By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, June 25, 2014. The good news is that the IRS has released new streamlined guidelines for the OVDP that provide an opportunity for resident US taxpayers to reduce penalties for non-reported or under-reporting on the...
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If You Have Any Property or Assets Offshore Then June 30 is a Date You Should Have Circled in Red
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, May 12, 2014. June 30 is an important deadline for any US citizen or foreign national working in the US that has any real property, assets or financial accounts outside of the United States. You...
California Swiss Account Holders Will Be Required to Update FBARs with Previously Undisclosed Account Data
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Friday, May 16, 2014. Californians who have previously not reported assets and accounts they had secreted in Swiss institutions will be required to file amended Foreign Bank Account Reports, or FBARs with the IRS. The deadline...
Currency Into the Country Can Create Havoc with the US IRS
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, April 28, 2014. India is presently encouraging its citizens abroad to open special bank accounts in India to transfer US currency into the country. In and of itself, this isn't the challenge. It's the resulting...
Sequestration limits IRS this tax season, so be careful
On behalf of Janathan L. Allen, APC posted in IRS on Wednesday, February 5, 2014. Most Americans heard about the sequestration episode from late last year, where the government was shut down for weeks, thus affecting a wide array of federal departments. The Internal Revenue Service was one of these...
New tax preparer rule by IRS gets knocked down
On behalf of Janathan L. Allen, APC posted in IRS on Friday, February 21, 2014. A couple of weeks ago, we talked about the limited nature of the Internal Revenue Service this year because of sequestration in late 2013. In that post, we raised a few questions about the IRS...
A few common reasons that a tax audit occurs
On behalf of Janathan L. Allen, APC posted in Audits on Monday, February 24, 2014. One of the common myths about a tax audit is that some tall, ominous-looking man in a black suit -- complete with shades and a hat -- will come knocking at your door, asking you...
Living abroad? Understand your tax obligations
On behalf of Janathan L. Allen, APC posted in IRS on Friday, January 24, 2014. Americans who live outside of the United States are still required to follow strict tax laws. These tax laws can be very complex and difficult to navigate but it is very important for Americans living...
California outlaws ‘zapper’ software for businesses
On behalf of Janathan L. Allen, APC posted in Tax Controversy on Wednesday, January 29, 2014. As is the case in many areas of the law, it can take some time for the rules and regulations to catch up with the technological advancements of our time. Tax law is no...