When TurboTax Isn't Enough: What the Huang Case Teaches About Reasonable Cause
In an increasingly digital world, many taxpayers turn to tax preparation software like TurboTax to file their returns. However, the recent case of Huang v. United States (N.D. Cal. 2025) highlights the risks of relying solely on software—especially for taxpayers with international reporting obligations.
FBAR UPDATE: The Sixth Circuit Rules Willfulness Includes Recklessness - March 2024
Under the Bank Secrecy Act, individuals with foreign bank accounts containing an aggregate of $10,000 or more must annually file a Report of Foreign Bank and Financial Accounts (“FBAR”) with the U.S. Department of the Treasury. An individual who fails to file an FBAR by the deadline risks civil penalties.
The Corporate Transparency Act is Finally Effective: What You Should Know
The Corporate Transparency Act (“CTA”) is finally effective January 1, 2024. Enacted in 2021, the CTA requires certain U.S. and foreign entities to disclose beneficial information for purposes of combatting illicit activity, including money laundering, tax fraud, and terrorism financing.