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Tax Consequences of Foreclosure

Over the last few years foreclosures have been a top news story. Surprisingly, what has received little coverage is the potential tax implication of foreclosure. Many people may think that a bank foreclosure ends the financial nightmare and are surprised when they receive a letter from the IRS about taxes due in connection with the [...]

Foreign Bank Accounting Reporting – Form TD F 90.22.1 – Voluntary Disclosure

A New Focus on Foreign Bank Account Reporting For over 40 years, foreign bank account (FBAR) reporting has been existence. Yet, the IRS has only recently started enforcing taxpayer compliance. With this new IRS focus, we felt it necessary to provide details on how to be compliant. If you have a financial interest or a [...]

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