For many people, the end of the year brings many other emotions besides seasonal joy. The waning sunlight can also bring into focus financial problems that have been shadowing you for a long time.
It’s been awhile since we wrote about the IRS’s ongoing efforts to collect taxes from U.S. taxpayers on income from outside the United States. Implementation of the Foreign Account Tax Compliance Act (FATCA) has raised the ante on those efforts in recent months.
In the first part of this post, we began discussing the issue of past-due tax returns. As we noted, there are several actions the IRS can take against you when you don’t file. These include filing a substitute return and initiating collection proceedings.
Trying to minimize problems by avoiding the subject is a natural human tendency. Virtually all of us do this to some degree in various aspects of our lives.
Tax implications are deeply interwoven into the experience of home ownership. The tax deduction for home mortgage interest ensures that this is the case.