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...
The IRS Modified 2014 OVDP Program Provides Closure to Statutes of Limitations, Streamlined Procedures Do Not
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Wednesday, November 26, 2014. Many US taxpayers are being advised to jump into the streamlined domestic offshore procedures relating to offshore investment income and assets. The streamlined program offers significantly lower penalties and interest, and may be...
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...
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...
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...
New foreign account rule could cause IRS some problems
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...
How Can You Reduce Penalties for Under-Reporting FBAR or Foreign Accounting with IRS from 27.5% to 5%?
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...
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....
US Taxpayers Need To Carefully Consider Claiming “Non-Willful” Conduct on OVDP Applications
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, July 9, 2014. US resident taxpayers and US expatriates need to exercise caution when considering a claim of non-willful conduct during OVDP submissions to the IRS. The IRS has clearly communicated that it intends to...