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:...
Record Number of FBARs Filed in 2015 – up 8% over 2014
The IRS has reported that the number of "Report of Foreign Bank and Financial Reports" or FBARs filed in 2015 is up by more than 8 percent over 2014. A staggering 1,163,229 FBARs were filed with the IRS, continuing the trend of an increasing number of US taxpayers filing the...
Expert Tax Preparation in Rancho Bernardo and San Diego
Are you looking for expert tax preparation in Rancho Bernardo or San Diego? Do you face complex taxation issues such as offshore income or investments, business ownership, or high income? The experienced and seasoned tax preparation team at Allen Barron are uniquely positioned to review your unique circumstances and provide...
Well Structured Business Contracts Ensure Successful Outcomes
Well structured business contracts ensure a successful outcome by anticipating all potential challenges and providing specific steps to guide the parties through. Well crafted business contracts clearly establish the roles of each party, and the "benefit of the bargain" expected by each party to the contract. Clear, concise and thorough...
Acquisition of a Competitor a Sound Growth Strategy
The acquisition of a competitor - in whole or in part - is a sound growth strategy for any San Diego business. The structure of the transaction itself, as well as the due diligence to ensure the quality of the targeted assets or company, go a long way to ensuring...
Top IRS Audit Triggers from the Past Year
Tax watchdogs monitor IRS audits and poll many organizations of tax preparers and accounting professionals in an attempt to identify the top IRS audit triggers each year. The list for 2015 has some newcomers. The primary caveat to all of this information is simple: if you have a legitimate expense...
IRS Lists Hiding Income and Assets in Offshore Accounts in its “Dirty Dozen” Scam Targets
The IRS has listed hiding income and assets in offshore accounts in its "Dirty Dozen" annual scam target list. This is yet another signal to US taxpayers who have not yet come into compliance with the IRS and FBAR reporting reporting requirements relating to their offshore financial activities. The IRS...
IRS Adds Banks to the List of 50% OVDP Penalty Institutions
The IRS continues to add more and more international banks, financial and investment firms to its list of 50% OVDP penalty institutions each month. The list is based upon the IRS' determination that the bank or institution has actively helped US taxpayers to shelter income or avoid paying US taxes....