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...
California Swiss Account Holders Will Be Required to Update FBARs with Previously Undisclosed Account Data
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Friday, May 16, 2014. Californians who have previously not reported assets and accounts they had secreted in Swiss institutions will be required to file amended Foreign Bank Account Reports, or FBARs with the IRS. The deadline...
If You Have Any Property or Assets Offshore Then June 30 is a Date You Should Have Circled in Red
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, May 12, 2014. June 30 is an important deadline for any US citizen or foreign national working in the US that has any real property, assets or financial accounts outside of the United States. You...
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...
If You Have (or Should Have) Filed an FBAR with the IRS over the Past 8 Years You Need to Read This
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,...
FBAR Does Apply to Domestic Fraud As Well. Foreign Nationals in San Diego Have to Pay US Taxes
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, November 5, 2014. If you are a foreign national living and working in the San Diego or anywhere in the US, you are required to pay tax on all US income to the IRS, and...
Shifting a Client from the IRS Regular OVDP to the Streamlined Program Saved Over $120,000
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, November 13, 2014. We recently had a client that we were successfully able to shift from the regular IRS OVDP program to the streamlined domestic offshore procedures resulting in a substantial savings (and a very...
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...