Tag: tax noncompliance

The Danger Of Relying On AI For U.S. Tax Advice

Artificial intelligence tools such as ChatGPT and Grok are becoming household fixtures with Americans increasingly turning to them.  These tools are being used to find answers on everything from cooking recipes to complicated tax questions.  How reliable is AI for taxpayers seeking tax advice, particularly on U.S. international tax issues? While AI has laudable capabilities … Continue reading The Danger Of Relying On AI For U.S. Tax Advice →

Foreign Accounts and Assets: How I Approach a “Streamlined” Tax Filing Nowadays

The Internal Revenue Service (IRS) Streamlined Procedures of 2014 are still available for taxpayers with tax noncompliance issues that involve unreported income from a foreign financial asset. The Procedures can help taxpayers who have not filed certain information returns associated with the foreign asset (e.g., Form 8938; Form 5471 pertaining to ownership in a foreign … Continue reading Foreign Accounts and Assets: How I Approach a “Streamlined” Tax Filing Nowadays →