U.S. law treats U.S. persons and foreign persons differently for tax purposes. Therefore, it is important to be able to distinguish between these two types of individual taxpayers. This area of the tax law can be quite confusing. For an individual to be classified as ”United States person” for tax purposes means he or she […]
A taxpayer who has not disclosed foreign bank accounts to the IRS and to cure this delinquency and avoid criminal repercussions applies to the Offshore Voluntary Disclosure Initiative (“OVDI”), generally must pay a miscellaneous Title 26 offshore penalty, in lieu of traditional penalties that would apply to foreign assets or entities outside of OVDI. The […]
U.S. persons ought to be aware of the potential tax heartaches associated with investing in mutual funds held by foreign banks or foreign brokerage firms. When making such investments through U.S. firms, any appreciation or depreciation of value of the funds is not recognized as gain or loss until the fund is sold or liquidated. […]
Taxpayers who are facing a potentially large IRS penalty for late or unpaid taxes may be eligible for relief through the First Time Abate policy. This provides an opportunity for people who have fallen behind to become current on their tax obligations while eliminating any penalties from a previous tax issue. The First Time Abate […]
There is a common belief that if you amend your tax return, you are raising a red flag for an IRS tax lawyer to trigger a review of your return. In fact, many people won’t correct an incorrect, previously-filed tax return because they are afraid of a potential audit. This is the wrong approach to […]
If you owe more in taxes than you can afford, you have several options to avoid going into default and incurring a tax lien or levy. One way to avoid protracted tax levy and lien issues with an IRS lawyer is to enter into a payment plan. Working with the Law Offices Of Jeffrey B. […]
Owing back taxes doesn’t mean that you have to live in fear of penalties, the garnishment of wages or even criminal prosecution. If you live in the Bay Area and owe back taxes, it makes sense to work with a tax attorney in San Francisco to find a way to settle your debts. The IRS […]
Working with a tax lawyer in Los Angeles to reach an Offer in Compromise with the IRS is an effective tool for reducing the amount you owe in federal taxes. It can save you from dire consequences such as a lien against your property or having your wages garnished. If you are seeking an Offer […]
Effective January 1, 2014, the user fee charged by IRS to establish a payment plan has been increased from $105.00 to $120.00. If you cannot pay all that you owe now and do not qualify for an offer in compromise, an IRS installment agreement may be your next best option. Payment Agreements allow you to […]
Effective April 27, 2020, the application fee charged by IRS to apply for an Offer In Compromise has been increased from $186.00 to $205.00. Established by the Internal Revenue Service, the Offer in Compromise Program is a formal application to the IRS requesting that it accept less than full payment for what you owe in […]
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