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- U.S. District Court Upholds Multiple Willful FBAR Penalties Against Taxpayer
by Brown, PC
In a case that has raised eyebrows in the tax community, a jury in the Southern District of Florida has sustained the IRS's assessment of multiple willful FBAR penalties against an American business man and bank director.
- IRS Assesses Another 150% Civil FBAR Penalty
by Brown, PC
The IRS has asserted multiple maximum civil FBAR penalties against Ashvin Desai, who failed to disclose the existence of offshore accounts or report interest income from the accounts on his tax returns. Desai, a sixty-four year old born in Mumbai, India, was sentenced last week to six months of imprisonment in his criminal trial.
- The Importance of Choosing the Right Business Entity
One of the first decisions a business owner or practicing professional faces is choosing the best business entity for their organization.
- Home Underwater? Four Steps You Can Take to Improve Your Situation
Unfortunately, many people are still suffering from the housing market crash that began in 2006. Itís particularly painful if you owe more on your mortgage than your house is worth.
- What Happens If I Donít Pay Taxes for Several Years?
People may not pay taxes for a variety of reasons. They may think that they will not owe anything and the cost to prepare them will outweigh whatever small return they might receive. A recent divorce or death may make the process confusing. Someone may know that they will owe taxes and may try to avoid tax liability by simply not filing. Whatever the reason, the consequences for not filing taxes can be very serious.
- Why You Should Not Represent Yourself in an IRS Audit
Representing yourself or your company in an audit initiated by the Internal Revenue Service (ďIRSĒ) is likely to be an exercise in futility. The IRS employs highly skilled revenue agents who will seek to take advantage of taxpayers who, understandably, are not knowledgeable on the rights and powers of the IRS.
- Coming Out of the Shadows: IRSís OVDP and Streamlined Disclosure Programs
In part because of the high levels of noncompliance with foreign tax reporting requirements (oftentimes out of innocent ignorance), the IRS has developed voluntary disclosure programs that allow taxpayers to come forward, correct their past mistakes, pay past-due taxes, and pay a set penalty (or, in some circumstances, pay no penalty).
- Enforced Tax Collections: IRSís Power of Lien and Levy
The IRS collection process is a series of actions that the IRS can take to collect taxes that taxpayers owe if they do not voluntarily pay them. Generally, a taxpayer is required to pay a tax along with filing a tax return. The IRS will assess a taxpayerís delinquent tax obligation if the taxpayer fails to pay a tax obligation when due. Subsequently, the IRS will send a notice and demand for payment to the taxpayer.
- Inherited IRAs & the Taxes Involved
Receiving an inheritance can be a blessing, but there are typically tax obligations involved including the inheritance of an IRA. If you inherit an IRA, you should check with an attorney or financial advisor as soon as possible to find out what your options are.
- In Florida, Couples Should Consider Property Division Before Creating Tax Strategies
Wealthy Florida residents who are married or planning to get married might want to consider creating a prenuptial or postnuptial agreement before they consult their financial advisor to plan their tax strategy for the coming years.