A professor pleaded guilty to conspiracy and had to pay a $100 million penalty to the IRS for failing to file a Foreign Bank Account Report regarding offshore accounts with the government, as well as was sentenced to 7 months in prison.   Failure to file an FBAR can result in a penalty of up to … Continued

Even if you can’t pay your taxes, you should always file your tax returns.  It will avoid penalties being tacked on for not filing a return (yes, the IRS has penalties just for that!).  If you can send a partial payment you should do that as it will lower your interest. The IRS can even … Continued