According to Law360, the Internal Revenue Service lost a fight in the D.C. Circuit on July 27, 2018 when the court ruled that it unreasonably interpreted tax law to prevent Marshall Islands-based Good Fortune Shipping from proving it was entitled to a tax break based on its ownership. Good Fortune sought to exclude its U.S.-source gross transportation…
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The IRS is Issuing Notice CP508 C – Notice of Certification of your Seriously Delinquent Federal Tax Debt to the State Department to Taxpayers!
On July 17, 2018 we posted, Don't Be 1 of the 362,000 Americans Waiting To Have Their Passports Revoked Because They Owe Back Taxes! where we discussed that the IRS issued Notice 2018-1 on January 16, 2018, which provides guidance for implementation of the new IRC 7345 and also discussed that the IRS webpage on Revocation or…
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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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