resident alien who has not come forward using the FBAR Voluntary Disclosure Initiative. Essentially both spouses, because they were found guilty of evading taxes in excess of $10,000, the Department …
The pros and cons of 5 popular strategies often used to resolve tax debt.
Update 2017: Read about the current Offshore Disclosure Programs here.
With offshore account crackdowns in the news, such as today's stories that HSBC is giving up clients' names and Wegelin and Co. is under investigation, we talk to taxpayers everyday wondering if it is too late to utilize the OVDI, even if their bank is under investigation. However, the good news is that with the OVDI extended – no, it's not too late.
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