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Oregon & Oklahoma Amnesty – 2015 Tax Forgiveness Updates

As it turns out, amnesty programs aren’t solely found on the federal level. Many states have tax amnesty programs similar to those instated by the federal government. Recently, both Oregon and Oklahoma have enacted new tax amnesty laws aimed at providing tax forgiveness to taxpayers with …

5 Things You Should Know about Form 433-A

If you have one of those pesky things we call a tax liability, you may have heard of Form 433 – A. Officially known as the “Collection Information Statement for Wage Earners and Self – Employed Individuals”, this form is where you lay your finances out for the IRS. In addition, the 433 – A is …

Feeling lucky? Take a gamble on IRS Forms 11-C and 730

Recently I found myself taking a look at the taxation of gambling. But, just so we’re all on the same page, I’m not talking about income tax due from gambling. Instead, we’re focusing on the excise taxes imposed on gambling, which include… illegal gambling!

US Retirement Plans & Foreign Beneficiaries

Many US expats have qualified retirement plans such as a 401(k) or IRA. One question I heard quite often is: “Can I name someone who lives in a foreign country as the beneficiary of my IRA?” In other words, what happens if my spouse or my beneficiary is not a US – citizen? Can my non – citizen …

FBARs and the Fifth Amendment

Would you believe that the Fifth Amendment’s right against self-incrimination stems from some rather intense church – state intermingling? Not only that but a church – state mingling so intense that it’s one of the primary reasons the United States …

Three more Swiss banks on 50% offshore penalty list

Privatbank Von Graffenried AG (effective 7/2/15), Banque Pasche SA (effective 7/9/15), and ARVEST Privatbank AG (effective 7/9/15) have been added to the IRS OVDP FAQ 7.2 Foreign Financial Institutions or Facilitators list.

We’ve talked about what it means when your bank has been added …

Why you should hang up on the IRS

It might sound crazy, but sometimes hanging up is the best option. When you call the vast cubicle farm known as the Automated Collection Systems or, if you’re especially lucky, the Practitioner Priority Service line, you’ll be given an estimate of how long it might be until you’re spoken with. Or…

IRS Taxation of Foreign Annuities

In today’s sophisticated financial market, there are many kinds of annuity products available: fixed annuity, variable annuity, immediate annuity, fixed – period annuity, and deferred annuity. There are even more sophisticated products such as private placement annuities in order to meet …