By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, June 30, 2014. If you have filed an FBAR with the IRS over the past 8 years, or had any foreign asset or account in that period and did not fully disclose it to the...
Why Is This Any Different for the IRS and FBARs and Foreign Accounts than at Any Time in History?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Saturday, July 5, 2014. The IRS has gained access to the vast majority of offshore account and property information. This data ties those accounts and assets to specific US social security numbers and Federal Taxpayer IDs,...
Today, August 4, is the Final Day for Submission of an IRS Streamlined Domestic Offshore Procedure Application
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Monday, August 4, 2014. Higher penalties await those who have not successfully filed under the OVDP or the IRS Streamlined Domestic Offshore Procedures. Today, August 4, the IRS will move forward with plans to pursue higher...
Expats Have to Consider Income Earned Offshore and Are Required to File IRS Tax Returns Regardless of Whether US Income Tax is Owed
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Monday, November 10, 2014. There has been some confusion over the years as to whether or not US expats are required to file IRS tax returns. The answer is simply: yes, they do. Even if there...
How Can We Move Money Into San Diego or the United States if We’ve Hidden it Offshore?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, November 4, 2014. Recently, there have been many cases of people who are trying to determine a strategy for moving large sums of money from offshore accounts to accounts here in San Diego. It has...
If Your Canadian, Swiss or Foreign Banks are Sending You Forms Here In San Diego It’s Time to Call Allen Barron
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Sunday, November 9, 2014. The FATCA agreement between the United States and Canada, and other sovereign nations and their institutions means direct reporting of your accounts and assets to the IRS. Some banks are sending W-9's...
Parts of the Product You Are Selling May Be Affecting Your Tax Burden to California or the IRS
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Sunday, November 23, 2014. If you are a San Diego business it is important to understand the nature of every item or ingredient you purchase in order to assemble the products you sell, and the ramifications...
The Ability of the US Government and the IRS to Track the Movement of Money Has Changed the Offshore Investment Game Forever
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Saturday, November 8, 2014. This is an historic time for US taxpayers. The US Justice Department has quite effectively placed the world on notice that if you help to hide the money or assets of US...
New Streamlined Domestic Offshore Procedures for the OVDP Provide a Genuine Alternative for Resident US Taxpayers with Foreign Assets and Accounts
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Friday, June 27, 2014. The IRS released a major announcement last week that provides new Streamlined Domestic Offshore Procedures for the IRS OVDP for Resident US taxpayers. The new guidelines take effect July 1, 2014 and...