daniel Downey for forbes The penalty for fairly innocent goofs can run into the millions of dollars. Is there any limit to how unpleasant the IRS can be with people who pay all their taxes but don’t f...
Tag: FBAR
Supreme Court Weighs Steep IRS Penalties On Foreign Bank Accounts
Concept image for filing federal income taxes online and being audited. Computer keyboard, … [+] calculator and pen are placed on income tax form 1040. The ‘word’ AUDIT is stamped on...
Grandmother Urges Supreme Court To Stop The IRS From Confiscating Bank Accounts
After the IRS demanded half of her bank account for failing to file a one-page form, an 82-year-old grandmother is calling on the U.S. Supreme Court to reject that penalty as an unconstitutionally exc...
IRS Audits With No Time Limit And No Statute Of Limitations
A stock photo of a Red Audit stamp on a 1040 US individual income tax return. Photographed at 50mp … [+] with the Canon EOS 5DSR and the 100mm 2.8 L lens. Getty With 87,000 new IRS agents on the...
Boris Johnson’s Big Win? Beating IRS
Whether you love him or hate him, UK’s dethroned Prime Minister was sure different. He will be pilloried for a while yet, probably much more pilloried than praised. But anyone who has faced off with A...
How IRS Can Tax ‘Gifts’ and Impose Big Penalties
Are gifts income the IRS can tax? Fortunately, no, but the line between what is income and what is a gift is sometimes fuzzy. Let’s say you do major favors for your employer and get a gift of $20,000,...
IRS Lists Top Ten Criminal Tax Cases Of 2021
Any tax audit can be frightening, but criminal tax cases are the worst. And since it’s time for Americans to start thinking about the 2021 tax returns and filing by April 18, the IRS has some reminder...