Failure to Report Foreign Account Results in Fine of 50% of Account Balance

Taxpayer liable for maximum willful FBAR penalty of 50% of account balance for failing to report foreign assets. The willful FBAR penalty battle rages on. The recent holding in Kimble vs. United States is a tremendous setback to taxpayers who have been delinquent with their foreign account reporting. Here is...

The 2019 IRS “Dirty Dozen” Tax Scams #5 and #6: Inflating Tax Refunds and Falsifying Income

Other Posts in this Series #1: The Dangers of Phishing #2: Phone Scams Getting More Sophisticated #4: Tax Preparer Fraud – The Ultimate Deception #7: Overstating Deductions #8: Fake Charities #9: Improper Claims for Business Credits #10: Failure to Report Offshore Funds #11: Frivolous Tax Arguments #12: Abusive Tax Shelters,...

The 2019 IRS “Dirty Dozen” Tax Scams #4: Tax Preparer Fraud – The Ultimate Deception

Other Posts in this Series #1: The Dangers of Phishing #2: Phone Scams Getting More Sophisticated #5 and #6: Inflating Tax Refunds and Falsifying Income #7: Overstating Deductions #8: Fake Charities #9: Improper Claims for Business Credits #10: Failure to Report Offshore Funds #11: Frivolous Tax Arguments #12: Abusive Tax...