Clock Ticking On The Offshore Voluntary Disclosure Program
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Debt After Discharge: The Responsibilities of the IRS
Bankruptcy is often a last-ditch effort for individuals who feel as though there’s no way out of a bad financial situation. Making the choice to file often comes with a litany of challenging emotions like fear, guilt, and anxiety, but virtually all filers feel as though most of their debt struggles will be minimized or […]
Rescued From the Brink of Insanity: How To Tell Whether Litigation Damages Are Taxable
You’ve just settled a long and arduous lawsuit with a hostile adversary who wouldn’t give an inch. As you are reclining back in your easy-chair and relishing the moment, it suddenly dawns on you, “Must I pay taxes on this award?” This is an important question, yet one that is easy to overlook with the […]
IRS Ramping Up Efforts To Deny And/Or Revoke The Passports Of Nearly 362,000 Americans
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Montgomery vs. US: Shedding New Light on What Freedom of Information Really Means
Freedom isn’t always as free as it sounds, particularly when the government is involved. Montgomery vs. US began, as many enthralling cases do, with aggressive action by the IRS. The plaintiffs in this case, Thomas Montgomery and his wife, Beth, were suspected to be claiming sham partnership deductions for the purpose of reducing their tax […]
New Compliance Campaigns by the IRS in 2018
Regularly, the Internal Revenue Service focuses its attention on new areas that may need regulation and tax scrutiny from the federal government. Because of the IRS’s reputation, it’s easy to confuse related initial contacts with audits, but the IRS has a very specific approach when it comes to creating new tax regulatory schemes over previously unregulated areas. […]
Clock Ticking Down on the Offshore Voluntary Disclosure Program, Time Is Of The Essence
Just when you thought it was safe to get back in the water, the IRS has issued a stern warning to taxpayers that unreported foreign accounts and income remain a top priority for enforcement. And your chance to seek shelter in the OVDP bunker before the IRS sniffs you down like a bloodhound is slowly fading. Since 2008, the IRS […]
Blockchain and Trademark Law: So Perfect Together?
We’ve all heard the term “blockchain” if we pay any kind of attention to the financial news. We’ve heard it in the context of cryptocurrencies like Bitcoin, the volatile currency that exploded in value a few years ago and made Internet geeks into millionaires. What would the experience of using cryptocurrency tell us about the […]
Recent Tax Court Case Casts Light on CDP Shortcomings and Pitfalls Surrounding Reasonable Collection Potential
When you drop a large rock into a pool of calm water, ripples appear and spread and eventually they will touch the entire surface of that pond, drastically changing its appearance. And the case of Gallagher v. Commissioner was a very big one indeed. Gallagher v. Commissioner is a great example of how things work when […]
Updates on IRS Collection Issues
In this podcast, I cover a few of the more prominent collection issues that the IRS recently updated.