The sustained downward spiral in oil prices has resulted in a lower IRS mileage reimbursement rate for 2016. The new rate will be $0.54 per mile, down from $0.575 in 2015. The 3.5 cent per mile drop reflects stabilization in the international oil markets according to the IRS, and is...
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Merry Christmas and Seasons Greetings!
We at Allen Barron wish to extend Seasons Greetings to all of our friends and clients throughout San Diego and across the United States. We are very thankful for the business and personal relationships we share, and the opportunity to be of service. Allen Barron is uniquely positioned to provide...
IRS Gains Power to Revoke Passports of Delinquent Taxpayers
The President signed the "Fixing America's Surface Transportation Act" into law on December 4, and a portion of this act enables the IRS to revoke the passports of delinquent taxpayers who owe more than $50,000 to the Internal Revenue Service. In a section of the law entitled "Revocation or Denial...
The Structure of a Business Contract Guides a Successful Business Transaction
The structure of a business contract has a substantial impact on the quality of the transaction, and the likelihood of a successful outcome. A well drafted business contract clearly establishes the role of each party, the goods and/or services to be exchanged and the value of the contract. Contracts that...
Why Should US Taxpayers With Offshore Accounts and Assets Be Cautious When Considering the Streamlined Domestic Offshore Procedures?
Why shouldn't every US taxpayer with offshore accounts or assets choose the Streamlined Domestic Offshore Procedures when coming into compliance with the IRS and FBAR reporting requirements under FATCA? Why wouldn't a US taxpayer simply want to claim "non-willful" conduct in their disclosures of offshore bank accounts, investments and assets...
Landmark Case May Help to Determine Willful vs Non-Willful Offshore Conduct – Swiss Man Sues IRS
In what is potentially a landmark lawsuit regarding the reporting of offshore accounts and assets to the IRS through FBAR and other forms, a Swiss man has filed a lawsuit against the IRS disputing "willful" versus "non-willful" behavior. It is interesting to note that this man, Bernhard Gubser, left one...
Quiet FBAR Disclosures Are Not What the IRS is Looking For
The IRS has been quite clear in recent publications that a "quiet" disclosure of offshore bank accounts and assets not previously reported on appropriate FBAR or Form 8938 is not enough to come into compliance. The OVDP is the option that presents the least risk to US taxpayers. The two...
Over 100 Swiss Banks Have Accepted US FATCA Deal – FBAR Foreign DIsclosures Increasing
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, December 17, 2015. The IRS recently announced the addition of several foreign banks and institutions to its list of 50% OVDP penalty institutions. These banks have been found by the IRS to help US taxpayers...
IRS Scammer Tactics Increasingly Aggressive – Warning to Consumers
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Monday, December 14, 2015 The IRS has issued another warning concerning scammers posing as the Internal Revenue Service. Most US taxpayers can quickly spot a scam on the phone, but the scammers are becoming much more...