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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...

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 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...