The subject of hiding income and assets in secret offshore bank accounts has gone from a somewhat glamorous endeavor to reduce the amount of taxes one would pay to the IRS to a practice that is denounced world-wide as evidenced by convictions against major Swiss banks and financial institutions and...
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Status of Banks Reporting Data to the IRS Under FATCA
When does the final onslaught of data to the IRS from banks around the world begin? What is the status of banks reporting data to the IRS under FATCA and when will FBAR and offshore related audits begin in earnest? These are questions tax experts around the world continue to...
Tax Implications of Offshore Corporate Ownership
Business today is often global in nature, and San Diego businesses must often be ready to integrate into the global community. How do you structure your companies to do this? What are the tax implications of offshore corporate ownership and investments? The primary questions relate to moving the booking of...
Effective Business Contracts Produce Smoother and More Profitable Business Transactions
Allen Barron's unique legal, tax, business advisory and accounting expertise provide solid insight into how a business can ensure maximum profit and success. One of the crucial components of any business strategy lies in the quality of the contracts deployed across the business itself. Based upon our decades of business...
San Jose Indian Foreign National Given Six Month Prison Term for Hiding Offshore Accounts from the IRS
We have advised foreign nationals living and working in the United States to come into compliance with IRS FBAR requirements for quite some time. One recent example of the risks faced by failing to come into FBAR compliance is a six month prison sentence to an Indian foreign national who...
The IRS is Cutting 7000 Jobs – Are We all Free of Audit Concerns Now?
The IRS has announced that it is cutting 7000 jobs in 3 centers. Does this mean we are all free of audit concerns now? Well, like any well crafted business contract you have to read the fine print! The IRS will be reducing its workforce by 7,000 employees through planned...
International Challenges Facing San Diego Businesses
Allen Barron is uniquely positioned to support and advise international San Diego business owners and corporations. There are substantial international challenges facing San Diego businesses as well as those who wish to bring their business opportunities to the United States. San Diego is home to a large number of H1-B...
What Happens if the IRS Rejects your FBAR Streamlined Application
Did you file an application under the IRS Streamlined Domestic (Foreign) Offshore Procedures? What happens if the IRS rejects your FBAR streamlined application and claims of non-willful conduct? What actions have been taken by the IRS that concern the attorneys at Allen Barron? Let's begin with the last question first....
Should You Report Previous Offshore Income Through an FBAR Voluntary Disclosure
A storm is on the horizon for those who fail to report offshore financial activity to the IRS. We are often asked by clients, especially foreign nationals who live and work here in the San Diego area, if they should report previous offshore income to the IRS through an FBAR...