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Our tax system is based on the expectation that taxpayers pay their tax bills. A failure to voluntarily comply with tax obligations can result in fines, penalties, and even potential imprisonment. Those who have failed to comply in the past and want to come into...
The Internal Revenue Service (IRS) treats cryptocurrency as property. This means that when it comes to tax obligations, the agency treats cryptocurrency much the same way as it treats stocks. Just like with stocks, if you buy cryptocurrency but do not do anything with...
The Internal Revenue Service (IRS) is looking for high wealth taxpayers who are not meeting their tax obligations. There are many different legal tools to help reduce one’s tax bill. Even when used wisely these tax saving strategies can catch the eye of the IRS. As a...
Of all the complex issues that arise when doing business internationally, tax complications often rise to the top of the list. By avoiding a few common mistakes, you can maximize profitability while steering clear of potentially devastating pitfalls. A few common tax...
The Bank Secrecy Act requires taxpayers to report their foreign financial accounts like brokerage accounts, mutual funds and bank accounts to the Treasury Department. The reporting of these accounts is done by filing FBAR on FinCEN Form 114. Individuals must file the...
Some expatriates living abroad tire of paying income taxes to a country they no longer live and have no plans to return to. The simple solution would seem to be renouncing citizenship and be done with the tax obligation. However, renouncing citizenship does not...
All U.S. citizens and resident aliens must pay federal income taxes. It generally does not matter where they lived when earning their income. It applies even if the citizen did not receive a Form W-2 or Form 1099. Taxable sources of income include earned and unearned...
As businesses grow, new opportunities often arise across seas and borders. From manufacturing plants to shipping and distribution centers to administrative offices, international expansion can open doors. Taxes, of course, will differ between countries. The tax law of...
The Internal Revenue Service (IRS) pushed back the tax deadline to July 15, 2020. The deadline is fast approaching, and as taxpayers finalize their returns, they may find themselves wondering “what triggers a tax return?”Although invasive audits have declined, audits...
The courts may be operating a bit differently in light of the current coronavirus pandemic, but they are still pursuing cases. In a recent example, the court issued a decision in a recent tax case involving a Foreign Bank Account Report (FBAR) violations. United...
