Month: February 2017

Three retired taxpayers had undisclosed offshore accounts. All three of them made innocent mistakes. They were frightened into entering into the 2012 IRS Offshore Voluntary Disclosure Program (OVDP) where they would have to pay a 27.5% penalty on account value. The IRS then changed the rules to allow for a lower penalty. These elderly tapaxayers attempted to have this 5% penalty applied to them, but were frustrated.

Yes. Yes, you can deal with the IRS yourself. But should you deal with the IRS yourself? Should you deal with the IRS directly when you have a tax problem such an audit or back tax debt?

Regrettably, this article will take a darker more ominous tone, as there …

Being convicted of a federal tax crime can shatter your life. While the IRS moves slowly, unfortunately, when the IRS does finally sets their sights on you, life can become fairly miserable. This is not to say everyone who owes the IRS money or has unfiled taxes or unreported foreign accounts will be indicted and convicted…

The IRS Offshore Voluntary Disclosure Program (OVDP) is not just for individuals. Thanks to a harsh and extensive international tax form penalty regime, there can be a great incentive to enter into an offshore program to cure any of these unfiled or substantially incomplete forms:

No doubt, the threat of being assessed willful FBAR penalties is a terror that many US persons are attempting to cope with. Some have entered into a Voluntary Disclosure program, some have created their own “soft – disclosure,” and some …

Filing an offer in compromise with the IRS can be a great way to resolve a past tax problem. Not only can you settle the debt quickly, but sometimes you can get a really substantial reduction on your accrued debt. Unfortunately, as is the case with everything the IRS touches, it’s not all …

Many people ask us whether or not you can use bankruptcy to resolve back tax debt with the IRS. The answer is… yes! Let’s take a look at the different types of bankruptcies available to taxpayers, along with some of the advantages and disadvantages of each.

It has now been over a year since the FAST Act was passed. The FAST Act included a provision that amended the US tax code to give the power to the IRS to have your passport revoked for unpaid federal income tax taxes of $50,000 or more.