The Maze Streamlined Litigation case — our take

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.

Estimated Tax Payments: The importance of being current

I want to take some time and go over the importance of “being current.” Maybe you heard an IRS revenue officer or other IRS or state collections employee say to you “you need to be current.” Well, what does it mean to be current with your IRS estimated tax payments? And why is it critically important?

Dealing with the IRS one-on-one

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 …

How to avoid a federal tax evasion indictment or conviction

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…

OVDP for your foreign corporation or other entity?

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:

Willful FBAR Penalties

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 …

Will bankruptcy get rid of IRS tax debt?

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.