The IRS has made significant changes to the forms associated with the Streamlined Domestic Offshore Procedures, a voluntary disclosure to the US government of offshore accounts, assets and income. The streamlined program was designated for US taxpayers who exhibited "non-willful" conduct in terms of why they failed to report offshore...
No Extension for June 30 FBAR Filing Deadline – Panama Papers Ruffle Feathers
There will be no extension to the June 30 FBAR filing deadline for US taxpayers who are required to file an IRS FBAR (Report of Foreign Bank and Financial Accounts). FBAR forms must be submitted electronically on or before June 30, 2016 for tax year 2015. Who must file an...
Improving Offshore Reporting and FBAR Compliance Top Priority for IRS
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...