On behalf of Janathan L. Allen, APC posted in IRS on Thursday, January 2, 2014. One of the most frustrating aspects of tax season is that rules change, forms are altered and intricate details obtain new wrinkles that make it very difficult for the tax filer to get a grasp...
IRS Adds More Swiss Banks to Automatic 50% OVDP Penalty List
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, June 9, 2015. The IRS has added severl new Swiss banks to the list of institutions that carry a mandatory 50% penalty instead of the 27.5% penalty provided in most OVDP filings. It doesn't matter...
IRS Commissioner Warns of Poor Customer Service and Slower Refunds in 2015
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Monday, January 19, 2015. IRS Commissioner John Koskinen sent an internal email warning of poor and "unacceptable" customer service, as well as longer refund timeframes this year. The agency is blaming the poor performance on budget...
Wall Street Journal Notes US Expats Suing Canada for Agreeing to Provide Data About Their Accounts to the United States
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, September 2, 2014. The Wall Street Journal documented a lawsuit filed against the Canadian government by a group representing US expatriates a few weeks ago challenging the "constitutionality" of the agreement reached between the US...
How Will Information Obtained by the IRS from Foreign Banks Trigger Audits for San Diego and Southern California Taxpayers?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Sunday, September 28, 2014. The IRS recently obtained a windfall (from the IRS' perspective) of financial information relating to foreign accounts and assets specifically tied to US taxpayers or entities. Pressure brought upon foreign institutions by...
Less Than One Month Remains To File Under the OVDP Streamlined Domestic Offshore Procedures
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Thursday, July 17, 2014. August 4 is the due date for those who wish to submit an application to the IRS under the Streamlined Domestic Offshore Procedures of the OVDP and avoid the increased foreign account...
Filing for OVDP Streamlined Domestic Offshore Procedures Could Reduce Your Penalty from 50% to 5% – a Large Sum for Any US Taxpayer
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Friday, July 4, 2014. The new Streamlined Domestic Offshore Procedures within OVDP represent a tremendous opportunity for any US taxpayer with foreign accounts and assets to come into compliance with the IRS, and reduce their penalties...
How Did the IRS Find Out About My Swiss Accounts and Foreign Assets?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Friday, June 13, 2014. The shortest and most relevant answer to the question of how the IRS discovered almost $2 Trillion in hidden assets in offshore accounts and property is FATCA. The US Justice Department pursued...
Precious Metals, Foreign Income Producing Properties, Swiss Accounts, it No Longer Matters – The IRS has Access to Your Information
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Friday, June 6, 2014. There have been many potential strategies to protect income and assets offshore, including investing in gold and silver, renting out previous residences while in the US, or secreting assets in Swiss Accounts....