Please ensure Javascript is enabled for purposes of website accessibility

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 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...