The sheer volume of the Internal Revenue Code may imply that every hypothetical tax issue has been anticipated. Yet murky areas do arise. Fortunately, IRS personnel have opportunities to apply discretion in certain cases.One example is the “First Time Penalty Abate.”...
Tax controversies that go to trial may result in favorable precedents, possibly even impacting IRS procedures. In a recent example, commentators question whether a federal tax refund lawsuit brought by Wells Fargo & Co. may spur other refund claim filings and/or...
Being on the receiving end of a federal tax lien can be unwelcome, for a variety of reasons. The lien will show up on an individual’s credit history check, with the likely result being either denied credit or qualifying for new credit only under an exorbitantly high...
American taxpayers with foreign bank accounts might face steep penalties for failing to report their assets to the Internal Revenue Service. Pursuant to a 2010 law called the Foreign Account Tax Compliance Act, foreign banks must file reports or face penalties...