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Willful FBAR Penalty Moving Towards a Strict Liability Standard

Assessment of the “willful” FBAR penalty Courts have sustained FBAR penalties by reference to case law which is inconsistent with standards and principals applied in penalty cases under Title 26, despite the punitive nature of the willful…
fbar quiet disclosure
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Offshore Disclosure of Foreign Financial Accounts: Deciding What Road to Take

Disclosing Offshore Bank Accounts Taxpayers who are considering coming out of the shadows to disclose their offshore accounts need to be extremely careful when deciding what road to take. Too often, taxpayers simply default to the cheapest…
Streamline
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DOJ Announces Indictment of Taxpayer for Filing False Non-Willful Certification Under the Federal Streamlined Procedures

Case Background On August 27, 2019 the Department of Justice (DOJ) announced a superseding indictment of a Florida business man and former Texas CPA for allegedly filing a false document. This was because he made an offshore disclosure using…
Fraudulent tax refunds
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Remember the Large IRS Tax Refunds? You May Have To Pay Them Back.

Fraudulent IRS tax refunds Each year thousands of individuals flock to tax return preparation centers in anticipation of receiving a large income tax refund from Uncle Sam. For most, the money is already earmarked for a down payment on a new…
business tax deductions 2
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Paying personal expenses out of a closely held business: civil and criminal tax implications

Reporting personal expenses as businesses expenses on a tax return The justification for purchasing that $75,000 Mercedes, Rolex watch or other luxury item, paying for an expensive vacation, making monthly mortgage payments on one’s personal…
Fraudulent Tax Resolution Co.
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Fraudulent Tax Resolution Companies

Promises Too Good To Be True In 1931, the famous jurist, Benjamin Nathan Cardozo, in discussing fraud stated that: “Fraud is the pretense of knowledge when knowledge there is none.” Ultramares Corp. v. Touche, 255 N.Y. 170, 179, 174 N.E.…
Tax cut and Jobs Act

Divorce Tax Rule Changes

New rules in Tax Cuts and Jobs Act  With the enactment of the Tax Cuts and Jobs Act (“TCJA”), divorce attorneys and those that are divorced, in the process of divorce or who have a pre or post nuptial agreement should familiarize themselves…
E File form8300
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IRS Urges Businesses To E-File Cash Transaction Reports

Electronic Filing For Businesses In an effort to promote compliance, on February 19, 2019 the IRS urged businesses that are required to file reports of large cash transactions to take advantage of the electronic filing option that was announced…
Ghost tax preparers
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IRS warns against using Ghost Tax preparers

Large Tax Refunds: Are they too good to be true? The IRS has long cautioned taxpayers against using disreputable tax return preparers. In a recent announcement, the IRS warned taxpayers against using “Ghost Preparers” to prepare their tax…
New OVDP
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New Voluntary Disclosure Practice for willful u.s. taxpayers

 Termination of OVDP and way forward Following the termination of the Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018, willfully delinquent taxpayers with exposure to criminal prosecution were left without an option for…