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It may come as a surprise, but Estates do file FBARs if they meet certain requirements. And failure to file a required FBAR has serious penalty ramifications. Generally, FBARs apply to U.S. Persons. But a “U.S. Person” includes a citizen, resident, corporation, partnership, LLC, trusts and “estates”. An… Read More

Members of Congress are starting to express concerns over whether the IRS will be ready for next 2020 tax season (in 2021) – as it is still processing millions of pieces of mail that went unaddressed for months during the COVID-19 pandemic. Members of the House Ways and… Read More

Very big news in the world of cryptocurrency – PayPal announced on October 21st, 2020, the launch of a new cryptocurrency service that enables its customers to buy, hold and sell crypto assets. Paypal was granted New York State’s first “conditional BitLicense. In its cryptocurrency terms and conditions,… Read More

On our Resources page, I have written firmly concerning a taxpayer’s obligation to file a tax return. The question of whether you have an obligation to file a tax return (when you are required to do so) is nonnegotiable. If you have a filing requirement, it is a… Read More

There is a larger article concerning Cryptocurrency and Estate Planning written on our Resources page; but I thought I would hit a few of the highlights here. Simply, “traditional” estate planning models, language, and documents are not sufficient to deal with the crypto asset revolution. Just a few… Read More

Receiving a Chapter 7 discharge can be an exciting time because it is a fresh start ahead. You are no longer personally liable for those personal debts existing at the time you filed your Chapter 7 Bankruptcy. But be beware of one snag in the machinery – the… Read More