Bank Accounts Archives - FREE Yourself from IRS Problems

Shamsey Oloko January 27, 2025 401k, Bank Accounts, Civil Liabilities, Civil Penalties, Collection Activities, Deductions, Form 1040, Income Tax, Income Tax Return, IRS, Levies & Liens, Tax Attorneys, Wage Garnishment 0

Can the IRS Take All of Your Wages? Wage Garnishment Explained

Many people panic when they receive an IRS notice about unpaid taxes. They may fear that the government will take their entire paycheck, leaving them with nothing. The truth is that the IRS does have significant power to garnish your…

Shamsey Oloko January 13, 2025 Bank Accounts, Business Tax Credits, FATCA, FBAR, Foreign Earned Income, Foreign Financial Account, Foreign Housing Exclusions & Deductions, Foreign Tax Credit, Form 1040, Income, Income Tax, Income Tax Return, Taxable Income 0

Top Compliance Mistakes Offshore Account Holders Make and How to Avoid Them

Holding accounts in foreign banks can bring certain benefits, but it can also require close attention to tax rules in the United States. If you do not follow these rules, you may face trouble from the IRS. Many people with…

Shamsey Oloko November 16, 2021 Audit, Bank Accounts, Business Expenses, Deductions, Income, Income Tax, Income Tax Return, Internal Revenue Service 0

Feds Scale Back Bank Account Reporting Proposal

In April 2021, President Biden’s American Families Plan contained a proposal under which banks would report deposits and withdrawals for all business and personal accounts to the IRS except for accounts below a threshold of $600 or a fair market…