By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, July 27, 2015. One of the sitting US Senators who is running for President, Rand Paul, sued the IRS and the US Justice department recently over the impact of FATCA and IRS Foreign Bank Account...
I Submitted an Application under the IRS OVDP – Why is My Penalty 50%?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Tuesday, July 14, 2015. There is some confusion regarding a list of banks that the IRS has determined to be actively involved in helping US taxpayers to avoid income tax. The ongoing list represents institutions who...
Here are 5 non-U.S. banks newly added to the IRS’s 50 percent penalty list
On behalf of Janathan L. Allen, APC posted in FATCA on Wednesday, June 17, 2015. The list is long and getting longer. The IRS recently added five more banks to the list of non-U.S. banks where, if you're an American, your account triggers an automatic 50 percent FBAR penalty based...
Many Swiss Banks are an Automatic 50% FBAR Penalty
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Monday, June 15, 2015. The IRS has generated a list of banks, many of whom are Swiss, who have participated in actively helping US taxpayers to shelter money and income from the IRS. If you have...
Do you have Swiss Accounts in Rothschild Bank AG or Banca Credinvest SA?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Friday, June 12, 2015. San Diego and southern California residents with accounts in Rothschild Bank AG or Banca Credinvest SA should know that both Swiss banks recently entered into agreements with the US Department of Justice...
FATCA and the IRS FBAR Have US Taxpayers and Foreign Banks in a Perfect Crossfire
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Thursday, June 11, 2015. The US Department of Justice (DOJ) and the IRS have worked for the past several years to establish the perfect crossfire scenario: foreign banks and US citizens forced to provide information on...
Yes, Failure to Report Foreign Bank Accounts Can Lead to Jail
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, June 3, 2015. Do you really need to be concerned with how you submit your application to the Offshore Voluntary Disclosure Program (OVDP) or the streamlined option within it? The IRS will simply accept a...
Is Your Foreign Bank on the IRS List of Banks that Trigger a 50% OVDP Penalty?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, June 2, 2015. The IRS maintains a list of international banks that trigger an automatic 50% Offshore Voluntary Disclosure Program (OVDP) penalty instead of the standard 27.5% for those that file under the program. The...
IRS Under Fire for Using External Firm for Audit of Microsofts Offshore Investment Activities
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Audits on Monday, June 1, 2015. The IRS is taking substantial heat from the US Senate regarding its decision to hire an outside law firm to assist with an investigation into Microsoft's alleged activities to shift profits offshore...