What happens when a taxpayer fails to file the required gift tax return? How severe are the penalties for failure to file? Cautionary Note While we address certain aspects of the … [Read more...] about Penalty Enigma-Failure to File a Gift Tax Return
partial installment agreements
How a $7.00 Penalty Cost a Taxpayer $268,000
What happened when taxpayers instructed their tax preparer to file an extension of time and to debit their checking account for $1.8 Million to pay the balance due the IRS? Osterwijk versus … [Read more...] about How a $7.00 Penalty Cost a Taxpayer $268,000
$12 Million FBAR Penalty
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
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
