Innocent Spouse Relief
When a husband and wife sign a joint tax return, each spouse is jointly and severally liable for all taxes relating to that year. Where one spouse does not …
How the IRS Investigates FBAR Violations
Contents1 How the IRS Investigates FBAR Violations1.1 FBAR Basics1.2 Investigation into an FBAR Violation1.3 FBAR Penalty Determination1.4 Penalty Mitigation How the IRS Investigates FBAR Violations In this article are …
Foreign Bank Account Reporting under the Bank Secrecy Act (FBARs)
Contents1 Foreign Bank Account Reporting under the Bank Secrecy Act (FBARs)1.1 FBAR and the Bank Secrecy Act1.1.1 Who is Subject to the FBAR?1.1.2 What is the Threshold for Filing …
Sale of a Principal Residence with Nonresidential Use
You want to sell your primary residence, but you rent part of it and don’t know how that affects your taxes. Or you’ve converted your residence to rental property …
Canadian Investments and U.S. Tax Compliance
Contents1 Canadian Investments and U.S. Tax Compliance1.1 RRSPs and RRIFs1.2 TFSAs and RESPs1.3 Canadian Mutual Funds1.4 Summary Canadian Investments and U.S. Tax Compliance For Canadians foreign nationals residing in …
Tax Resolution Scams
Are you looking for the “best tax resolution company“? Well look no more because there is no such thing as a good tax resolution company! I felt compelled to …
Foreign Investment in Real Property Tax Act (FIRPTA)
Contents1 Foreign Investment in Real Property Tax Act (FIRPTA)1.1 Why was FIRPTA Passed?1.2 How are Taxes Withheld Under FIRPTA?1.3 Exceptions Under FIRPTA1.4 FIRPTA Certification1.5 Special Rule for Partnerships Foreign …
FATCA India Compliance Update
Contents1 FATCA India Compliance Update1.1 What is FATCA?1.2 What is FATCA Declaration Form?1.3 What Happens if You do Not Comply?1.4 What Happens to Information Provided on the FATCA Declaration …
FBAR Criminal Prosecution – Case Study
Contents1 FBAR Criminal Prosecution – Case Study1.1 Case Facts1.2 Charges1.3 Elements of Criminal Prosecutions in Offshore Tax Evasion Cases1.4 Willfulness Factors in Offshore Tax Evasion Cases1.5 Outcome FBAR Criminal …
5 Things You Should do if You have Unreported Foreign Income
5 Things You Should do if You have Unreported Foreign Income Learn about what to do if you have unreported foreign income and accounts. Non-Compliance with foreign asset reporting …