Entries by Tax Attorney

Beware the Potential Tax Pitfalls of Investing in Offshore Mutual Funds – “PFIC” Concerns

U.S. persons ought to be aware of the potential tax heartaches associated with investing in mutual funds held by foreign banks or foreign brokerage firms. When making such investments through U.S. firms, any appreciation or depreciation of value of the funds is not recognized as gain or loss until the fund is sold or liquidated.  […]

Avoiding Penalties Through the First Time Abate Policy

Taxpayers who are facing a potentially large IRS penalty for late or unpaid taxes may be eligible for relief through the First Time Abate policy. This provides an opportunity for people who have fallen behind to become current on their tax obligations while eliminating any penalties from a previous tax issue. The First Time Abate […]