By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, July 6, 2015. The IRS has identified 26 Swiss banks who they believe have made specific efforts to help US taxpayers to evade income taxes. The mandatory penalty for these institutions will be 50%, instead...
Not So Fast … How You Divide Assets in Divorce has Tax Implications
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Tax on Thursday, July 2, 2015. Most people want to move through a divorce as quickly as possible, but they fail to understand the tax implications of their agreements. How does support affect taxible income for the recipient? ...
IRS Can Collect Back Tax Debt for Years – In One Recent Case 30 Years
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Monday, June 22, 2015. The IRS has tremendous powers when it comes to the collection of back tax debt. The standard limitations The IRS usually has 10 years from the point an "assessment" is made to...
IRS Shortening Taxpayer Response Times in Audits?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Friday, June 19, 2015. A recent report out of South Dakota asserted that the IRS has shortened the amount of time it allows US taxpayers for responding to requests from the IRS during an audit. The...
Judge Agrees to Hearing in IRS verus Microsoft Case
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Thursday, June 18, 2015. Microsoft has challenged the IRS' authority to bring in a private, outside attorney to advise the agency on their deep and complex audit of Microsoft. The central question involves the ability of...
Here are 5 non-U.S. banks newly added to the IRS’s 50 percent penalty list
On behalf of Janathan L. Allen, APC posted in FATCA on Wednesday, June 17, 2015. The list is long and getting longer. The IRS recently added five more banks to the list of non-U.S. banks where, if you're an American, your account triggers an automatic 50 percent FBAR penalty based...
Many Swiss Banks are an Automatic 50% FBAR Penalty
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Monday, June 15, 2015. The IRS has generated a list of banks, many of whom are Swiss, who have participated in actively helping US taxpayers to shelter money and income from the IRS. If you have...
Do you have Swiss Accounts in Rothschild Bank AG or Banca Credinvest SA?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Friday, June 12, 2015. San Diego and southern California residents with accounts in Rothschild Bank AG or Banca Credinvest SA should know that both Swiss banks recently entered into agreements with the US Department of Justice...
FATCA and the IRS FBAR Have US Taxpayers and Foreign Banks in a Perfect Crossfire
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Thursday, June 11, 2015. The US Department of Justice (DOJ) and the IRS have worked for the past several years to establish the perfect crossfire scenario: foreign banks and US citizens forced to provide information on...