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...
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'...
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 Preparation and Filing to Ensure Compliance
Allen Barron provides extensive tax expertise and assistance with FBAR preparation and filing to ensure compliance with all IRS requirements. If you have offshore bank accounts, investments, assets or own or control a portion of a foreign corporation you must be in full compliance with the IRS or face a...
Overseas Bank Accounts Could Still Cost You $100,000 or More
If you are a US taxpayer, including foreign nationals who live and work in the United States you need to take notice. Overseas bank accounts could cost still you $100,000 or more in penalties and interest if the aggregate balance of your offshore accounts exceeds $10,000 at any point in...
Europeans Blacklist the Cayman Islands and 3 Others as Tax Havens
International tax pressures continue to mount as Europeans blacklist the Cayman Islands and 3 others as tax havens. The finance ministers of the European Union (EU) have identified The Cayman Islands (a British overseas territory) as well as the Seychelles, Palau and Panama. According to the EU these jurisdictions have...
Is This The End of the OVDP for IRS FBAR Disclosures
Is this the end of the OVDP for IRS FBAR disclosures regarding offshore bank accounts, investment accounts and assets? The IRS has in fact announced it will close the Offshore Voluntary Disclosure Program or OVDP on September 28, 2018. The IRS has strongly recommended that all US taxpayers, including resident...