The most recent answer from the Court of Appeals for the First Circuit is yes. Why can’t you claim a Fifth Amendment privilege against self-incrimination? The answer is the required records exception, which we will discuss in this post. What is the background? The Bank Secrecy Act regulates offshore banking. […]
Staying abreast of changes in reporting requirements on foreign accounts has been a significant agenda item for anyone who works in the banking field. The signature authority rules have even resulted in overlapping requirements. Proposed regulations would clarify some of the rules for filing Reports of Foreign Bank and Financial […]
For the last few years, more and more U.S. citizens and green card holders have chosen to give up their passports rather than comply with increasingly burdensome offshore account reporting requirements. The Foreign Account Tax Compliance Act (FATCA), in particular, has become a major burden for many expatriates. We wrote […]
Going through the prompts on Turbo Tax is straightforward until you reach the question about whether you have a foreign bank account. If you answer yes, you need to understand that the failure to disclose could open you to serious civil penalties. You can no longer file the Report of […]
“Follow the money” is a well-worn cliché of political life. Of course, tax collection isn’t supposed to be political. But is the IRS evenhanded when it comes to deciding which tax returns get audited? In this post, we will explore that question. Recent data from the IRS itself suggests that […]
Let’s conclude our two-part post on taxes and the Affordable Care Act (ACA or Obamacare). In the first part of this post, we outlined the ways in which you can show the IRS that you are in compliance with the new requirement to have at least “minimal essential” health insurance […]
The IRS didn’t ask for the role of compliance monitor for the Affordable Care Act (ACA or Obamacare). In practice, however, that is what Congress has asked the IRS to do. It’s a role that comes with many responsibilities. In this two-part post, we will explore some of them. Let’s […]
David Bowie’s recent death has revived interest in his work, including the classic song “Changes.” “Ch-ch-ch-ch-changes / (Turn and face the strange),” the Thin White Duke crooned in 1971. He wasn’t singing about tax law, but U.S. taxpayers certainly face plenty of tax law changes every year. In this post, […]
Depreciation is a term of art in tax law. It doesn’t refer directly to something losing value. It refers rather to tax deductions for businesses to reflect the cost of wear and tear on their equipment. Since 2003, these deductions have become increasingly complex. Legislation enacted during the first administration […]
In the first part of this post, we noted the function of the W-2 form for reporting income from wages. With tax filing season now underway, now is the time to look for this form from your employer, if you have employee status. If you do not have employee status, […]