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IRS Missed $39 Million in OVDP Penalties

The US Treasury Department's Inspector General for Tax Administration has determined that the IRS missed an opportunity to collect over $39 Million in OVDP penalties from taxpayers who were either rejected or withdrew their application to the OVDP or Offshore Voluntary Disclosure Program. In a press release, Inspector General J....

IRS to Retire PIN System – How to Protect Your Business Information

The IRS announced plans to retire the automated PIN system for filing returns electronically, due to extensive hacking and compromised personal and business information of more than half a million US taxpayers.  Despite its best efforts the IRS has not been able to protect your business information or your personal...

IRS Tells Taxpayers “I Didn’t Know” Won’t Work – OVDP the Safest Option for FBAR Compliance

Many taxpayers had hoped that telling the IRS "I didn't know" and submitting a streamlined disclosure application would get them through FBAR disclosures quickly and inexpensively.  After all, the streamlined options reduces penalties down to 5% is the IRS accepts the streamlined application when compared to the OVDP or the...

How Successful Will Your New San Diego Company Be? Look at Your Business Contracts

How successful will your new San Diego company be?  The clearest forecast of any new business is the quality of their business contracts and the clarity they bring to all aspects of running a company such as: Employment Agreements Corporate Policies and Procedures Contracts with Suppliers and Vendors Sales Agreements...