eBook | Foreign Asset Reporting: Navigating the Choppy Financial Seas.

Fifth Amendment Privilege: The Balance Between Progress and Taxpayer Protection

I wish to graciously acknowledge the work of Valerie Vlasenko, Esq. from the law firm of Agostino & Associates, P.C. whose keen insight and innovative thinking as reflected in her article entitled, “Fifth Amendment Privilege in Tax: How to Keep the Case Moving While Protecting the Taxpayer,” has proven invaluable. Her guidance offers a practical […]

Opposing Imposition of a Consecutive Sentence in New Jersey

Frequently, the prosecutor may argue that all or some counts of an indictment be made to run consecutively and not concurrently to one another. Defense counsel must oppose this. But how? What follows is the case law and an analysis on the criteria that judges must follow in deciding whether a sentence should be made […]

Contesting an IRS Decision in an Independent Forum: An Uphill Battle

In general, the IRS doesn’t like to be questioned. While the tax code is a behemoth of a document and it is virtually impossible for anyone to fully understand every aspect of taxation in the United States, the IRS still likes to cling to the notion that it is correct in all circumstances, even when […]

New Willful FBAR Case is Eerily Foreboding for Taxpayer

A new willful FBAR penalty case is getting way in the Southern District of New York. And from the looks of it, the taxpayer appears to have an uphill battle. In United States v. Gentges (USDC SDNY Dkt. 7:18-cv-07910), the Government filed suit to collect a “willful” FBAR penalty from a New York resident for a single […]

A Quick Primer on Form 5471 and Some Hidden Pitfalls to Avoid

Form 5471 is triggered in situations where a “U.S. Person” owns an interest in a “foreign” (non-U.S.) corporation. The specific reporting requirements for Form 5471 are found in Internal Revenue Code Sections 6038 and 6046. Broadly speaking, the purpose of Form 5471 is to identify “U.S. Persons” who: own at least 10% of a “non-U.S.” […]

OVDP Sunsetting on September 28 – New Procedures On The Horizon

On September 4, 2018, the Internal Revenue Service (IRS) reminded taxpayers that they have until September 28, 2018 to apply for the Offshore Voluntary Disclosure Program (OVDP). Back in March, the IRS announced that it would be discontinuing the program on September 28, 2018. This does not mean that the IRS is going to discontinue pursuing taxpayers […]

Failing to File an FBAR Can Mean Big Fines and Big Penalties

There’s no denying the will of the government. In the U.S., what the government says effectively goes, and if you don’t like it – well, that’s too bad. And nowhere is this truer than it is in the case of willful FBAR penalties. Imposed as a way to enforce foreign account reporting for American citizens both domestic and […]

The Curious Tax Case of Accidental Americans

In general, the United States government is adept at primarily imposing its laws and policies on those who live in the country or are otherwise closely associated with the goings-on of the country. This is, of course, as it should be – despite the occasional propensity of the government to stick its nose where it […]