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IRVINE, Calif., March 9, 2021 /PRNewswire/ Some taxpayers are still figuring out their reporting obligations when it comes to foreign bank account reporting (FBAR) and taxable offshore income, which is the reason that the Internal Revenue Service distinguishes between willful and non-willful violations. However, a recent case has indicated that the IRS is ready to pursue criminal prosecution against those who feign that their FBAR violations were non-willful when in fact their behavior was willful. The dually licensed California Tax Attorneys and CPAs from the Tax Law Offices of David W. Klasing have extensive experience in assisting our clients in navigating through possible FBAR filing mistakes that could lead to criminal prosecution and the differing programs that can be used to safely come back into compliance. We want to inform you about how the IRS is criminally prosecuting taxpayers that demonstrate criminal tax and foreign informatio
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IRVINE, Calif., Dec. 16, 2020 /PRNewswire/ Unfortunately, some taxpayers may not fully appreciate the risks and potential penalties for failing to meet their tax return deadlines. You could be subject to
expensive monetary fines or even be
charged with a criminal offense.
The statute of limitations for collecting a federal income tax refund is three years after the original filing date (four years for California). If a taxpayer fails to file their income tax return within these three years, the IRS will prevent the taxpayer from doing the following:
Collecting a refund check
Overpaying on taxes