The Bank Secrecy Act imposes penalties for failure to disclose overseas accounts with balances of more than $10,000 during any day during the tax year- draconian penalties if failure to disclose is … [Read more...] about $12 Million FBAR Penalty
ETA
Can the IRS Expand its Audit Years?
You receive an IRS notice that it will be auditing tax year 2020. Can the IRS expand the audit to include subsequent tax years? What Tax Years Can the IRS Audit? The basic rule is that the … [Read more...] about Can the IRS Expand its Audit Years?
IRS Crisis Is Worse than Previously Reported
On January 25 we reported that the IRS had 11.6 million returns from prior years that it had not processed going into the 2022 tax season. It now appears the IRS may have had a … [Read more...] about IRS Crisis Is Worse than Previously Reported
Refinancing Considerations
Should you refinance? What if you owe the IRS tax debt? What is a Refinance (Refi)? When you refinance your home, you are getting a new mortgage to pay off your existing mortgage. Why … [Read more...] about Refinancing Considerations
IRS Is In Crisis Mode
This comes as no surprise to taxpayers and tax professionals. Now the IRS's Internal Watchdog has issued a warning. It likely is going to get worse! Who Is the IRS Watchdog? The Taxpayer … [Read more...] about IRS Is In Crisis Mode
Retirement Planning – Health Savings Account (HSA)
Kiplinger published on January 5 an article by Kevin Webb, CFP, about using HSA accounts to fund retirement. Déjà vu: Our July 5, 2016 Blog Discussed this Strategy. When financial advisors … [Read more...] about Retirement Planning – Health Savings Account (HSA)
