On August 7, 2018 we posted Court of Claims Rejects Colliot & Wadhan: Willful FBAR Penalty Not Limited to $100,000, where we discussed that July 31, 2018 in Norman v. United States, Ct. Fed. Cl. Dkt 15-872, the Court held that the taxpayer Norman was liable for the FBAR willful penalty and this Court rejected the…
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Student Faces $400K Crypto Tax Liability on Holdings Worth $125K
According to the Toshi Times a California-based college student who turned $5,000 into $880,000 through trading cryptocurrency is now facing $400,000 in taxes. The crux? Following this year’s market-downturn, his current portfolio is only valued at $125,000. More specifically, this student recently took to Reddit to share his story and ask the cryptocurrency community for…
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J5 International Tax Hunt Continues!
On July 17, 2018 we posted The J5 International Tax Hunt is On!, where we discussed that the tax authorities of the UK, US, Australia, Canada and Netherlands have set up a joint committee to improve international enforcement against tax crime and money laundering. The first meeting of the so-called J5 Group (Joint Chiefs of Global Tax Enforcement) was…
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The REAL Truth About Offirs in Compromise
My colleague Steve Klitzner posted in his newsletter The Truth About Offers In Compromise where he discusses the realities regarding Offers In Compromise. He goes on to state "In the real world, people and businesses settle for less all the time. So when they come to Steve with a tax problem, they want to know…
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