What is GATCA? Many clients want to know how are Southern and Central American countries such as Costa Rica handling offshore tax reporting and the global sharing of private taxpayer financial data? How is the continuing trend affect US investors, taxpayers and the foreign nationals who live and work in...
Mexico and South America to Implement Their Own FATCA Regulations
Just when many thought the wave of IRS focus on offshore accounts and investments had passed the next wave has reached our shores. The recent decisions by Mexico and South America to implement their own FATCA regulations means a continued tightening of inter-agency communication and international monetary tracking. The success...
IRS Targeting Billions from Non-Filers
The IRS announced it has a new automated way to raise a substantial amount of taxes from US taxpayers who fail to file US tax returns. The new announcement from the Treasury Inspector General for Tax Administration says enforcement is aggressively increasing and has new focus at the IRS targeting...
The Future for Independent Contractors in California
There has been an historic change in how employees or independent contractors are classified, especially here in California. California employers with 1099 workers face audits from every direction. The US Department of Labor (DOL) recently added 700 auditors who will be entirely focused upon auditing businesses in search of misclassified...
IRS Form 5471 Carries Heavy Penalties and Consequences
If you have any ownership position in an offshore or foreign corporation it is important to understand your reporting responsibilities to the IRS. If you own 10% or more of any foreign corporation's voting authority, you are required to accurately and transparently complete IRS Form 5471 and attach it to your federal return...
IRS Audit Targets Based upon the Discrimination Function Amidst Other Factors
How does the IRS select which returns to audit each year? What is the IRS Discrimination Function System (DIF) and what additional factors increase your likelihood for an IRS audit? What are some of the primary IRS audit targets and what should you do if you are contacted for an...
IRS Disclosed More than $10 Billion Collected from FBAR Compliance
This week John Koskinen, IRS Commissioner, claimed success based upon FATCA driven voluntary disclosures by US taxapayers. The IRS disclosed more than $10 Billion collected from FBAR compliance through the Offshore Voluntary Disclosure Program or OVDP and the Streamlined Domestic Offshore Procedures. “The IRS has passed several major milestones in...
Tax Implications of Your San Diego Divorce
What are the tax implications of your San Diego divorce and how can you maximize the value of every dollar that leaves your account? It is important to understand the net amount of money that will leave your accounts each year for child support, spousal support and other settlement agreements...
Self Crafted Contracts Lead to Expensive Disputes
Many start-up companies and small business professionals attempt to download and modify their own business contracts, or create them based upon a contract from a previous employment experience. After decades of experience as a business attorney I can tell you self crafted contracts lead to expensive disputes and lost profits....