IRS Archives

2 takeaway lessons from the IRS publication for upcoming tax year

Determining tax obligations is rarely an easy task, but it is likely to be even more difficult for the 2018 tax year. The passage of the Tax Cuts and Jobs Act (TCJA) led to major changes in the tax code. Some of these changes are relatively obvious to navigate, others are extremely complicated.

Can the IRS enforce the FATCA?

The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to register with the Internal Revenue Service (IRS) and report the holdings of United States taxpayers. Foreign institutions that fail to abide by this law face serious monetary consequences — up to 30 percent of the income received from U.S. sources.

Court provides clarity on standard of proof in FBAR dispute

The United States of America filed suit against a taxpayer for his alleged “willful” violation of the requirement to report an interest in a foreign account. The government had already established the taxpayer was required to file a Report of Foreign Bank and Financial Accounts (FBAR). The court is asked to determine which standard of review is required to establish if the violation was willful.  

  • ABA | American Bar Association
  • AV Preeminent | Peer Rated for Highest level of Professional Excellence | 2018
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  • American Bar Academy of Attorney - CPAs | The power of the dual view
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