Foreign Trusts: IRS CP15 Penalty Notices For Late Form 3520-A Traumatize Many Innocent Taxpayers!
Reprinted here from TaxConnections.com. It was early on a Monday morning, and I dragged myself in after a long weekend of reg. buzzing and Code section perusing. I was not looking forward to the day. I played a message on my answering machine that made me want to return home and crawl back into bed.…Read More
Your Unfiled FBARs
Perhaps you were born and raised in the United States, but left years ago to make a life in another country. You never thought about filing tax returns in the United States because you did not live here. Then one day your bank informs you that your name and Social Security number, as well as the value of your accounts, has been given to the IRS. You wonder why, and with a little Googling you discover that your obligation to file a US tax return never ended. You also discover, with shock and horror, that you might be on the hook for massive penalties for failing to file something called an FBAR.Read More