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
Tag: unreported income
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 »
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 »
U.S. law requires that all taxpayers pay taxes on any foreign income or assets they have. This extends to anyone who is required to file taxes in the United States; it is not limited to U.S. citizens. Many people are not aware of this and subsequently fail to file and pay taxes on their… Read more »
Examining the Cash Business Audit Profile Profiles can be good or bad. They can be the “must love dogs” type or the “potential serial killer” ilk. IRS cash business profiles lean more towards the latter, and the Service doesn’t need much evidence to launch a full review. As mentioned in a previous post, marijuana dispensaries and… Read more »