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June 2015 Archives

The Jock Tax: Professional athletes pay to play

Back in February, Forbes reported that nearly 3,500 American expatriates gave up their U.S. citizenship during 2014. The total has been climbing steadily for the last few years, and many have cited the income tax burden as the primary motivating factor -- or just the last straw. The State Department even tried to make it expensive to renounce citizenship by increasing the fee -- from $450 to $2,350 -- but 2014 still broke the record set in 2013 by 14 percent.

FBAR: Where there's a willful violation, there's a hefty penalty p2

It may be hard for taxpayers with foreign bank accounts not to suspect the IRS of occasionally putting the cart before the horse. The agency has made it clear that it expects every U.S. citizen holding a foreign bank account to disclose the information by the June 30 deadline (which, at this writing, is rapidly approaching). For a while, though, the consequences for not reporting were a little fuzzy.

FBAR: Where there's a willful violation, there's a hefty penalty

In the past couple of months, the IRS has made some progress in clarifying how the agency will determine penalties for foreign bank account reporting violations. The good news for taxpayers is that the FBAR analysis process is a little more forgiving of taxpayers who run afoul of the reporting requirements.

The NFL and its nonprofit status will soon part ways p2

We are going back to our May 18 post and the National Football League's plans to shed its non-profit status. When we left off back in May, we had talked about the difference between 501(c)3 charitable nonprofits and 501(c)6 common interest association nonprofits -- as you may recall, the Tax Code specifically stipulates that national football leagues can qualify as 501(c)6 nonprofits.

Ignoring your tax problems won't make them go away

Tax day comes just once a year, but for many people across Atlanta, tax issues plague them all year long. If you missed the deadline to pay your taxes this year or any previous years, you could still be living in fear of the potential repercussions that may be coming.

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