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  • IRS Tax Amnesty Programs: Offshore Income vs. Domestic (U.S.) Income

    The IRS Tax Amnesty Programs are designed to help individuals and others safely get into tax compliance without the fear of excessively high fines and penalties being issued against them by the IRS. There are multiple different types of IRS tax amnesty programs, with the key issues between them being whether the applicant was willful or non-willful, and/or whether a person is seeking to report offshore income, domestic income -- or both.

  • Primer on Protecting Americans from Tax Hikes Act

    The Protecting Americans from Tax Hikes Act or PATH was implemented to assist individuals and exempt organizations from Internal Revenue Service taxation issues. When each tax change occurs, it is crucial to understand what this means, how it could affect individuals and entities and how to keep within the boundaries set forth by the IRS.

  • Expatriation Tax when Returning to Your Home Country

    When returning home from living or residing in another country, there are additional taxes that may apply to the person called the expatriation tax. This means that someone moving back to a country he or she lived in before moving away could be taxed for capital gains earned while not within the nation and then becomes a taxed resident once again.

  • How To Safely Avoid or Reduce IRS FBAR Penalties

    When it comes to reporting and disclosing foreign accounts assets, income, life insurance policies, pension funds, retirement funds and more, the most common form that a person may have to file to file is a FinCEN 114 "FBAR" (aka Report of Foreign Bank and Financial Account) Form.

  • Offshore Voluntary Disclosure Program (OVDP) - Understanding the Basics

    The IRS Offshore Voluntary Disclosure Program (OVDP) is a U.S. Government program designed to bring non-compliant individuals, businesses, and trusts that have not properly disclosed foreign and offshore accounts, investments, income, assets, real estate, pension and life insurance policies (amongst others) safely into compliance. The Streamlined Filing Compliance Procedures are offshoots of traditional OVDP and have limited reporting requirements, as well as reduced penalties.

  • Appealing a Tax Assessment

    When facing a tax assessment for real estate issues, it is important to start with research first and then hire an experienced tax lawyer. This is necessary due to property tax bills and expenses that may need to be refuted through an appeal, and legal representation may provide the keys required for greater success in achieving an appeal.

  • Proposed Dark Store Legislation in Wisconsin Puts a Thumb on the Scale of Fairness

    Max Baucus once said that “Tax complexity itself is a kind of a tax.” That statement is true in many ways.

  • US Passport can be Revoked Because of Tax Debt

    There are certain regulations and stipulations to the Internal Revenue Service with laws in the United States that may restrict travel or the ability to obtain a passport when taxes have not been paid. This usually involves tax debt that has been accruing or that has not been completely paid off for past taxes due.

  • New IRS Regulations on Reporting Obligations of Foreign Financial Assets by Domestic Entities

    Individuals are obligated to report all data about foreign financial assets and property under the Hiring Incentives to Restore Employment Act along with regulations provided by the Internal Revenue Service. This applies to domestic entities in the United States where the residence or primary habitat is within the country.

  • Criminal Tax Evasion in Colorado

    Tax evasion charges in Colorado have significant consequences. Individuals may face an intense investigation and uncertainty when being confronted with charges of this nature. Potential penalties include exorbitant fines and jail time. Knowing how these charges can result can help people avoid common actions that result in charges of this nature being filed against them.

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