Here is a quick summary of a recent US TAX COURT case against the Internal Revenue Service . The ruling on this case may apply to other documents filed with the tax court or the IRS including late filed FBAR Voluntary Disclosure Program.
Tax Court Petitioners MADDOX v.
Foreign Bank Account Tax Amnesty Attorney:
Failure to file FBAR can have devastating consequences to a taxpayer. We attached a summary of potential penalties and criminal tax exposure related to an unfiled FBAR- FBAR Tax Penalty Summary.
We’ve been receiving calls from stressed taxpayers regarding their unfiled FBAR- IRS Form TDF 90-22.1. We can’t offer psychiatric help but you can reach me this weekend on my cell (310) 968 9820 if you have few questions which may help ease your mind.
Internal Revenue Service IRS issued a statement this week stating that they will be pursuing foreign bank accounts held by US taxpayers in other countries including South Korea, Hong Kong, Singapore and several European countries.
US Senate also introduced a new tax and banking legislation which will further frustrate US taxpayers seeking tax shelters through foreign bank accounts.
Foreign Bank Account Tax Attorney:
If you are participating in the IRS Voluntary Disclosure program, you will be contacted by the IRS to review your case and conduct an interview so that the IRS may determine whether you qualify for the Voluntary Disclosure Program. In the upcoming posts, we’ll go through some of the issues and strategies which may be of help in your case.
Make sure that you also have a copy of IRS Foreign Bank Account Report which you will need to submit to the IRS as part of the Voluntary Discloure Program. If you haven’t already filed the FBAR, we’ll file a post with the FAQ regarding the FBAR.
FBAR- IRS Voluntary Disclosure Attorneys
Even if the taxpayer has missed the October 15, 2009, deadline, IRS voluntary disclosure program may still be available to those with delinquent FBAR, unreported income or undisclosed foreign bank accounts. However, taxpayers need to proceed with caution if they are considering filing their voluntary disclosure post October 15, 2009. We recommend that you seek a competent FBAR- IRS Voluntary Disclosure Attorneys to navigate through these proceedings. A thorough risk analysis with your tax attorney must be performed before implementing any FBAR Voluntary Disclosure after 10/15/09.
Voluntary disclosure allows IRS taxpayers to resolve their tax debt or compliance issues with the IRS and reduce the probability of IRS criminal prosecution. Foreign Bank Account Report or FBAR which many US taxpayers have failed to file falls in the ambit of the Voluntary Disclosure program. Whether the foreign bank account is located at UBS or any other banks, the failure to file FBAR may result in criminal prosecution by the IRS.
If you are looking for information on the IRS voluntary disclosure or the IRS FBAR program you can visit here FBAR – Why file IRS Voluntary Disclosure or here IRS Voluntary Disclosure for FBAR
If you owe a debt to a bank or any other creditor and they agree to forgive or reduce the balance of the debt, the canceled amount of the debt may be taxed by the Internal Revenue Service.
Here is a quick summary of a recent US TAX COURT case against the Internal Revenue Service to challenge whether a minor’s relative may claim a tax credit.
HENRY LEE SCOTT v.
Based on the numerous last minute IRS Voluntary Disclosures most tax attorneys expect a surge of US TAX COURT filings against the Internal Revenue Service to challenge the IRS tax and penalty assessments which may be proposed in the next several months. We’ll update you with any new procedures or news concerning IRS audits which may be initiated through the IRS Voluntary Disclosure application submission.
Internal Revenue Service IRS Voluntary Disclosure Program
Here is a quick summary of a recent US TAX COURT case against the Internal Revenue Service to challenge the tax deductibility of medical expenses incurred by taxpayers. The case involves taxpayers who deducted medical expenses related to in-vitro fertilization.
CHRISTINA MARIE THOMPSON MCGRATH, Petitioner v.
Here is a quick summary of a recent US TAX COURT case against the Internal Revenue Service to challenge the taxability of lawsuit settlement funds. The case involves money settlement received by a taxpayer from a class action against the US Air Force.
KEVIN HENNESSEY v.
Los Angeles California Tax Attorney Blog