Hiring a Tax Attorney for Offshore Matters (avoid costly mistakes)
Contents1 How Much does a Streamlined Case Cost?2 How a Streamlined Case is Handled2.1 Step 1: Initial consultations2.2 Step 2: Research2.3 Step 3: Tax preparation2.4 …
IRS Tax Amnesty & Voluntary Disclosure Practice
Contents1 Domestic Voluntary Disclosure2 Steps for Making a Voluntary Disclosure Under the Revised Guidelines2.1 1. Make a pre-clearance request2.2 2. Submit required voluntary disclosure documents2.3 …
Gifts from Foreign Persons — Form 3520
When a U.S. person receives a gift from a foreign person in excess of $100,000, the transaction triggers a Form 3520 filing requirement. There are …
Community Property and Tax Liabilities
Texas is a community property state, which means that all “community property” is owned jointly and equally by both spouses. In Texas, all property accumulated …
Form 8938 Filing Requirements
“FATCA” (Foreign Account Tax Compliance Act) requires specified individuals to report ownership of specified foreign financial assets if the total value exceeds the applicable reporting …
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 …
How the IRS Investigates FBAR Violations
In this article are the IRS’ internal procedures for investigations of FBAR violations as found in the IRM. After a foreign bank reports the non-compliant …
Foreign Bank Account Reporting under the Bank Secrecy Act (FBARs)
If you are a US citizen or tax resident, you may have a foreign bank account reporting obligation. This often catches many immigrants to the …
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 …
Canadian Investments and U.S. Tax Compliance
Taxation of Canadian investments in the U.S. can be complicated. It can even be difficult to find a tax advisor who can properly report these …