If you travel frequently or do business abroad, it may be convenient to have a bank account in a foreign country. However, you should comply with IRS tax requirements when reporting on such accounts, or it could land you in trouble. The IRS definition of a foreign...

Tax evasion is a serious crime to be accused of, but you should know that most people won’t be unless they have willfully attempted to avoid paying tax. Tax evasion happens only when someone or a business takes steps to illegally avoid paying the tax that they owe....

Not that long ago, international bank accounts were the perfect safe haven for those who didn't want to disclose all of their personal assets to the Internal Revenue Service (IRS). However, international banking has become much more transparent than it once was. Even...

The crime of tax evasion comes with some stiff penalties upon conviction. Some people may intend to engage in tax evasion to pay as little in taxes as possible. However, others in Frankfort, Illinois, might not realize tax evasion is occurring. If you fail to learn as...

Divorce will change many aspects of your life, including your financial situation. Some of the decisions you make in your divorce will even impact how much you pay in taxes each year.  You and your ex will have to create a comprehensive parenting plan when you divorce...

For years, it was the first piece of advice that a financial planner would give anyone with more than a million dollars and assets: It was common knowledge that they should move their resources to an offshore bank account where the IRS wouldn't be able to locate those...

The head of the Internal Revenue Service (IRS) issued a stern warning to corporations and individuals of means last week. He noted that they better either pay up the $1 trillion in taxes he alleges that they owe or otherwise prepare themselves to face the...

Any time there is an allegation of tax fraud, you need to take it seriously. If you’re accused of attempting to evade taxation or manipulating your accounts to pay less than you owe, then you need to make sure you’re protecting your rights and yourself against the...

If you find yourself accused of tax fraud of tax evasion, there is one simple question to ask: Did you intend to do it? What you’ll find is that the exact same outcome can have two very different sets of legal ramifications, all depending on what you meant to do.  For...

You do your best on your taxes, but they are complex. You have multiple jobs, some write-offs and file with your spouse. You don’t usually have to pay, but when you do, you pay whatever you’re told you owe. That’s why you were shocked when you were informed that you...