Tax Law Blog

If you receive a letter from the IRS, there is a decent chance it is a “soft  letter.” What exactly is that supposed to mean and what should you do about it?

At some point in your life, it is possible you will have a disagreement with the Internal Revenue Service (IRS). The more complex your financial profile, the greater the likelihood that you and the IRS may not see eye-to-eye.

If you are tagged by the Internal Revenue Service for failure to file a tax return, or your annual FBAR, you have stepped into something that is both a noun and a verb—a tax controversy.

How troublesome is it if you fail to file your annual tax return, or your quarterly business taxes? This is not a trick question. The answer is, “it depends.”

In May, the Treasury Inspector General for Tax Administration (TIGTA) issued a report that confirms the Internal Revenue Service is not pursing high income taxpayers that fail to file tax returns.

If you fail to fully report your income to the Internal Revenue Service (IRS), you could be heading for tax troubles ahead.

Some people file false income tax returns, and others embellish or otherwise engage in tax fraud on their annual returns. Then there are the taxpayers that just do not file at all—the Internal Revenue Service (IRS) calls them “nonfilers.”

If you have a foreign bank account, hopefully you have heard about FATCA. FATCA enables the long arm of the US Treasury to require foreign entities to report offshore tax monies and assets held by US taxpayers to that agency.

Relieving some stress on a country devastated by viral illness, the Internal Revenue Service (IRS) pushed back the traditional filing dates for income tax returns this year.

If you are a “United States person” and hold a foreign bank account with enough value during the year, you probably owe the Internal Revenue Service a Report of Foreign Bank and Financial Accounts (FBAR).