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
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
Due to the coronavirus, the IRS paused all collection and enforcement activities until July 15, 2020. But recently we have started to receive some tax enforcement actions against some of our clients. The IRS has
But what if you discover an error or omission on a return already filed with the IRS that needs to be corrected and it is still before the extended due date? The advantage of fixing
The Internal Revenue Service announced on July 16, 2020, its annual “Dirty Dozen” list of tax scams. This year, the Dirty Dozen focused on scams that target taxpayers, and emphasized aggressive and evolving schemes related
We have completed over 1,000 estate plans for clients over the years. Recently, however, we have unfortunately probated a disproportionate number of clients’ wills after death. Through estate planning, many of our clients have planned
With the downturn in the economy and massive job losses, bankruptcy filings will skyrocket this year. Unpaid tax liabilities will likely be a large part of clients’ debts. There is a common misconception that income
You may have heard of a “springing” powers of attorney (POA), which is a POA that “springs” into effect when you become incapacitated. This type of POA literally “springs” to life when it’s needed. Many
In recent weeks, our office has received calls from people we have not heard from in 15 years. People are worried. One recent call was from a relatively healthy 83-year-old longtime client, who said he
In these uncertain times, you should have, at a very minimum, the four following documents in place: Power of Attorney: This document allows you to appoint an agent to handle your assets and to make
In response to the ongoing pandemic, on March 13, 2020, President Trump declared the coronavirus or COVID-19 as a national disaster. This declaration activates a little-known existing provision of the tax law: Section 139 of the Internal
The bipartisan COVID-19 stimulus bill just signed by President Trump includes welcome tax relief for retirees: The required minimum distribution rules for Individual Retirement Accounts and 401(k)s are waived for 2020. That means that instead of taking
