On behalf of Janathan L. Allen, APC posted in Back Taxes or Tax Debt on Thursday, June 25, 2015. So much of what we write here on this blog may make taxpayers feel insignificant and powerless when they are facing the IRS. Taxes are complicated and very, very important --...
IRS Adds More Swiss Banks to Automatic 50% OVDP Penalty List
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, June 9, 2015. The IRS has added severl new Swiss banks to the list of institutions that carry a mandatory 50% penalty instead of the 27.5% penalty provided in most OVDP filings. It doesn't matter...
IRS Audit Enforcement 20% Lower than 2010 According to USA Today
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Friday, March 20, 2015. The USA Today released an article yesterday citing the "Center on Budget and Policy Priorities" which stated the IRS has 20% less resources for enforcement today than in 2010. So is it...
IRS Conditioned Installment Agreement Upon Filing of Notice of Lien (Part 2)
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Tuesday, February 3, 2015. So, what happened at the IRS Collection Due Process (CDP) Hearing? The hearing resulted in the sculptor agreeing to the terms of an installment agreement for full payment of his assessed liability....
What’s the Big Deal? So I’ve Hidden Some Money Overseas Instead of Keeping it Here in San Diego
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, November 6, 2014. Ok, so maybe I've been hiding money or assets offshore instead of keeping them here in San Diego. Yes, I have probably failed to report it on my FBARs. I hear I...
The IRS Modified 2014 OVDP Program Provides Closure to Statutes of Limitations, Streamlined Procedures Do Not
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Wednesday, November 26, 2014. Many US taxpayers are being advised to jump into the streamlined domestic offshore procedures relating to offshore investment income and assets. The streamlined program offers significantly lower penalties and interest, and may be...
The Ability of the US Government and the IRS to Track the Movement of Money Has Changed the Offshore Investment Game Forever
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Saturday, November 8, 2014. This is an historic time for US taxpayers. The US Justice Department has quite effectively placed the world on notice that if you help to hide the money or assets of US...
Shifting a Client from the IRS Regular OVDP to the Streamlined Program Saved Over $120,000
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, November 13, 2014. We recently had a client that we were successfully able to shift from the regular IRS OVDP program to the streamlined domestic offshore procedures resulting in a substantial savings (and a very...
Retired California Deputy Sheriff Fined More $155k For Failing To Report Income
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in California Tax on Sunday, November 2, 2014. Laura Means, a retired California deputy sheriff, recently received a 15-year prison sentence, as well as significant monetary fines, after being convicted on various criminal counts, including grand theft, money laundering,...