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Monthly Archives: July 2018

2nd Taxpayer Victory on a FBAR Penalty Case – FBAR Limited to $100M!

On May 22, 2018 we posted  A Taxpayer Victory on a FBAR Penalty Case - FBAR Limited to $100M! where we discussed that the IRS had sued a Texas man to collect hundreds of thousands of dollars in unpaid civil penalties, plus interest, for the taxpayer’s allegedly willful failure to report offshore accounts on Foreign Bank and Financial…
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Senate Approves Charles “Chuck” Rettig as IRS Commissioner!

On January 24, 2018 we posted, Trump to Name Tax Lawyer Rettig as IRS Commissioner - Good Choice! where we discussed that Pres. Donald Trump plans to nominate tax lawyer Charles "Chuck" Rettig as IRS commissioner, Politico reported and that he will also have to deal with an agency weakened by sharply reduced staffing after budget cuts by…
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IRS Cost-Sharing Regulations Revived By Appeals Court

According to Law360, the Ninth Circuit on Tuesday reversed a decision by the U.S. Tax Court that invalidated an Internal Revenue Service cost-sharing regulation in a dispute with an Intel Corp. subsidiary, saying the revenue agency did not exceed its authority in promulgating the rule. In a 2-1 decision, the appeals court said the IRS is…
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Understanding IRS Tax Audits – Part I

Careful advance preparation can help reduce the scope of a tax audit or examination and can lead to a more favorable outcome. Although a thorough understanding of the underlying facts and applicable law is a must, understanding IRS procedures is critical to preserving a taxpayer’s rights. We summarize below and in Parts II & III,…
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