As you, the American with investments abroad, get ready to prepare your 2014 tax return, there are important new FBAR filing requirements for 2014. Some of these FBAR filing requirements are cosmetic and others could get
Record numbers of Americans gave up US citizenship in 2013. As the IRS mafia becomes ever more hostile to its citizenry, Americans give up US citizenship in record numbers. In 2013, 3,000 Americans lined up at embassies
Who must pay US taxes you ask? Who is a US person for tax purposes? Who is in the crosshairs of the IRS? The answer is not quite as simple as you may think…and something that
Are you thinking of using your IRA to invest abroad? Do you want to move your retirement account out of the United States? There are two very different ways to accomplish these goals. First, you can
Let’s say you have filed all of your delinquent returns, and the foreign-earned income exclusion, along with the other suggestions in this book, and did not eliminate your entire U.S. tax bill. Now the IRS is
Great News for Some ExPats and Dual-Nationals As an ExPat American, you know that you are required to file a U.S. tax return each year and report your foreign bank accounts if you have more than
Each month I get one or two inquiries from U.S. citizens who have had enough and want to give up their U.S. citizenship. While it is rare for someone to take such drastic steps, especially after
First Things First: Taking Care of Unfiled Tax Returns The first step in dealing with the IRS is to file your delinquent federal personal income tax returns. Until these tax returns are submitted, the IRS can’t
The IRS Wage Garnishment: How It Works, How to Stop It When you owe money to the IRS and you do not contact the government to set up monthly payments or file an Offer in Compromise,
IRS’s Enforced Collection Measures and What to Do About It If you owe money to the IRS, the government will usually file a Federal Tax Lien. A tax lien is a negative mark on your credit
What to Do When You Owe the IRS: The Offer in Compromise The IRS Offer in Compromise (OIC) program is the most misunderstood, misrepresented, and abused tax debt resolution program in history. It reached nearly mythic
When Your Hard-earned Money Is at Risk—The IRS Bank Levies If the IRS has levied your account, you have only 21 days to submit all the necessary documents and secure a release before the money is
Frequently Asked Questions (FAQs)—IRS Tax Problems and IRS Tax Debt Relief. The IRS Offer in Compromise Program Defined 1. What is an IRS Offer in Compromise? In most cases, an IRS Offer in Compromise is a
Taxpayer’s Bill of Rights In tough economic times, many business owners and self-employed people find it difficult or impossible to pay their Federal taxes. When the debt is too large to pay, you then get the
Getting Out of Trouble—the Offer in Compromise By Christian Reeves Tax Attorney “Chris, I’m in a big trouble,” started one of my clients. “I owe around US$50,000 to the IRS for the last three years and
IRS & The Statute of Limitations By Christian Reeves Tax Attorney The bottom line is that the IRS usually has 10 years to collect from you once a tax return is filed, and generally has 3
When the IRS Makes a Deal with You—the Installment Agreement By Christian Reeves Tax Attorney “I owe the IRS $20,000 because I didn’t have enough withheld from my paycheck over the last few years. I’m working
The IRS Collection Standards—Friend or Foe? By Christian Reeves Tax Attorney Chances are that you are reading this because you are considering paying your back taxes through an Offer in Compromise or an Installment Agreement. In
Can I Dump My Tax Debt in Bankruptcy? Bankruptcy and Tax Debts By Christian Reeves, Tax Attorney Personal income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code.
IRS Voluntary Disclosure Program is great news for some Expats and dual-nationals As an ExPat American, you know that you are required to file a U.S. tax return each year and report your foreign bank accounts