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,...
Today, August 4, is the Final Day for Submission of an IRS Streamlined Domestic Offshore Procedure Application
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Monday, August 4, 2014. Higher penalties await those who have not successfully filed under the OVDP or the IRS Streamlined Domestic Offshore Procedures. Today, August 4, the IRS will move forward with plans to pursue higher...
Combining Labor, Installation and Construction Can Generate Complicated Tax Issues for San Diego Businesses
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in California Tax on Tuesday, November 25, 2014. I find that most questions of sales tax seem to be pretty straight forward for most experienced San Diego business clients. But if your business model involves a strategy that combines...
Expats Have to Consider Income Earned Offshore and Are Required to File IRS Tax Returns Regardless of Whether US Income Tax is Owed
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Monday, November 10, 2014. There has been some confusion over the years as to whether or not US expats are required to file IRS tax returns. The answer is simply: yes, they do. Even if there...
How Can We Move Money Into San Diego or the United States if We’ve Hidden it Offshore?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, November 4, 2014. Recently, there have been many cases of people who are trying to determine a strategy for moving large sums of money from offshore accounts to accounts here in San Diego. It has...
If Your Canadian, Swiss or Foreign Banks are Sending You Forms Here In San Diego It’s Time to Call Allen Barron
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Sunday, November 9, 2014. The FATCA agreement between the United States and Canada, and other sovereign nations and their institutions means direct reporting of your accounts and assets to the IRS. Some banks are sending W-9's...
Parts of the Product You Are Selling May Be Affecting Your Tax Burden to California or the IRS
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in IRS on Sunday, November 23, 2014. If you are a San Diego business it is important to understand the nature of every item or ingredient you purchase in order to assemble the products you sell, and the ramifications...
The Ability of the US Government and the IRS to Track the Movement of Money Has Changed the Offshore Investment Game Forever
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Saturday, November 8, 2014. This is an historic time for US taxpayers. The US Justice Department has quite effectively placed the world on notice that if you help to hide the money or assets of US...
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...