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DOJ muffs up international asset reporting rules

The issue I have with the quoted paragraph is the claim that taxpayers must “identify the country where the account was maintained.” But this is only true if the FBAR…

Saul Hyatt, 53, pleaded guilty today before U.S. District Judge Freda L. Wolfson of the District of New Jersey to an Information charging him with conspiracy to conceal assets in an undeclared bank account held in Panama for his …

IRSMedic Total Tax Diagnosis

We’ve been in business for over 10 years. Through the years, the firm has grown from a father/son tax fighting duo into one of the most accomplished tax fighting units in the country. We’ve learned a lot over these years; and most of these lessons have been great for our growth. But there was …

Is an Offer in Compromise public record?

There are a lot of advantages to filing an IRS Offer in Compromise (OIC) when you are stuck with a tax bill that you just can’t pay. When you file an OIC, not only is the tax debt gone but the IRS can’t …

That was quick: Israel caves on FATCA

It looks like we got a bit too optimistic last week about the initial victory in the Israel Foreign Account Tax Compliance Act (FATCA) case. The temporary injunction issued by Justice Hanan Meltzer which ordered officials to stop work of FATCA implementation has …

What is a foreign bank account?

Thanks to the Bank Secrecy Act of 1970, U.S. citizens must file a “Report of Foreign Bank and Financial Accounts” if they have a financial interest in, or authority over, “foreign bank accounts” or “foreign financial accounts” that have an aggregate value of …

September 15th filing deadlines

Some think that tax season only happens in April…but that’s not really true. April is tax refund season. Right now, September to October, is the real tax season. When those who owe substantial taxes…