Earlier this year the IRS, with the help of a US Bankruptcy Judge, successfully pierced a complex strategy by two Texas brothers Sam and Charles Wyly. The Wyly brothers were accused by the IRS of tax fraud related to the funneling of money and assets to offshore banks through a comprehensive series...
Has the IRS Decided to Stop Accepting Streamlined Applications for FBAR Compliance?
Has the IRS decided to shut down the application process for the Streamlined Domestic Offshore Procedures under FBAR? Streamlined applications for FBAR compliance used to be submitted to the IRS via facsimile. The IRS has recently stopped access to fax submission of streamlined applications, and this may be a sign...
Don’t Let IRS Impeachment Hearings Fool You – The IRS Offshore and FBAR Audits Aren’t Going Anywhere but Up
Don't be distracted by the US House of Representatives hearings where they are attempting to impeach IRS Commissioner John Koskinen. The commissioner stands accused of many allegations including lying to congress, abuse of power and other acts that diminish confidence in one of the US Government's most powerful agencies. Meanwhile,...
San Diego FBAR Attorneys Guide Offshore Compliance with IRS
If you have offshore accounts, investments or assets and have not come into compliance with the IRS, you should contact the San Diego FBAR attorneys at Allen Barron, who will provide guidance and insight into your options and help to ensure the best outcome in your case. Which voluntary disclosure...
Record Number of FBARs Filed in 2015 – up 8% over 2014
The IRS has reported that the number of "Report of Foreign Bank and Financial Reports" or FBARs filed in 2015 is up by more than 8 percent over 2014. A staggering 1,163,229 FBARs were filed with the IRS, continuing the trend of an increasing number of US taxpayers filing the...
India Taking Cues from FATCA in Search of “Black” Money
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Friday, September 11, 2015. The IRS has deployed a double prong approach under the Foreign Account Tax Compliance Act or FATCA: 1. Force foreign banking institutions, investment houses and sovereign tax authorities to provide information regarding...
Manufacturer and Retailer Compliance with California’s Supply Chain Act
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Business Advice and Counsel on Wednesday, May 20, 2015. The California Department of Justice is conducting a compliance review, sending letters to and asking any business that lists "manufacturing" or "retail sales" as their principal activity on California...