Improving offshore reporting and FBAR compliacne associated with foreign bank accounts, investments and income remains a top priority for the IRS according to IRS Commissioner John Koskinen. Commissioner Koskinen also said "Taxpayers here and abroad need to take their offshore tax and filing obligations seriously." What are those who continue to...
I Didn’t Know I needed to File an FBAR – Is That Non-Willful Conduct?
I hear it often - from dinner parties to fellow travelers to those who simply call for advice: "I didn't know I needed to file an FBAR." The next questions that follows are often: "This isn't that big of a deal is it? Can I simply catch up on my past FBARs and...
Change in Leadership at the California Board of Equalization
There has been a change in leadership at the California Board of Equalization or BOE. The new Executive Director David Gau is a graduate of San Diego State University. Director Gau began as an auditor with the BOE in 1981, and has contributed at many levels throughout the BOE, most...
What are the Panama Papers and What Picture Do They Paint of Offshore Tax Havens and the IRS?
In the past few days, news of the "Panama Papers" has revealed more than 11 million documents which contain private offshore banking information of many of the world's rich and famous. The papers reveal the offshore efforts to shelter income and assets of many world leaders and some of the...
Forming a New Company in San Diego? Which Entity is Best for you?
Are you forming a new company in San Diego? Which entity is best for your new venture? The four basic options are an LLC, S Corporation, C Corporation and a Professional Corporation (PC). The selection of the legal entity for a new business is one of the first significant challenges an entrepreneur...
IRS Increases Tactics to Gain Access to Offshore Bank Records
The IRS adds many banks and financial institutions each month to the tens of thousands of tax and finance sources worldwide who have agreed to provide information directly to the IRS regarding the account balances and activities of US taxpayers overseas. Recently, the IRS aggressively expanded its tactics, issuing a...
Business Contract Preparation and Review Services
Business contracts are the foundation of business transactions, and ultimately dictate the success or failure of the business itself. Allen Barron provides comprehensive business contract preparation and review services to help corporate clients and LLCs to protect their interests and improve the number of profitable successful transactions completed each...
IRS Voluntary Offshore Disclosures under the Streamlined Program Receive Disturbing News
We have been at the forefront of the IRS crackdown on offshore bank accounts, foreign investments and corporate ownership and the requirement for US taxpayers to come into compliance with FBAR reporting and associated IRS offshore voluntary disclosures. For those who have decided to file IRS voluntary offshore disclosures under the...
Do All IRS FBAR Filers Need to Consider a Voluntary Disclosure or OVDP?
Yesterday, we discussed the rapidly rising number of “Report of Foreign Bank and Financial Reports” or FBARs filed in 2015. This continues a five year rising trend, and demonstrates the number of US taxpayers with offshore bank accounts and international investments. It also leads to a serious question for FBAR filers:...