Beware of IRS Penalties at Tax Time! Tax time is a good time for taxpayers to be reminded of some of the penalties that can be assessed by the IRS and State Tax Agencies for failure to comply with set deadlines for the filing of tax returns and the payment of tax amounts due. Since… Continue reading →
IRS
Foreign Banks Take Advantage of Tax Amnesty Offer
Foreign Banks Take Advantage of Tax Amnesty Offer: In its latest attempt to tackle the problem of offshore tax evasion, the United States Department of Justice offered Swiss banks that are not currently under criminal investigation the chance to apply for tax amnesty. Banks that chose to accept the offer were given until December 31st… Continue reading →
The Consequences of FBAR Noncompliance
Things are changing as the consequences of the FBAR Noncompliance are becoming stricter. Up to this point, the sentencing of offshore tax evaders has been fairly lenient. Although judges must attempt to follow sentencing guidelines written to ensure consistent punishment for defendants convicted of similar crimes, they have been given considerable leeway. Within these guidelines,… Continue reading →
Expatriates Renouncing Citizenship
In the face of increasingly strict asset disclosure legislation, more and more United States citizens are renouncing their citizenship in order to avoid potential tax consequences. In the second quarter of this year, the number of expatriates turning in their passports to United States embassies abroad was up almost 500% from that same time period… Continue reading →
Beanie Babies Creator Admits Tax Evasion
The creator of Beanie Babies, Ty Warner, has been accused of tax evasion due to the non-reporting of income earned on funds held in a secret Swiss bank account. Mr. Warner failed to report $3.2 million in income on an account which held as much as $93.6 million in assets. He will be assessed over… Continue reading →
The Argument Against Tax Deductions
A current survey after the 2012 United States tax season showed that a majority of taxpayers were in favor of a tax system where everyone pays the same percentage of their income in taxes. Think about it: After another stressful tax season, in which, decent and fair Americans rush to get all of their information… Continue reading →
