Tax News: IRS Updates for FBAR Penalties
Any US taxpayer with an interest in, or signatory authority over, a foreign financial account must file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) where the aggregate [...]
IRS Increases Offshore ‘Amnesty’ Penalty From 27.5% To 50% for Certain Taxpayers Effective August 4, 2014
As discussed in our post on June 24, 2014, the IRS has announced important changes to its offshore voluntary account programs. These changes were announces as FATCA took hold worldwide on July 1, [...]
Filing and Paying Taxes Late
The penalties for filing or paying your taxes late, and how to request an extension. What if April 15 rolls by and you haven’t had time to complete your return, or you can’t pay what [...]
IRS Audits and the Self-Employed
According to the IRS, self-employed taxpayers are among the worst tax cheats. Unfortunately for the vast majority law-abiding self-employed taxpayers, this means that they, as a group, are more [...]