We have spoken before about the agonizing decision many people are facing today about what to do about their secret foreign accounts. This article applies especially to those who are getting on in years and may be inclined to just blow off foreign account/asset...
Taking A Cooperative Approach To Your Legal Issues
Month: December 2013
IRS Installment Agreement: An Option for IRS Tax Relief
Taxpayers unable to pay their IRS tax debts in full in a single payment have a number of available options. One of those options is to establish a payment plan with the IRS, which is commonly referred to as an installment agreement, or IA. An installment agreement allows taxpayers to make monthly payments to repay tax debts over time rather…
VOLUNTARY DISCLOSURES and FATCA: WILL YOU GET CAUGHT IF YOU DO NOTHING?
My apologies to the readers of the IRS Report Card for not writing for so long. The reality of FATCA’s upcoming start dates has finally started to sink in with Americans abroad and recent immigrants to the US. There are so many issues on the table now both for...
What is a Substitute for Return?
So, you did not file income tax returns with the IRS and are wondering what is going to happen, when will the IRS catch up with me, etc. Generally, the answer is nothing good happens and the IRS will, eventually, catch up. The Internal Revenue Code gives the IRS authority to use all information available to make an assessment against…