Entries by Tax Attorney

U.S. Taxpayer Reporting Requirements for Foreign Income Producing Real Estate

U.S. taxpayers, who include U.S. Citizens or resident aliens, must report worldwide income from whatever source, subject to the same income tax filing requirements that apply to U.S. Citizens or resident aliens living in the U.S.  This worldwide income reporting requirement also applies to rental proceeds generated by real estate the taxpayer owns and rents […]

A Double Life, Missing Millions and Murder

Amy and Bob Bosley were like local royalty — they owned a million-dollar roofing business and were active volunteers in their community. But a phone call one spring morning would devastate their Campbell County, Ky., domain. “Someone is breaking into my house,” Amy frantically told a 911 dispatcher. “Oh my God, he shot my husband!” […]

What are some of the actions Revenue Officers take to collect taxes?

a.         Garnish wages and levy bank accounts Tax levies are the way that the Internal Revenue Service gets your immediate attention. What they are saying is, We have tried to communicate with you but you have ignored us. Levies are used to seize your wages (commonly referred as garnishment) and whatever other assets you have: Checking […]

IRS Collection Of Employment Taxes

Employment taxes make up two components: 1.         The taxes withheld from each employee’s paycheck – FICA, Medicare, FWT and SWT – we call this component Trust Fund Liability. 2.         The second category is the employer’s matching share of the FICA Medicare withheld by from each employee’s paycheck. Now any business will be liable for […]

Marriage And Taxes

It’s hard to think of a less romantic topic than tax planning but if you and your honey are considering to “tie the knot” here are some tax consequences that you should be aware. Marriage Penalty or Marriage Bonus? In particular, the test is geared toward telling you whether you’ll pay a marriage penalty or get a […]

Jeffrey B. Kahn on Mr. Credit ESPN Feb 13 2014

Topics Covered: 1.         Tax Planning if you are looking to get married – Marriage Penalty or Marriage Bonus? 2.         What are some of the actions Revenue Officers take to collect taxes? 3.         A Double Life, Missing Millions and Murder – can IRS debt lead to death? 4.         The ABC’s of employment taxes and IRS collection efforts. Listen […]

U.S. Reporting Requirements for Certain Canadian Savings Plans

U.S. taxpayers who own a Canadian Registered Retirement Savings Plan (RRSP), Canadian Registered Retirement Income Fund (RRIF) or own or are the beneficiary of a Canadian Registered Education Savings Plan (RESP) may have special tax reporting requirements. Reporting Requirements for all RRSPs, RRIFs, and RESPs Some IRS reporting requirements are the same for RRSPs, RRIFs, […]

Deceased Mother’s Undisclosed Foreign Bank Accounts- What to Do?

Question: My mother just passed away and I inherited $5 million that she kept in offshore bank accounts. The problem is that while she was alive, she did not report the existence of these accounts on the FBAR nor did she report the interest income made on these accounts on her tax returns. What are […]

IRS Insists – No More FATCA Implementation Delays

U.S. tax authorities and foreign governments are on track to conclude dozens of agreements in coming months on the sharing of financial data about citizens giventhe July 1, 2014 deadline nearing for implementation of a sweeping U.S. anti-tax evasion law – the Foreign Account Tax Compliance Act (FATCA).  If a foreign bank or financial institution […]