Tax Law Blog

For overseas holdings in excess of $10,000, US residents are required to file a Report of Foreign Bank and Financial Accounts (FBAR). One Connecticut man, with over $28 million in overseas accounts, failed to do so and has pleaded guilty to the...

Those who leave the United States and take up residence in another part of the world may believe that they are no longer required to pay taxes in the United States. This belief is generally untrue. Similarly, the children of parents that are...

It's a long-time notion that rich Americans stash their cash overseas accounts to avoid paying their dues to Uncle Sam. But, those lofty ideas are quickly fading. Three Southern California residents have been sentenced to prison for hiding millions...

Tax season has come to a close, providing a good opportunity to review the process taken by the Internal Revenue Service (IRS) when reviewing taxes. Although most taxpayers likely filed in compliance with tax law, there are those who have not. At...

Tax season is upon us. It is easy to make mistakes when putting together tax forms, but some errors are more difficult for the Internal Revenue Service (IRS) to overlook than others. Three blunders that often cause suspicion include:

The Internal Revenue Service (IRS) is cracking down on foreign accounts with an iron fist. This was made clear when a former professor at the University of Rochester was not only fined $100 million for failing to disclose foreign bank accounts in...

As our days cool, darken and shorten, our thoughts will often turn to warmer places where the sun is bright and hot. Places where Americans tired of winters not only vacation, but sometimes take up residence.

The grip the Internal Revenue Service has on foreign banks continues to strengthen. More evidence of that was supplied by Switzerland's announcement that it is going to disclose account information from HSBC Holdings Plc to the IRS.

The pressure put on taxpayers with foreign holding by the Internal Revenue Service appears to be paying off. The federal agency recently reported that foreign back account report filings rose more than 8 percent last year, passing the 1 million mark.

In the middle of heated presidential campaigns, people will sometimes vow to move out of the country if Candidate X or Candidate Y is elected. Most of these pledges are never carried out, but for those who are sincere about leaving the United States...