How does the IRS select which returns to audit each year? What is the IRS Discrimination Function System (DIF) and what additional factors increase your likelihood for an IRS audit? What are some of the primary IRS audit targets and what should you do if you are contacted for an...
Blog
IRS Disclosed More than $10 Billion Collected from FBAR Compliance
This week John Koskinen, IRS Commissioner, claimed success based upon FATCA driven voluntary disclosures by US taxapayers. The IRS disclosed more than $10 Billion collected from FBAR compliance through the Offshore Voluntary Disclosure Program or OVDP and the Streamlined Domestic Offshore Procedures. “The IRS has passed several major milestones in...
Tax Implications of Your San Diego Divorce
What are the tax implications of your San Diego divorce and how can you maximize the value of every dollar that leaves your account? It is important to understand the net amount of money that will leave your accounts each year for child support, spousal support and other settlement agreements...
Self Crafted Contracts Lead to Expensive Disputes
Many start-up companies and small business professionals attempt to download and modify their own business contracts, or create them based upon a contract from a previous employment experience. After decades of experience as a business attorney I can tell you self crafted contracts lead to expensive disputes and lost profits....
FTB Increases Audit and Collections Capabilities
The FTB's investment in new IT systems is starting to pay off for the California tax agency. The FTB increases audit and collections capabilities thanks to the integration of several IT platforms that allow the agency to collect more information "upstream" that inform FTB agency actions after returns are submitted....
IRS FBAR Audits and Prosecutions Have Begun
The IRS FBAR audits and prosecutions have begun and the clock is ticking for those who have yet to come into full FBAR compliance with the IRS. A Connecticut man recently plead guilty to the offshore scheme he used to conceal income from the IRS. The man, a duty-free importer...
The IRS Heavily Fines Frivolous Tax Excuses
United States taxpayers have attempted to use many excuses for the non-payment or under-payment of taxes. US taxpayers need to understand the power of the IRS and the agency's ability to levy heavy penalties, seize assets, garnish wages and even freeze bank accounts and confiscate funds. The IRS heavily fines...
Texas Case Shows a Piece of IRS Offshore Willful Analysis Strategy
Earlier this year the IRS, with the help of a US Bankruptcy Judge, successfully pierced a complex strategy by two Texas brothers Sam and Charles Wyly. The Wyly brothers were accused by the IRS of tax fraud related to the funneling of money and assets to offshore banks through a comprehensive series...
What does a Professional Foreign National Working in San Diego Need to Know about the IRS?
Have you come into the San Diego area on an H1-B visa in order to work in one of our high tech or research companies? What does a professional foreign national working in San Diego need to know about the IRS, offshore account and asset reporting and FBAR compliance? Many...