A request for public comment reveals the IRS is considering updates to the Voluntary Disclosure practice. The agency states its “commitment to improve its processes, and to further incentivize non-compliant taxpayers to come into compliance.” Key Takeaways Now That the IRS is Considering Updates to the Voluntary Disclosure Practice: The...
The IRS will Discover Your Offshore Financial and Digital Activities
As long as there have been taxes levied in the world, there have been those who try to work the system or evade taxes altogether. Unfortunately for many, the world has become a much smaller place for those who wish to underreport income or shelter their income and assets. The...
Why is a PFIC a Potentially Punitive Tax Consequence
What is a Passive Foreign Investment Company or PFIC, and why is a PFIC a potentially punitive tax consequence? Why is it important for any U.S. expatriate or U.S. taxpayer living or investing overseas to understand the concept of a PFIC and the implications these investments have on income tax...
IRS Continues to Tighten Focus on U.S. Cryptocurrency Investors
2025 has brought substantial new challenges as the IRS continues to tighten its focus on U.S. cryptocurrency investors. Cryptocurrency brokerages are required to report gross proceeds for each digital asset transaction they manage on IRS Form 1099-DA. This requirement applies to all digital currency transactions on or after January 1st...
How Might Marrying a Non-US Citizen Affect Your Taxes?
How might marrying a non-US citizen affect your taxes? What are some of the hidden issues that the IRS, California, and other state tax agencies may raise in an audit? Key Takeaways: The Ways in Which Marrying a Non-US Citizen Affect Your Taxes: The United States taxes the worldwide income...
What You Need to Know About the IRS Math and Taxpayer Help Act
What do you need to know about the IRS Math and Taxpayer Help Act? What is the status of the reforms contained within the provisions of H.R. 998? Important Takeaways About the IRS Math and Taxpayer Help Act: The U.S. House of Representatives passed H.R. 998, The IRS Math and...
U.S. Taxpayers with Offshore Investments Should Be Wary of PFICs
U.S. taxpayers with offshore investments should be wary of PFICs (Passive Foreign Investment Company). Many foreign nationals live and work in the United States. For those who invest in offshore companies that generate income in a passive nature (i.e. rents, royalties, interest, income from commodities or derivative trading) are permanent...
The New IRS Tax Bracket Changes for 2026
The cat is out of the proverbial bag as the new IRS tax bracket changes for 2026 have been published. The IRS has released the 2026 income tax brackets for U.S. taxpayers. How will this impact the tax picture of most Americans? Key Takeaways About the New IRS Tax Bracket...
Omissions, Fraud, or False Information on a Tax Return
What happens if you are accused by the IRS, the FTB, or another California tax agency regarding omissions, fraud, or false information on a tax return? The short answer is simple: failure to make a full, transparent, and honest disclosure, or fraud and false information associated with a tax return,...