Month: March 2012

So, you want to settle your tax debts with the IRS? Does the IRS really settle tax debts? Yes, they do. Tax debts can be settled through the IRS’s offer in compromise program. There are three types of offers in compromise, but the most common is “doubt as to collectibility.” This means the IRS has doubt that it will be…

Taxpayers that owe the IRS back taxes are often in a difficult financial position. The IRS offers a number of tax relief options to taxpayers. One option available to those that can demonstrate a financial hardship is Currently Not Collectible status. If the IRS deems a taxpayer uncollectible due to a financial hardship, the IRS can place the taxpayer in…

Taxes are one of those pesky things in life that have to be addressed head-on. Delaying the payment of taxes by not making the appropriate deposits, under-withholding, or failing to file tax returns on time is a recipe for disaster. Tax debts that are too big to pay can quickly accrue. Interest and penalties are assessed for failing to pay…

Your starting point should be form 8938 which covers all foreign assets including everything which would be included on this June's FBARs. The 8938 has a part that deals with interests in foreign financial institutions and there is a part which deals with "everything...

I recently spent a week on a FATCA exploratory journey visiting with bankers, CPA’s, attorneys and American ex patriots in Panama. Despite the bad press America has been getting all over the world today for a variety of reasons, Panama is one place on the planet where...

How You Could Increase Your Chance Of An Audit When You File This Year's New Form 8938, Statement of Foreign Assets There is a new wrinkle this year on required disclosure of foreign assets. The general rule used to be that “taxable events” during the past year...