By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, October 21, 2015. If you have a combined total of more than $10,000 in offshore bank accounts, assets or investments you are required to file an FBAR or Foreign Bank Account Report with the IRS...
Willful Versus Non-Willful Designation Left Intentionally Vague by IRS?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, December 3, 2015. We are often asked for a definition of "willful" versus "non-willful" activity by a US taxpayer as it relates to the disclosure of offshore assets, accounts and interests. The exact criteria for...
IRS to use Private Collection Companies to Track Down Tax Offenders
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS Collections on Tuesday, December 8, 2015. Last Friday, President Obama signed the Fixing America's Surface Transportation Act, or "FAST Act" into law. Part of the FAST Act is an order for the IRS to hire private collection...
Highway funding and passport revocation: a connection, please?
On behalf of Janathan L. Allen, APC posted in IRS on Wednesday, December 9, 2015. Many California residents -- in fact, scores of millions of Americans across the country -- regularly scratch their heads over politics as they are played out on Capitol Hill. In fact, much about the country's...
Over 177,000 Offshore Banks and Institutions Providing Financial Information to the IRS
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Wednesday, December 2, 2015. The IRS has announced that FATCA agreements have led to the exchange of financial information regarding US taxpayers with 177,147 institutions in more than 200 sovereign nations and legal jurisdictions. The list...
IRS Extends Refund Timeframe for Many Foreign Returns
The IRS has decided to extend the time frame for refunds for nonresident and certain foreign US taxpayers who use Form 1042NR. The IRS has decided to exceed the 180 day time frame in order to provide additional scrutiny to refund requests leaving many undocumented workers without a refund for...
Creating a Family Trust in San Diego
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Estates on Tuesday, December 1, 2015. What is a family trust, and why is it important for most California families to consider? Generally speaking, a family trust, also known as a revocable living trust, allows the creators to place...
IRS and US Treasury Issue New Temporary Guidelines for Transfer Pricing
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Tuesday, September 22, 2015. The IRS and the US Treasury have issued temporary guidelines that affect the taxation of individuals and corporations who move goods and services between associated entities. Transfer pricing is generally defined as...
The Importance of Establishing Corporate Compliance Guidelines (With Legal Help)
On behalf of Janathan L. Allen, APC posted in Management Advisory Services on Monday, June 11, 2012. There are plenty of reasons for businesses to seek legal help in San Diego, particularly during the process of establishing corporate compliance guidelines. Business lawyers can provide a number of services, whether your...