It is common for a US taxpayer to ask “what happens if you don’t file an FBAR or a Form 8938, Statement of Specified Foreign Assets with the IRS? Why do I have to worry about filing an FBAR in San Diego or anywhere in the US, and what happens...
ABCast Episode 9 – International Tax Planning
Our Firm's podcast ABCast is pleased to release Episode 9 - International Tax Planning which as an overview of many legal and tax issues associated with international business, investments, financial accounts and assets. International tax planning is essential to protect your assets while minimizing the impact of taxation. The reporting...
ABCast Episode 7 – FBAR and Foreign Asset Reporting to the IRS
We invite you to listen to our latest podcast, ABCast Episode 7 - FBAR and Foreign Asset Reporting to the IRS with Janathan Allen. In this podcast, Jan and Neil discuss the impact of FATCA on US taxpayers worldwide and associated reporting requirements to the IRS. Many US taxpayers are...
The Attorney-Client Privilege is So Important in FBAR and IRS Tax Matters
Do you know why the attorney-client privilege is so important in FBAR and IRS tax matters? The "Attorney-Client Privilege" is a critical protection when dealing with the IRS for any issue such as an audit or coming into compliance with FBARs. Only a tax attorney can extend this valuable protection...
IRS FBAR Compliance Saves You a Lot of Money
Did you know that IRS FBAR compliance saves you a lot of money? IRS FBAR compliance ensures you disclose all information about offshore accounts, assets, balances and transactions before the IRS comes knocking on your door for an audit. If you have undisclosed offshore accounts, the IRS will. There are...
US Taxpayers Still Need to File Offshore Disclosures and FBARs
How Many US taxpayers still need to file offshore disclosures and FBARs with the IRS? Should those who have not yet filed a disclosure application utilize the VDP (Voluntary Disclosure Program) or a streamlined application through the Streamlined Filing Compliance Procedures or SFCP? Many US taxpayers have taken a hopeful...
What are Disregarded Entities and How Does This Relate to an IRS FBAR?
What are disregarded entities and how does this relate to an IRS FBAR? There is a lot about "disregarded entities" in the news recently due to a recent ruling by the IRS in conjunction with offshore asset and income reporting and FBAR requirements. A disregarded entity has been the IRS'...
Come Into Compliance with IRS and FBAR Reporting
What should you do if you need to come into compliance with IRS and FBAR reporting? There are 3 options for coming into compliance with your obligation to report offshore asset holdings: The Voluntary Disclosure Practice or VDP, the Streamlined Filing Compliance Procedures or SFCP, or the delinquent FBAR and...
When Should You Consider Tax Preparation Services at Allen Barron
When should you consider tax preparation services at Allen Barron? What should you ask of our San Diego tax preparers? If your Adjusted Gross Income (AGI) falls below $73,000 the IRS provides a free filing option, and that's probably best for those situations. If you are single or married,...