If you pay taxes in the U.S. but also had one or more financial accounts with at least $10,000 in assets outside the U.S. at any point during the year, you’re typically required to file a Foreign Bank Account Report (FBAR) with FinCEN. U.S. citizens have to pay tax...
Taking A Cooperative Approach To Your Legal Issues
Month: January 2023
Superseding Tax Return v. Amended Tax Return
What should you do if you discover a mistake in your tax return after it is filed? There are a couple of options available to make corrections depending on when the error is discovered. Most taxpayers know that a tax return can be amended. The lesser-known and better...
Taxpayer Advocate Releases 2022 Annual Report
The National Taxpayer Advocate released her 2022 annual report this week, which describes the many challenges facing the IRS. High on the list, to no surprise, is the very poor quality of customer service provided to taxpayers. The report states “The main focus of...
4 reasons people don’t file taxes
Once a year every year, most people have to file income taxes. However, many do not. As a result, many of these people will face penalties on top of the tax they owe. The big question is, why do so many people fail to file their taxes? There are many reasons that...
What is an offer in compromise?
If you haven’t paid taxes in years, you could owe an incredible amount of back taxes that may not actually be affordable to you. This often concerns people because they’re worried about how they’re supposed to come up with this much money and what the government is...