How to prove reasonable cause for late US FBAR filing to avoid penalties?
💡To avoid severe penalties for filing a late US FBAR (FinCEN Form 114), you must generally submit a “Reasonable Cause” memorandum. This document must prove that your failure to file…
by catalog.lawyerMar 23 No commentsHow to report signature authority over employer foreign accounts on a US FBAR?
💡If you have signature authority over your employer’s foreign financial accounts and the aggregate value exceeds $10,000 at any time during the year, you generally must file an FBAR. The…
by catalog.lawyerMar 23 No commentsHow to release a US IRS federal tax lien after completing a settlement?
💡Once your federal tax debt is fully paid or legally settled, the US IRS is mandated by law to issue a Certificate of Release of Federal Tax Lien within 30…
by catalog.lawyerMar 23 No commentsWhat to do if the US IRS sends you a Letter 3115 regarding missing FBARs?
📩If you receive an IRS Letter 3115 (or a similar FATCA mismatch notice) regarding missing FBARs, it generally means a foreign bank reported your account to the US government, but…
by catalog.lawyerMar 23 No commentsHow to use a US bankruptcy to discharge old IRS tax debts instead of a settlement?
💡Under the federal “3-2-240 rule,” you can generally discharge old US IRS income tax debts through Chapter 7 bankruptcy if the tax return was originally due at least 3 years…
by catalog.lawyerMar 23 No commentsWhat are the willful vs non-willful FBAR penalties in the US?
🚨When determining what are the willful vs non-willful FBAR penalties in the US, the distinction is severe. Non-willful penalties are generally a statutory $10,000 per violation (adjusted for inflation), while…
by catalog.lawyerMar 23 No commentsHow to report foreign life insurance and mutual funds on a US FBAR?
📄To know how to report foreign life insurance and mutual funds on a US FBAR, you must calculate their total value. Foreign life insurance with a cash surrender value and…
by catalog.lawyerMar 23 No commentsWhat to do if you default on your US IRS Offer in Compromise payments?
⚠If you default on your US IRS Offer in Compromise, the original tax debt—along with all accrued interest and penalties—is generally reinstated, minus any payments you already made. However, you…
by catalog.lawyerMar 23 No commentsHow to negotiate a US IRS tax settlement if you are self-employed?
💼To negotiate a US IRS tax settlement (Offer in Compromise) as a self-employed individual, you must generally submit Form 433-B (OIC) alongside your personal Form 433-A. You will need to…
by catalog.lawyerMar 23 No commentsHow long do you have to pay a US IRS Installment Agreement (payment plan)?
💡Generally, a standard Streamlined Installment Agreement with the US IRS allows you up to 72 months to pay off your federal tax debt. However, federal law dictates that all payments…
by catalog.lawyerMar 23 No commentsHow to calculate your Reasonable Collection Potential (RCP) for a US IRS settlement?
💡To accurately calculate your Reasonable Collection Potential (RCP) for an IRS Offer in Compromise, you must add the net realizable equity of your available assets to your future disposable income.…
by catalog.lawyerMar 23 No commentsHow to stop a US IRS wage garnishment by negotiating a tax settlement?
🚫To stop a US IRS wage garnishment, you generally need to negotiate a formal tax settlement, such as a structured Installment Agreement, Currently Not Collectible (CNC) status, or an Offer…
by catalog.lawyerMar 23 No commentsHow to set up a US IRS Partial Payment Installment Agreement (PPIA)?
💸To set up a US IRS Partial Payment Installment Agreement (PPIA), you generally must prove you cannot afford a full repayment plan but do not quite qualify for an Offer…
by catalog.lawyerMar 23 No commentsWhat living expenses are allowable under US IRS National Standards for tax settlements?
💡To negotiate a tax settlement in the USA, the IRS generally uses rigid National Standards to determine your allowable living expenses. These strict federal limits cover food, clothing, transportation, and…
by catalog.lawyerMar 23 No commentsHow to get a US IRS tax penalty abatement for reasonable cause?
📝To get a US IRS tax penalty abatement for reasonable cause, you generally need to prove an unavoidable hardship like a serious illness, fire, or a death in the family.…
by catalog.lawyerMar 23 No commentsHow to apply for Currently Not Collectible (CNC) status with the US IRS?
💡To apply for Currently Not Collectible (CNC) status with the US IRS, you must prove that paying any amount toward your tax debt would prevent you from covering basic living…
by catalog.lawyerMar 23 No commentsHow long does the US IRS take to process an Offer in Compromise application?
⌛In the USA, it generally takes the IRS between 6 to 12 months to fully process an Offer in Compromise application. However, under federal law, if the agency fails to…
by catalog.lawyerMar 23 No commentsWhat to do if the US IRS rejects your Offer in Compromise?
📩If the US IRS rejects your Offer in Compromise (OIC), you generally have exactly 30 days from the date of the rejection letter to file an appeal using Form 13711.…
by catalog.lawyerMar 23 No commentsHow to file a petition in the US Tax Court after an IRS Notice of Deficiency?
📨To file a petition in the US Tax Court after an IRS Notice of Deficiency, you generally have a strict 90-day deadline to submit your forms. Filing the petition requires…
by catalog.lawyerMar 23 No commentsHow much should you offer the US IRS in a lump sum tax settlement?
💰To calculate a lump sum tax settlement (Offer in Compromise) in the USA, the IRS generally uses a strict mathematical formula. You must offer the total Quick Sale Value (QSV)…
by catalog.lawyerMar 23 No commentsHow to prove material participation in real estate during a US IRS audit?
🏠To prove material participation in real estate during an IRS audit and overcome Passive Activity Loss rules, you must establish Real Estate Professional Status (REPS). This generally requires proving you…
by catalog.lawyerMar 23 No comments
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