Virginia La Torre Jeker, J.D. — US tax matters affecting international clients
The IRS Commissioner Danny Werfel announced some good news for taxpayers at the end of October 2024. The IRS has ended its practice of automatically assessing penalties when a taxpayer voluntarily submits a late Form 3520, Part IV. This form deals with the obligation of U.S. persons to report to the IRS the receipt of … Continue reading Late Form 3520 Foreign Gifts And Bequests, Good News From IRS
Roger Ver, an early Bitcoin investor renowned as “Bitcoin Jesus” for his evangelism of cryptocurrency since 2011, now finds himself in a legal maelstrom. Ver, a controversial figure in the blockchain world, was arrested in April 2024 in Spain on U.S. criminal charges stemming from allegations of mail fraud, tax evasion, and filing false tax … Continue reading Bitcoin Jesus Challenges Constitutionality Of Expatriation “Exit Tax”
The IRS has established a new pass-through compliance unit within its Large Business and International division, as announced on October 22, 2024. This unit aims to tackle “complex financial arrangements”, targeting high-net-worth individuals and entities that use partnerships, S-corporations, and trusts to reduce their tax burdens. Funded by the Inflation Reduction Act, the initiative seeks … Continue reading IRS Just Launched Pass-Through Compliance Unit: Heightened Focus on Trusts Including Foreign Foundations
Many people face the dilemma of what to do with old tax returns and supporting paperwork, often wondering when it’s safe to discard them. However, determining the right time can be tricky, especially for taxpayers with foreign assets. Those with overseas financial interests must pay particular attention for several reasons, including expanded statutes of limitation … Continue reading IRS Tax Records, Foreign Assets: When (And What) To Keep Or Toss
Navigating the intricacies of U.S. tax laws can be challenging, especially for green card holders living abroad. Green card holders have concerns that remaining outside the United States for too long may result in loss of the green card. One area that often causes confusion for green card holders is the “foreign earned income exclusion,” … Continue reading Green Card Holder Works Abroad: Tricky U.S. Tax And Immigration Issues
My article is copied in full below. It first appeared on Forbes July 24, 2024 – link here. You can follow me on Forbes for free. Imagine this: You have a pressing tax question and, like many, you turn to Google. Among the plethora of results, you spot information from the IRS, including its … Continue reading The Scary Truth About Navigating IRS Tax Guidance
Precise statistics on the exact number of passports revoked or denied specifically because of substantial tax debt are not readily available. The IRS and the State Department do not regularly publish detailed breakdowns of passport revocations or denials by cause. What is known is that since the enactment of the FAST Act, tens of thousands … Continue reading Grounded By IRS: U.S. Passport Denied Or Revoked For Delinquent Taxes
My article copied below first appeared on Forbes July 12, 2024 – link here. You can follow me on Forbes for free. ~~~~~ The June 20, 2024 report by the Treasury Inspector General for Tax Administration came as a shock to many. The TIGTA report explained that to meet an audit quota set in 2020, … Continue reading IRS Increased Audits Of The Rich: A Flop In Finding Noncompliance
The Department of Justice and the IRS are champing at the bit to nail former defense contractor, Douglas Edelman, and his French wife Delphine Le Dain. They were charged with schemes to defraud the United States and evade taxes on more than $350 million using a complicated nominee arrangement. "Oh Mr. Taxman, I know it looks like my … Continue reading Mr. Taxman @IRS: Looks Like My Money, But It Really Isn’t…
UPDATE Oct. 31 2024 -- the "international tax expert" discussed in this article was just sentenced to over 15 years. Be careful out there. Sadly, we are living in an age where carelessness (and far worse) abounds, even when dealing with professionals. When it comes to US tax advice and returns, having an honest advisor … Continue reading Tax Return Preparer’s Mistakes Or Fraud: Innocent Taxpayer Takes Hit
Virginia - US TAX TALK 