The IRS battle with Bitcoin heats up after an exchange between a bitcoin user and the agency in court documents recently. The IRS used a "John Doe" summons against Coinbase, Inc., a bitcoin exchange in order to identify specific US taxpayers with accounts at Coinbase. This is the same strategy...
Argentina’s Offshore Amnesty Program Nets $5.2 Billion in Taxes
Argentinas offshore amnesty program nets $5.2 Billion in taxes after Argentinians disclosed over $90 Billion in previously hidden assets. Under the law Argentines could disclose offshore cash and assets to the government and pay a 10% tax. Argentine tax payers have an extension to disclose further offshore cash until the...
Bar Owners in Michigan Learn Hard Lesson in an IRS Audit
A father and son who own several bars in Michigan learned a hard lesson in an IRS audit recently. The men were contacted by the IRS regarding an audit. The IRS was questioning income for the past few years and requested all business records and Point Of Sale (POS) records....
Make a Full, Transparent Voluntary FBAR Disclosure to the IRS or Face the Consequences
The recent case this month in the US District Court sends a clear message to US taxpayers: Make a full, transparent voluntary FBAR disclosure to the IRS or face the consequences. The case has shed some light into a backlog of lawsuits against the IRS regarding FBAR reporting requirements and the...
Federal Court Finds Willful Failure to File FBAR is a Lesser Standard of Proof for the IRS
The US 9th District Court here in California has found that willful failure to file FBAR is a lesser standard of proof for the IRS to bear. The Court rejected the claims of the defendant in the case that the IRS is held to a higher standard of proof -...
A New World of Financial Transparency and International Tax
2017 is dawning on a new world of financial transparency and international tax cooperation between global sovereign tax authorities and the world's banks and investment houses. What does this mean for international investors, US taxpayers with offshore accounts and assets and international business? In short - a reckoning. The primary...
Tax Preparation Services for Rancho Bernardo and Poway California
Allen Barron provides tax preparation services for Rancho Bernardo and Poway and throughout the San Diego area. Allen Barron has decades of experience in business and personal tax return preparation and filing. If you own a business, have offshore bank or financial accounts or investments or are a high wage...
1099 Independent Contractor Misclassification Won’t be “Trumped” in California
There has been a lot of discussion in the national news regarding the President-elect's position on the misclassification of independent contractors. Many believe the new Secretary of Labor may dial back the pressure on this hot button issue. If you are a California or San Diego employer we don't recommend...
New IRS Audit Triggers Based on Recent Audit Data
There are many new IRS audit triggers based upon recently released data. What are some of the factors the IRS uses to select candidates for audit and how does this work? Most IRS audit selections are based upon sophisticated computer modeling that analyzes taxpayer behavior and deduction areas that are...