Why should a US taxpayer consider the Offshore Voluntary Disclosure Program or OVDP to come into compliance with IRS FBAR and offshore reporting requirements? Janathan Allen, an experienced San Diego OVDP attorney explains the advantages of IRS offshore disclosure programs, and why it is important to comply: FATCA established an...
Blog
Business Contracts Guide Transactions to Successful Conclusions
Experienced business professionals know from experience that business contracts guide transactions to successful conclusions. They understand the value and importance of a well-crafted business contract and the role it will play in reducing misunderstandings and contract disputes. A well conceived business contract clearly establishes the intent and role of each...
The World is Becoming Much Smaller for Tax Evasion
It is a bitter pill to swallow. There are fewer and fewer secrets. The world is becoming much smaller for tax evasion and the authorities have broken the backs of banks and financial institutions worldwide. They have used FATCA to drag huge Swiss Banks and Cayman Island institutions into court...
Important Tax Information for Foreign Nationals in US
Are you a foreign national living or working in the United States? Allen Barron has important tax information for foreign nationals in US territories or who live and work in any of the 50 states: You are required to report all foreign bank accounts, investments and assets to the IRS...
None of My Friends are Worried About FBARs Why Should I?
Foreign nationals who reside in the United States and those who are here working on an H1-B visa are required to report all offshore bank and investment accounts, assets and income to the IRS and to come into compliance with FBAR reporting. We have heard many clients ask: "None of my...
Review and Update your Trust in San Diego
You should review and update your trust in San Diego every two to three years. If you have created an estate plan that includes a revocable trust or multiple layers of trusts it is important to review changes in federal and state law, as well as the health of associated...
How Complicated is a Non-Willful Claim on IRS Streamlined Application?
How complicated is a non-willful claim on IRS Streamlined application form 14654? Lets just say the IRS isn't going to take your word for it, slap you on the wrist with a 5% penalty and send you on your way. In fact, the Streamlined Domestic Offshore Procedures form 14654 requests...
IRS Audit Brings Many Challenges
An IRS audit brings many challenges to a US taxpayer. Here in San Diego, the IRS revenue officers or auditors are extremely aggressive. The first challenge for our clients is to remain calm. The IRS Notification of Audit letter is sure to make most hearts miss a beat. However, the...
What is a PFIC and Why are the Taxes So High?
What is a PFIC and why are the taxes associated with PFICs so high? A Passive Foreign Investment Company or PFIC is classified by the IRS as a foreign corporation or entity who meets either an asset test or income test established by the agency. The asset test is based...