The FTB's investment in new IT systems is starting to pay off for the California tax agency. The FTB increases audit and collections capabilities thanks to the integration of several IT platforms that allow the agency to collect more information "upstream" that inform FTB agency actions after returns are submitted....
IRS FBAR Audits and Prosecutions Have Begun
The IRS FBAR audits and prosecutions have begun and the clock is ticking for those who have yet to come into full FBAR compliance with the IRS. A Connecticut man recently plead guilty to the offshore scheme he used to conceal income from the IRS. The man, a duty-free importer...
The IRS Heavily Fines Frivolous Tax Excuses
United States taxpayers have attempted to use many excuses for the non-payment or under-payment of taxes. US taxpayers need to understand the power of the IRS and the agency's ability to levy heavy penalties, seize assets, garnish wages and even freeze bank accounts and confiscate funds. The IRS heavily fines...
Texas Case Shows a Piece of IRS Offshore Willful Analysis Strategy
Earlier this year the IRS, with the help of a US Bankruptcy Judge, successfully pierced a complex strategy by two Texas brothers Sam and Charles Wyly. The Wyly brothers were accused by the IRS of tax fraud related to the funneling of money and assets to offshore banks through a comprehensive series...
What does a Professional Foreign National Working in San Diego Need to Know about the IRS?
Have you come into the San Diego area on an H1-B visa in order to work in one of our high tech or research companies? What does a professional foreign national working in San Diego need to know about the IRS, offshore account and asset reporting and FBAR compliance? Many...
Offshore Accounts Tax Evasion and the IRS OVDP
The subject of hiding income and assets in secret offshore bank accounts has gone from a somewhat glamorous endeavor to reduce the amount of taxes one would pay to the IRS to a practice that is denounced world-wide as evidenced by convictions against major Swiss banks and financial institutions and...
Status of Banks Reporting Data to the IRS Under FATCA
When does the final onslaught of data to the IRS from banks around the world begin? What is the status of banks reporting data to the IRS under FATCA and when will FBAR and offshore related audits begin in earnest? These are questions tax experts around the world continue to...
Tax Implications of Offshore Corporate Ownership
Business today is often global in nature, and San Diego businesses must often be ready to integrate into the global community. How do you structure your companies to do this? What are the tax implications of offshore corporate ownership and investments? The primary questions relate to moving the booking of...
Effective Business Contracts Produce Smoother and More Profitable Business Transactions
Allen Barron's unique legal, tax, business advisory and accounting expertise provide solid insight into how a business can ensure maximum profit and success. One of the crucial components of any business strategy lies in the quality of the contracts deployed across the business itself. Based upon our decades of business...