The IRS is closing in on US taxpayers with offshore accounts thanks to the global exchange of information which has been a by-product of FATCA and the Justice Department's pursuit of Swiss banking and financial interests. The deal between the IRS and Swiss institutions ultimately led to an agreement to...
IRS FBAR Audits are Heating Up as Offshore Banking Information Pours In
IRS FBAR audits are heating up as offshore banking and taxpayer information pours into the IRS from offshore banks, financial institutions, investment houses and foreign sovereign tax agencies. The IRS formed agreements with most of the nations around the world as well as hundreds of thousands of banks, investment houses...
The US Tax Impact of Opening a Foreign Account
What is the US tax impact of opening a foreign account for a US taxpayer including foreign nationals who live and work in the United States? The requirement for US taxpayers to report offshore accounts has been around for quite some time. In 2004, the IRS added penalties for non-willful...
Tax Issues of Working in San Diego on an H1-B Visa
What are the tax issues of working in San Diego on an H1-B Visa or living in the US as a foreign national? There are specific IRS reporting requirements that many foreign nationals living and working in the United States may not be aware of. Unfortunately, the IRS will not...
Wall Street Journal Warns Offshore Account Holders to Fear the IRS
A major US financial newspaper today echoed Allen Barron's repeated warnings to offshore account holders to fear the IRS and impending IRS audits. The Wall Street Journal (WSJ) today issued a daunting warning to US taxpayers with offshore bank accounts, investment accounts and assets: "Are You Hiding Money Overseas from...
IRS Audits Focused Upon OVDP Declines and Withdrawls
A new IRS Large Business & International (LB&I) campaign targets US taxpayers for IRS audits focused upon OVDP declines and withdrawls from the FBAR related program. Once the IRS implemented FATCA based regulations and the associated Foreign Bank Account Reporting (FBAR) requirements US taxpayers were required to disclose all offshore...
Jan Allen to Speak on IRS FBAR and Willfulness
On October 11, 2017 from noon to 2:00 pm pacific time, Jan Allen will speak on IRS FBAR and willfulness during a live webcast entitled: "Willfulness and the IRS Disclosure Programs: Are You Compliant?" The program will answer the questions of US taxpayers and foreign nationals who live and work...
High Profile Trial May Shed Light on Willful Conduct in IRS FBAR Cases
A Pennsylvania Court has denied motions by both parties to dismiss a high profile trial which may shed light on willful conduct in IRS FBAR cases for US taxpayers. The CEO of a pharmaceutical company was accused by the IRS of willful failure to disclose Swiss bank accounts on his...
IRS FBAR Compliance for Canadian and Mexican Nationals in the US
If you live or work in the United States it is your responsibility to understand tax laws. This is why Allen Barron has been a leader in IRS FBAR compliance for Canadian and Mexican nationals living and working in the US. Many foreign nationals who reside or work here in...