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Category: Offshore Account Update - Page 13

IRS Increases Underpayment Interest Rates for 2023

Offshore Account Update

Posted in on December 16, 2022

When taxpayers pay the Internal Revenue Service (IRS) less than they owe, interest begins to accrue immediately. Underpayment interest is calculated as a percentage of the unpaid amount, and this percentage changes based on fluctuations in the federal short-term rate.

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I Received a Letter from the IRS. Is It Legit?

Offshore Account Update

Posted in on November 30, 2022

When you receive a letter from the Internal Revenue Service (IRS), it is important to address the IRS’ correspondence promptly. Whether a revenue agent is simply seeking clarification or the IRS is auditing your personal or business returns, responding in an appropriate and timely manner can mitigate your risk significantly.

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New IRS Tax Gap Estimate and IRS CI FY2022 Annual Report Spotlight Taxpayer Risks in 2023

Offshore Account Update

Posted in on November 18, 2022

Two recent reports from the Internal Revenue Service (IRS) and IRS Criminal Investigation (IRS CI) highlight likely enforcement priorities for 2023. Individual and corporate taxpayers should take these potential priorities into account when assessing their tax strategies and weighing their options for addressing any outstanding reporting or payment deficiencies.

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Should You Submit an Offer In Compromise or File an Appeal?

Offshore Account Update

Posted in on October 31, 2022

The Internal Revenue Service (IRS) recently published a Tax Tip in which it encourages eligible taxpayers to consider an offer in compromise. As the IRS explains, this is an option for taxpayers who either “can't pay their full tax liabilities” or for whom “paying the entire balance owed would cause financial hardship.” But, while submitting an offer in compromise and settling with the IRS is one option for eligible taxpayers, it isn’t the only option that is available.

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What To Know if You Missed the October 15 FBAR Deadline in 2022

Offshore Account Update

Posted in on October 17, 2022

The deadline to file a Report of Foreign Bank and Financial Accounts (FBAR) for the 2021 tax year was October 15, 2022. Taxpayers who had qualifying offshore accounts in 2021 and failed to file an FBAR by October 15 are now delinquent. If you find yourself in this situation, here is what you need to know:

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