Update on the Offshore Disclosure litigation of Maze et. al. v IRS

Update on the Offshore Disclosure litigation of Maze et. al. v IRS

Maze et al v. IRS (Case 1:15-cv-01806-CKK) what we consider a noble attempt to get the IRS to act not so unreasonably. The IRS of course thinks of itself as reasonable as it gives taxpayers an alternatives to the Standard Offshore Penalty of 27.5% or 50%: Taxpayer can request an opt-out for a potentially reduced penalty. But it is that part that is the issue. The IRS is hell-bent on assessing penalties as harshly as the law allows in order to intimate those who have not "come clean." While our clients are all succeeded with Opt-out audits, the process is not for the faint of heart. The alleged remedy of the IRS is not a real choice for some. A small glimmer of hope many taxpayers saw was that in 2014, the IRS greatly liberalized the rules. And it allowed certain "non-wilful" filed to pay a reduced penalty of 5%. From our experience those who were grantd treatment and those were decided on capriciously. Worse, there is no appeal of a Revenue Agents determination that a taxpayer in not entitled to transitional treatment. The IRS claims the is an appeal, just "simply" opt-out and there are plenty of appeals. But as we explained, this is not a great option. Or if it is a great option too attorneys and taxpayers are intimidated by the process. Hence this litigation. We hope the Plaintiffs and their attorneys the best. But our fear it that will will take extraordinary courage by the DC District Court to rule in their favor. http://ift.tt/2lkq8Ey https://youtu.be/Ol2EDcfEL7M IRS Medic

US Overseas Entrepreneurs and the IRS

US Overseas Entrepreneurs and the IRS

Joining Anthony and Claudine in this IRSMedic podcast is Keith Redmond, a frequent guest and well-respected global advocate for Americans overseas, Accidental Americans, and the associated populations who are adversely affected by US government policy overreach (e.g. FATCA – Foreign Account Tax Compliance Act, US practice of Citizenship Based Taxation – CBT, etc.) Keith will present evidence at an upcoming House and Ways Committee Hearing on the FATCA Repeal Bill which will be re-introduced in the House by Congressman Mark Meadows and re-introduced simultaneously in the Senate by Senator Rand Paul in April of 2017 to explain the global damage FATCA has caused and to touch on the onerous US tax compliance is for American entrepreneurs living overseas and those Americans overseas who have a small to medium size business. Along with Keith, is our international man of mystery, "Mike Wilson" the pseudonym of an American entrepreneur living somewhere in "Scandinavia" Mike shares his example. He paid a tax professional USD 2,000, yet he owed the IRS nothing from his income abroad. Further, as we interviewed Mike, it became clear, even though he spent an estimate 50 hours researching that tax code, he mistakenly though he had to file of Form 5471 for his foreign corporation, but he didn't. Also, he did not file a return on his foreign pension, which opened him up to additional risk. Should the IRS be forced to change its way or should the tax code make life tough for American entrepreneurs who live overseas? https://youtu.be/e4_rPjOoR2I IRS Medic

IRS Passport revocation updates --- it is starting soon

IRS Passport revocation updates --- it is starting soon

Do you think this is fair? Do you think the IRS will collect more revenue? http://ift.tt/2kqpxBu The IRS and State Department are finalizing procedures to allow US passports to be revoked forUS citizens who owe $50,000 or more and have not made plans to repay the debt or settle the debt with an Offer in Compromise. Watch this video to know hat to expect next. Also, understand that if you have been procrastinating on dealing with an IRS issue you are far, far from alone. But we implore you, the sooner you start the better. Don't wait until you need your passport to do something about this. The way things work with the IRS, is when you need something the most, is when they tend to take it. Parent & Parent LLP 144 South Main Street Walllingford, CT 06492 203.269.6699 http://ift.tt/1RfwK1f https://youtu.be/KcBRhvMC6a4 IRS Medic

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic

FATCA updates from the lawyers at Parent & Parent LLP/IRSMedic

http://ift.tt/1RfwK1f Need help? Contact us to schedule a consultation. All communication is subject to the attorney client privilege. info@irsmedic.com 888-727-8796 https://youtu.be/uVypLy6TYpk IRS Medic