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US TAXATION KNOWLEDGEBASE

US TAXATION KNOWLEDGEBASE

FEATURED POSTS

Form 14653 & 14654

Solid Reasoning or Flimsy Excuse? When the Streamlined Filing Form 14653 / 14654 Narrative Makes Sense, and When it Means Trouble

In the right circumstances, joining the streamlined Filing Compliance program to report foreign financial accounts can be a quick and cost-effective way to become fully compliant with IRS requirements. But streamlined filings can be exceptionally risky. We take extra care to ensure that our clients understand the dangers that attend streamlined filings, and that both the letter and the spirt of the streamlined compliance program are fully honored. The key aspect being the form 14653 / 14654 narrative.

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IRS Passport Revocation – Letter 6152 And What it Means for Your US Passport

While you may have an idea as to what this means based on the previous section, it is vitally important to understand what it actually means. Passport revocation is a tool created for the IRS that gives them the power to revoke or deny the passport of any taxpayer with delinquent tax debt. The legislation involved dictates that the debt must be defined as “seriously delinquent”.

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Will my tax debt ever expire?

This code section stipulates that the IRS has 10 years from the time tax is assessed to collect it. If they are unable to collect those amounts within 10 years, through whatever means they have available – such as garnishing your wages, placing a levy on your bank accounts, or a lien on your assets – the balance would be erased.

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should be considered a lesser offense

Why isn’t the IRS isn’t more understanding of the complex regulations they have set forth for Americans living and/or investing abroad and why isn’t there better information provided to understand compliance and reporting requirements? Expats are in a sense forced to fall out of compliance, as the time requirement to educate themselves and keep up with the changing regulations is too much of a burden, and often too complex to understand even if you have the time needed to attempt self study

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Need Expert's Advice?

Submit Your Information here If You would like your Case Reviewed by our one of our network members – Former IRS Agents, CPAs and Attorneys.

Need Expert's Advice?

Submit Your Information here If You would like your Case Reviewed by our one of our network members – Former IRS Agents, CPAs and Attorneys.