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If I went over the toll bridge and through the barrier without paying the toll, I would be committing tax evasion. However, if I drive the extra mile outside the city… take the free bridge, I am using a legitimate, logical and suitable method of tax avoidance… For my tax evasion, I should be punished. For my tax avoidance, I should be commended. The tragedy in life is that so few people know that the free bridge even exists.

Former Supreme Court Associate Justice Louis D. Brandeis

Blog

Report of Foreign Bank Accounts by Green Card Holders

In the eyes of the IRS, there is no difference between Green Card Holders and US citizens for tax purposes. That is, Green Card Holders have the same tax reporting obligations as US citizens. A Green Card Holder is at risk of significant non-compliance depending upon the value… Read More

Coming Forward to Resolve a Failure to Report Foreign Bank Accounts

There are several ways to cure foreign bank account noncompliance. The primary method is the Streamlined Compliance Procedure. In order to qualify for the Streamlined Compliance Procedures, the taxpayer’s failure to disclose his or her foreign bank accounts must be non-willful, he or she must have timely filed… Read More

Foreign Tax: Reasonable Cause Abatement of Penalties

A Reasonable Cause argument may be asserted in defense of penalty assessments. It is a delicate and precise argument however and it takes knowledge of the Regulations, the Internal Revenue Manual (IRM) and relevant caselaw discussing Reasonable Cause. Within the IRM, Reasonable Cause is generally defined as: “reasonable… Read More

Main YouTube Channel Overview

Knowledge is Power when negotiating with the IRS. You must know what they know to be successful. I want to help you obtain that knowledge. This is a short introductory video to tell you a little bit about myself and the TAX videos discussed on my Channel. If… Read More

Foreign Bank Account Disclosure Requirements

A taxpayer should report his or her foreign bank accounts annually, so long as the foreign accounts meet certain reporting criteria. There are generally two reporting obligations and both have different measures: one requirement is IRS Form 8938, Statement of Specified Foreign Financial Assets, to be filed with… Read More

IRS Reporting of Gift from Foreign Persons

Gifts from foreign persons to US persons may be reportable to the IRS and may be taxable. However, just because something is reportable does not mean it is automatically taxable. First, there are important monetary thresholds to keep in mind. A US person who receives – and treats… Read More