Taxpayers who have foreign accounts or interests that exceed $10,000 at any point during the year must submit a Foreign Ban Account Report (FBAR) through the Financial Crimes Enforcement Network (FinCEN) website. This notifies he U.S. Treasury Department of the accounts.
If you’re having tax problems
Category: Unreported Income
Do you own – or have interest in – foreign financial accounts? At any point in the past year, did the balance exceed $10,000? If so, you must file a Foreign Bank Account Report (FBAR). This form alerts the Financial Crimes Enforcement Network (FinCEN) and the U.S. Treasury Department to the accounts.
If a person deliberately avoids paying taxes, he or she can face federal tax evasion charges. However, just failing to pay taxes does not necessarily mean a person will face jail time or stiff penalties from the IRS. For these penalties to be assessed, the prosecution must prove to a judge or jury that the… Read more »
Do you hold overseas banking accounts? Do your foreign accounts exceed $10,000? Have you failed to disclose foreign holdings to the IRS? If you answered “yes” to any of these questions, you should seek the advice of a tax attorney to help you navigate the Report of Foreign Bank and Financial Accounts (FBAR) laws. Otherwise,… Read more »
Do you have previous tax returns that you have not filed? Perhaps this was due to procrastination or in a misguided attempt to avoid paying taxes? To limit the penalties the IRS can assess, including criminal charges, it is of the upmost importance that you act quickly to remedy this situation.
Knowingly not filing your taxes, providing false information, and other tax crimes can have serious consequences for taxpayers. While some penalties may come in the form of fines, some punishments can be as severe as prison time. Take a look at five tax crimes and their penalties and learn why you need a tax attorney… Read more »
The IRS can assess back taxes, interest, and penalties for the failure to report Bitcoin Income. The IRS has made Bitcoin tax compliance a priority as part of its Virtual Currency Compliance campaign.
Disclosing your unreported offshore accounts can give you peace of mind because you no longer have to worry about massive penalties or IRS criminal investigation. There are several reasons to act quickly and take advantage of the current IRS offshore disclosure options. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Key Insights We Will Discuss: How you can limit your tax penalties… Read more »
You may need to amend your tax returns and pay additional taxes, penalties, and interest if you have previously unreported Bitcoin income. If you fail to take action, the IRS may audit your returns as part of its Virtual Currency Compliance campaign.