This blog post has been updated to reflect updated FAQs released by the IRS and IRS Notice 2020-20. You can view the FAQs by following this...
Category: Blog
COVID-19 May Cause Defaults in Compromise and Settlement Agreements with the Texas Comptroller
March 20, 2020
Along with the many ails COVID-19 brings to the table is the possibility that it will cause a default on payments due under Compromise and Settlement Agreements with the Texas Comptroller. The potential implications of a...
“Please Sir, I Want Some More” Information About Your Reportable Transactions in 2019, Says the IRS
February 28, 2020
Each year taxpayers are required to disclose their participation in a reportable transaction by filing a Form 8886 with the IRS. In recent years the IRS has added both Section 831(b) micro captives and syndicated...
The Who, What, When and Where of IRS Form 8938, Statement of Specified Foreign Financial Assets
February 10, 2020
By Joel N. Crouch, Blog
IRC Section 6038D requires any taxpayer who has an interest in a “specified foreign financial asset” to disclose that asset to the IRS on a Form 8938 attached to the taxpayer’s annual tax return. The penalty for failure...
The Who, What, When and Where of FBAR/FINCEN Form 114
February 3, 2020
By Joel N. Crouch, Blog
Any taxpayer with delinquent FBARs or other tax filings should consult with a tax professional regarding the best option for resolving these issues. For any questions on this or any other tax-related matter, please feel free...