Month: June 2017

For years the IRS has been saying that Streamlined Submissions for offshore accounts would be ripe fodder for audits. But, we never saw any evidence of them doing so. Until…

More and more United States citizens are renouncing their US citizenship. Many, thanks to the havoc that FATCA is wreaking on their lives. We understand the gravity of making this decision. These are common questions our clients ask when considering renunciation.

As a US person, there is only one way to avoid US taxation. By no longer being a US person. The process to renounce your citizenship or surrender a Green Card is the easy part. Filing the correct certification, Form 8854, is just part of it. The hard part, is the tax part.

We were joined by Solomon Yue — an integral force behind the effort to repeal the Foreign Account Tax Compliance Act (FATCA). We wanted to check in with Solomon to find out what progress has been made since the hearing.

FBAR penalties cannot be collected like regular taxes. In order to enforce collections, a civil judgement is required. The IRS civilly assessed Mr. Pomerantz FBAR willful penalties and interest on unreported accounts. Things did not go well for the government

If you have received a CP90 Notice from the IRS, it means they are notifying you of their intent to levy certain assets for unpaid taxes. This is generally what most people refer to as garnishments or levies of wages and bank accounts. You have the right to a Collection Due Process hearing.

If you’ve received IRS Notice CP40, it means that the IRS is notifying you that they have assigned your tax account to a private collection agency for collection. So what should you do?

If you received a CP508C notice, the IRS has identified your tax debt as “seriously delinquent” and has provided that information to the State Department. The State Department generally will not renew your passport or issue a new passport to you after receiving this certification from the IRS, and they may remove or place limitations on your current passport.

If you received a CP2000, it means that the IRS thinks the income and/or payment information they have on file doesn’t match the information you reported on your tax return. This could affect your tax return; it may cause an increase or decrease in your tax, or may not change it at all! So what should you do if you receive a CP2000?