By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, September 9, 2014. What should you do if you have foreign investments or accounts and you have not filed the Foreign Bank Account Report or "FBAR" with the IRS? This is can be a complex...
Bitcoin labeled as property by the IRS
On behalf of Janathan L. Allen, APC posted in IRS on Wednesday, March 26, 2014. Bitcoin has been in the news quite a bit recently, as the controversial virtual currency continues it's up-and-down trend after being released in 2009. Bitcoin is an unregulated virtual currency that can be sent from...
More than $2.8 million paid by IRS to workers owing back taxes
On behalf of Janathan L. Allen, APC posted in IRS on Wednesday, April 30, 2014. A recent report from the Treasury inspector general for tax administration found that from Oct. 2010 to Dec. 2012, more than $2.8 million in bonuses was paid by the Internal Revenue Service to employees who either...
24% of Those with Unreported Swiss Account Holdings Were California Residents
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Saturday, May 24, 2014. In February of this year, the US Government Accounting Offices (GAO) released a report that showed a staggering $2 Trillion dollars in hidden Swiss bank and investment accounts, and that 24% of...
Attorney-Client Privilege Key for Californians with Swiss Bank and Investment Accounts
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Thursday, May 15, 2014. How is "attorney-client" privilege going to help with the exposure Californians face thanks to the Swiss Banks and the IRS? You've been sheltering income and assets in your Swiss bank and investment...
How Does the IRS Offshore Voluntary Disclosure Program Work and How Does That Affect my California Taxes?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Saturday, May 17, 2014. The IRS has developed the Offshore Voluntary Disclosure Program (OVDP) to allow taxpayers who have failed to disclose any offshore asset or financial account through mandatory FBARs to petition the IRS for...
IMPORTANT NEWS UPDATE: IRS Announces New “Streamlined Domestic Offshore Procedures”
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Friday, June 20, 2014. As Part of the Offshore Voluntary Disclosure Program or OVDP the IRS has provided new "Streamlined Domestic Offshore Procedures" for "non-willful" conduct that is in violation of FBAR and FATCA related reporting....
Knock, knock. The Franchise Tax Board is calling.
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Tuesday, August 26, 2014. If you filed your California tax return using the Head of Household (HOH) status, then be prepared get a letter in the mail from your friendly Franchise Tax Board (FTB). The FTB...
What Happens if My IRS Streamlined Domestic Offshore Procedure Request is Denied?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Wednesday, August 6, 2014. Many US taxpayers may be disappointed to learn that their application to participate in the IRS' Streamlined Domestic Offshore Procedures was denied, and that they face the full force of civil and...