If you have foreign bank accounts or interests in foreign assets, you may be required to file the FBAR, which is the reporting of foreign bank and financial accounts. That being said, who enforces the FBAR regulations, and collects on penalties that have been assessed? FinCEN has directed that the enforcement of the FBAR be...Read More
Are distributions from a nondeductible IRA, such as a Roth IRA taxable? IRS Form 8606 can be used to calculate the taxable amount (if any) from a nondeductible IRA. The Video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding Form 8606. You can speak with a...Read More
Taxpayers may receive a IRS Supporting Document Request from the Internal Revenue Service requesting supporting documents for certain items, issues or positions taken on a tax return. Common issues of which the IRS would request a taxpayer support could be IRS Filing Status. For example, if a taxpayer filed head of household, the IRS may...Read More
FinCEN is the Financial Crimes Enforcement Network. The goal and objective of FinCEN is to monitor financial institutions through regulations that require certain record keeping, record maintenance and reporting. Because many crimes such as illegal drug trafficking, terrorism and others involve large sums of money and the use of financial institution, FinCEN and other law...Read More
Are tax liens a matter of public record? If so, why? The answer is, yes, a tax lien, such as a notice of federal tax lien filed by the Internal Revenue Service is made public. The reasoning is the same as to why certain debts are made a matter of public record as it provides notice...Read More
What is the Offshore Voluntary Disclosure Program? Often referred to as the OVDP, this program was created to allow taxpayers with foreign financial accounts and interests to voluntarily disclose their interests for a reduced penalty. Currently the foreign bank reporting requirements require that taxpayers with foreign financial accounts or interests report these interests when the...Read More
IRS Form 8829 is used to calculate business use of the home expenses that can be claimed on your tax return. The form looks at direct and indirect expenses and most expenses are taken on a pro-rata basis. The video below has been prepared by tax attorney John McGuire to provide additional information regarding IRS...Read More
The IRS may issue Form 12257 after an appeals hearing. Form 12257 provides a summary of the determination made by the IRS Appeals Office. Further, by executing the form, you may be waiving certain rights regarding the issue and matter at hand and thus it is important that you agree with the determination made by...Read More
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