My apologies to the readers of the IRS Report Card for not writing for so long. The reality of FATCA’s upcoming start dates has finally started to sink in with Americans abroad and recent immigrants to the US. There are so many issues on the table now both for...
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What is a Substitute for Return?
So, you did not file income tax returns with the IRS and are wondering what is going to happen, when will the IRS catch up with me, etc. Generally, the answer is nothing good happens and the IRS will, eventually, catch up. The Internal Revenue Code gives the IRS authority to use all information available to make an assessment against…
OVDI STREAMLINED PROCEDURE COULD BE GREATLY IMPROVED
I am pleased to republish, with the permission of Tax Analysts, this excellent letter by Richard Westin. Mr. Westin comments on the issues taxpayers face when complying with the complex rules covering voluntary disclosures and OVDI. To the Editor: For reasons of its...
Update on the Veterans Tax Assistance Project
Most of you will recall that I am working with a group of local tax practitioners to form a 501(c)(3) virtual, public interest law/accounting firm (I use this term loosely and cautiously) solely for the purpose of supplying pro bono professional tax services to...
What Happens When the IRS Issues a Levy?
I have written before how procrastination can be a killer when it comes to taxes. It is fair to say that in most cases, if the IRS considers itself compelled to use the enforced collection tool of issuing a levy, chances are it is the direct consequence of procrastination. Tax issues must be addressed as though they are a top…
FATCA: ‘Simple Premise’ Gone Terribly Wrong
I am happy to repost an article by Lynne Swanson whose blog is The Maple Sandbox and Victoria Ferauge who publishes the blog, The Franco-American Flophouse. Their article, "FATCA: Simple Premise Gone Terribly Wrong" originally appeared in The Hill’s Congress Blog on...
Update On Current Offshore Voluntary Disclosure Practice: IRS Report Card: C-
It should be obvious to practitioners and taxpayers alike that the IRS offshore voluntary disclosure program first announced in 2009, is not for everyone. It is expensive, time consuming and sometimes nerve-wracking. But for those taxpayers and practitioners who still...
Renewing Your US Passport? BEWARE — – State Department Turns Over Your Social Security Number & Location to the IRS
For this post, I am happy to republish a recent blog by Virginia La Torre Jeker, J.D. ([email protected]) my able colleague on the ACA Professional Tax Advisory Council who writes about increased efforts on the part of the State Department to check with the IRS before...
IRS, FATCA, NSA, And The International Banking Conspiracy
IRS? CIA? FBI? Most kids in school know what these acronyms mean. But NSA? What’s that? National Security Agency? What do they do? Although it has been an 800 pound gorilla in the room for quite some time, it is only now, with the recent disclosure and intimation of...
The IRS Tea Party Scandal
The fallout from the IRS/Tea Party Scandal will be felt for a long time. The damage done to the IRS as an institution once revered as probably the best tax collector in the world, is only part of this disaster. The real fallout will be felt for years to come, all over...