Tax Changes Due to the Election

Many Tax Changes Expected At the time of this writing, the political conventions are over, and Joe Biden has a double-digit lead in some polls. A number of Senate seats may turn blue as well, and this could give the

FBARs from Wuhan

The US Department of Justice recently announced the indictment for tax-related crimes of Dr. Charles Lieber, the former Chair of Harvard University‚Äôs Chemistry Department, for monies received from a university in Wuhan, China. Key excerpts from the announcement are: Dr. Charles

Foreign Retirement Plans: New IRS Exemption from Required Information Reporting on Forms 3520 and 3520-A

In recent IRS Revenue Procedure 2020-17, the IRS has created a procedure where certain U.S. persons having an interest in tax-favored foreign trusts established and operated exclusively or almost exclusively to provide pension or retirement, medical, disability, or educational benefits

New Court Ruling: FBAR penalties applied per form and not per account

The FBAR rules require the filing of a FinCEN Report 114, Report of Foreign Bank and Financial Accounts (FBAR) to report for accounts of U.S. persons aggregating $10,000 or more. For a non-willful failure to disclose, the maximum penalty imposed

How to Avoid Jail and Clean Up Tax Problems

If you have willfully failed to report income or claimed excessive deductions or failed to file your tax returns and pay the tax owed, you may be liable for civil penalties and possible jail time for criminal tax evasion. Few