The so-called Panama Papers are voluminous files of information from a law firm in Panama that engaged in helping foreign clients avoid or evade taxes with dubious or even illegal shelters. Their publication last spring had immediate and wide-ranging effects around the world, including a new U.S. role on verification of the identities of offshore […]

A few weeks ago, we concluded a two-part post on collection due process rights. At that time, we promised you an update on the upcoming IRS program to use private debt collectors to go after tax debt under certain circumstances. In this post, we will deliver that update, in the form of a Q & […]

In the first part of this post, we began discussing some important things to know about taxes when you’re opening a small business. We touched on factors involved in entity selection and the fact that employers face often tough choices on how to classify workers for tax purposes. In this part of the post, let’s […]

As someone who would like to open a small business, you have probably gotten used to politicians’ praising your job-creating virtues and promising to lighten your regulatory load. Such statements are not always very substantive or specific. But they serve as an indirect reminder that smart handling of tax issues can play a key role […]

In the first part of this post, we began discussing collection due process (CDP) rights. Those rights and required procedures are important in establishing the rules that the IRS has to play by when seeking to collect back taxes. In this part of the post, let’s look at some of the reasons why people can […]

You may have heard that Congress has directed the IRS to create a program to use private debt collectors for tax debt in certain cases. That program is not yet, in place, however, and for now collections for federal tax debt are still being done solely by the IRS. We will update you in an […]

The IRS’s stepped-up enforcement campaign on offshore account disclosure has been going on for years now. Combined with the rollout of the Foreign Account Tax Compliance Act, it has put great pressure on taxpayers with offshore holding as well as foreign financial institutions. Faced with possible criminal penalties, many taxpayers have chosen to participate in […]

Glen Frost is advocating for a same country exemption from FATCA reporting for citizens living abroad: https://www.internationalinvestment.net/products/american-expat-group-calls-country-fatca-exemption/ Here is the text of the letter from American Citizens Abroad to the Deputy Assistant Secretary for International Tax Affairs Robert Stack: August 10, 2016 The Honorable Robert B. Stack Deputy Assistant Secretary for International Tax Affairs United […]

Let’s continue the discussion we started last week of IRS whistleblower awards. Last week, we noted that a recent Tax Court ruling has broadened to scope of awards to be based not only a percentage of unpaid taxes, but also on criminal fines and civil forfeiture. In this part of the post, we will explain […]

The IRS operates a whistleblower program by which individuals who tip off the government about tax evasion can potentially receive monetary awards. Critics sometimes contend that whistleblowers have to wait too long for the IRS to act on applications for awards. But when large amounts of unpaid taxes are involved, the awards to whistleblowers can […]