IRS OVDI – I have an undeclared foreign bank account. What do I do? Ownership of an undeclared foreign bank account can cause the average American taxpayer to feel a sense of impending doom. Due to the many disclosure laws that have been implemented over the years, and the potential fines and criminal penalties they
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IRS Income Tax Audits Explained
IRS Income Tax Audits IRS income tax audits explained. An income tax audit is an examination of a tax return. Depending on the nature and scope of the audit, an IRS examiner may look at just a few items on your return or they may look at your return in its entirety. If they determine
Case Review: Gray v. Commissioner
Introduction The majority of taxpayers want to appeal a tax decision in Tax Court. Tax Court is the preferable venue because the taxpayer-petitioner does not have to pay the tax in full before litigating the matter. If the taxpayer appeals a decision to district court, he or she has to pay the liability in full