Monthly Archives: August 2013

HOW DIFFICULT IS IT FOR A FOREIGN COUNTRY TO OBTAIN TAX INFORMATION UNDER AN INCOME TAX TREATY WITH THE U.S.?

Posted on August 26, 2013 by taxpenaltylawyer

Many non-residents or U.S. tax residents holding a passport of another country worry about the U.S. government sharing information about their U.S. financial activities with their home country. Solomon Juan Marcos Villarreal (Villlarreal), a Mexican national, tried to block the … Continue reading →

Posted in TAX, TAX INFORMATION EXCHANGE AGREEMENTS | Tagged , , , , , , , , | Leave a comment

UNFAIRNESS TO FORMER SPOUSE IN PAYING TAX LIABILITY OF FORMER HUSBAND IS NOT A FACTOR IN INNOCENT SPOUSE EQUITABLE RELIEF WHEN JOINT RETURN WAS FILED

Posted on August 22, 2013 by taxpenaltylawyer

O’Neil v. Commissioner T.C. Memo 2012-339 is a good innocent spouse case to read.  Without going into all of the dreary details, the bottom line is that the parties were married and then divorced.  While they were estranged and still separated, … Continue reading →

Posted in DIVORCE, EQUITABLE RELIEF, INNOCENT SPOUSE, JOINT RETURNS, TAX | Tagged , , , , , | 2 Comments

NOOSE TIGHTENING ON UNREPORTED OFFSHORE ACCOUNT HOLDERS

Posted on August 17, 2013 by taxpenaltylawyer

August has been a busy month for weaving tighter the growing web of international snares laid for catching offshore tax evaders. On August 13, the U.S. and Cayman Islands announced agreement on a Model 1 Intergovernmental FATCA implementation agreement.  Under … Continue reading →

Posted in 2012 OVDP, COMPLIANCE, FBARS, NEW OVDP, TAX, TAX INFORMATION EXCHANGE AGREEMENTS, VOLUNTARY DISCLOSURE | Tagged , , , , , , , , , , , | 2 Comments

E-FILING OF FBARS NOW MANDATORY

Posted on August 5, 2013 by taxpenaltylawyer

The Financial Crimes Enforcement Network (FinCEN) has issued its Final Notice requiring the electronic filing of most Bank Secrecy Act (BSA) reports by July 1, 2012. The mandated reports filed by financial institutions include: Suspicious Activity Reports (SARs) filed by … Continue reading →

Posted in 2012 OVDP, COMPLIANCE, FBARS, TAX, TAX CRIMES | Tagged , , , , , | Leave a comment

FILING BANKRUPTCY BEFORE SEEKING INNOCENT SPOUSE RELIEF ON IRS CLAIM ENDS IN DISMISSAL OF BANKRUPCY CASE AT REQUEST OF DEBTOR

Posted on August 3, 2013 by taxpenaltylawyer

Pearl Dwek filed for bankruptcy under Chapter 13.  Before the Court had confirmed her plan, she filed a motion to modify the stay to extend the period of her payment plan to allow her to proceed in U.S. Tax Court … Continue reading →

Posted in INNOCENT SPOUSE, IRS COLLECTIONS, STATUTE OF LIMITATIONS, TAX, TRUST FUND PENALTY | Tagged , , , , , , , , , | Leave a comment