What are the U.S. gift tax rules for citizens, residents, and nonresidents?
U.S. citizens and residents are subject to a maximum rate of 40% with exemption of $5 million indexed for inflation. Nonresidents are... Read More
Is my tax case criminal?
When does a taxpayer’s negligence, inadvertence, mistake, or good-faith misunderstanding of the law rise to the level of a civil fraud penalty... Read More
What are the options if a taxpayer owes money to the Internal Revenue Service or California Franchise Tax Board?
Both the IRS and FTB have the authority to collect a balance due through various enforcement actions including levies on wages, salary,... Read More
What is tax fraud?
WHAT IS TAX FRAUD? Tax fraud is often defined as an intentional wrongdoing on the part of a taxpayer, with the specific... Read More
What happens if a U.S. citizen renounces citizenship?
The Internal Revenue Code imposes a special alternative tax regime on U.S. citizens who renounce their citizenship. The Internal Revenue Code provides... Read More
What happens if an individual fails to report a foreign bank account?
Federal law requires individuals to report annually to the Internal Revenue Service any financial interests they have in any bank, securities, or... Read More
What is an IRS voluntary disclosure and to what extent does it protect against criminal prosecution?
It is currently the practice of the IRS that a voluntary disclosure will be considered along with all other factors in the... Read More
What are the IRS reporting obligations for an individual who receives a foreign gift or inheritance?
In general, a foreign gift is money or other property received by a U.S. person from a foreign person that the recipient... Read More