The IRS offers five reasons why you should file a tax return even when it is not required. According to the IRS: Most people file a tax return because they have to. Even if a taxpayer doesn’t have to file, there are times they should. They may be eligible for a tax...
Taking A Cooperative Approach To Your Legal Issues
Month: January 2017
NRP Audits – The Honest Taxpayer’s Worst Nightmare
An audit by the IRS of tax returns can be very intimidating. When the IRS audits a taxpayer they usually don’t look at every single line item on a tax returns, and they don’t’ look at every single receipt. This is particularly true when a taxpayer demonstrates...
New FBAR Filing Due Date in Effect
Some U.S persons that have a financial interest in, or signature authority over, financial accounts outside the United States are required to file FinCEN Report 114, commonly referred to as the FBAR. This requirement is imposed by the Bank Secrecy Act. The law has...
U.S. v. Bohanec – Another Court Case on the Willful FBAR Penalty
U.S. v. Bohanec, a case decided in the U.S. District Court for the Central District of California, involved a married couple both of whom immigrated to the United States. They owned a camera shop that grew to a successful international business using Ebay as their sales platform. They started depositing income earned outside the United States in a bank account…