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 value of all foreign financial accounts exceeds $10,000 during a tax year. FBARs must be submitted to the IRS by June 30th of each […]

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 you owe? The consequences may not be as serious as you fear — if you take some simple steps before […]

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 likely to be targeted for an IRS audit.  Thankfully, there are steps that the self-employed can take to reduce their chances of being audited. The two […]