Today we received a letter from the IRS on an FAQ #9 application.  Total World Domination.    Accepted as filed, meaning no tax, no penalty, no nothing.  We sent the whole package to the IRS in Philadelphia in early June.  That gives you a sense of the time frame.  Though I do see the IRS [...]

For your reading pleasure, here is Notice 2009-62.  If you have signature power over a foreign financial account but the money isn’t yours, then you have an extension of time to deal with the “Come to Jesus!” clean-up and file all of your paperwork with the IRS. If this applies to your particular situation, it [...]

Yesterday I posted about the IRS strategy was in the FBAR amnesty process–a quest to identify other Swiss banks, then go after them hammer and tongs (Caution:  sound file) in order to squeeze names of U.S. taxpayers out of them or scare bank customers into voluntary disclosure. Here’s evidence that the hunting strategy is indeed [...]

One of the recurring questions I get is whether going through the amnesty process will cause the IRS to declare open season on all of the prior year tax returns.  Will you be audited for all of your completely unrelated income and deductions if you come forward and declare your previously-hidden offshore bank account? No [...]

It’s a giant data sweep. With a defined aim. Unfortunately, the scheme may be turning out badly, if my experience is typical. Here’s the plan: Announce the amnesty. Yell “Scary Monsters!” as loudly and frequently as you can, and get as much press as you can. Taxpayers apply for the amnesty so they can sleep [...]