The IRS has issued a 2022 Dirty Dozen Scams warning including crypto and offshore accounts urging US taxpayers to be aware of “bogus tax avoidance strategies.” One of the most substantial buckets referenced in the report is an attempt to use offshore accounts or digital assets such as cryptocurrency in...
The IRS Knows More About Your Offshore Accounts Than You Might Think
The IRS knows more about your offshore accounts than you might think. Since the implementation of FATCA the US Treasury Department has forced international compliance with electronic account and transaction reporting. The IRS Network of Inter-Governmental Agreements (IGAs) is growing at a rapid rate. The IRS continues to expand the...
The Attorney-Client Privilege is So Important in FBAR and IRS Tax Matters
Do you know why the attorney-client privilege is so important in FBAR and IRS tax matters? The "Attorney-Client Privilege" is a critical protection when dealing with the IRS for any issue such as an audit or coming into compliance with FBARs. Only a tax attorney can extend this valuable protection...
IRS FBAR Compliance Saves You a Lot of Money
Did you know that IRS FBAR compliance saves you a lot of money? IRS FBAR compliance ensures you disclose all information about offshore accounts, assets, balances and transactions before the IRS comes knocking on your door for an audit. If you have undisclosed offshore accounts, the IRS will. There are...
US Taxpayers Still Need to File Offshore Disclosures and FBARs
How Many US taxpayers still need to file offshore disclosures and FBARs with the IRS? Should those who have not yet filed a disclosure application utilize the VDP (Voluntary Disclosure Program) or a streamlined application through the Streamlined Filing Compliance Procedures or SFCP? Many US taxpayers have taken a hopeful...
What are Disregarded Entities and How Does This Relate to an IRS FBAR?
What are disregarded entities and how does this relate to an IRS FBAR? There is a lot about "disregarded entities" in the news recently due to a recent ruling by the IRS in conjunction with offshore asset and income reporting and FBAR requirements. A disregarded entity has been the IRS'...
What is an IRS FBAR and What Are You Required to Report to the IRS
What is an IRS FBAR and what are you required to report to the IRS? There are a lot of questions about the requirements for US taxpayers with accounts, investments and assets offshore as well as the exchange of financial information between the IRS and foreign institutions and tax agencies. ...
San Diego FBAR Lawyer Helps Foreign Nationals Comply with the IRS
Janathan Allen, our San Diego FBAR lawyer helps foreign nationals comply with the IRS and fulfill offshore financial disclosures. The penalties for US taxpayers including resident foreign nationals are quite high. Ignorance of the law is no excuse before the IRS, so the international tax attorneys at Janathan L. Allen,...
FBAR Requirements if You Are Listed on an Offshore Account
What are your FBAR requirements if you are listed on an offshore account or investment? The penalties associated with non-compliance with the reporting of offshore accounts, assets and income to the IRS continue to escalate. Many US taxpayers including resident foreign nationals are not aware there are FBAR requirements if...