By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, February 17, 2015. The Wall Street Journal recently published an analysis by AIRINC, a Cambridge, MA firm who analyzes data based on international mobility, showing the lowest and highest local income tax rates for US...
It May Take 3 Years for IRS to Fully Integrate Foreign Account Information
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Wednesday, January 14, 2015. It may be 2 to 3 years before we witness the full impact of the IRS response to all of the foreign account information and asset documentation they received as a result...
Only a Tax Attorney Can Provide the Insight and Protections Necessary for FBAR Filers
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, January 13, 2015. The recent developments for US taxpayers with foreign accounts and assets and the implications of FBAR compliance significantly increases the importance of seeking the insight and protections provided by an experienced tax attorney. Our office...
What Happens to Foreign Assets and Accounts During a San Diego Divorce?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Sunday, January 4, 2015. If you are a party to a San Diego or California divorce, and the community property includes foreign bank or investment accounts, assets or real property you should contact us immediately at...
It’s Not Just the Swiss, the IRS Has Information From Around the World
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Friday, June 20, 2014. A lot of ink and press coverage has been given to recent developments between the US Department of Justice and Swiss financial institutions. There are many foreign nations who host financial or...
The Time is NOW to Come Into Compliance with IRS FBAR and Foreign Asset Reporting
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, June 26, 2014. There is a substantial financial incentive for resident US taxpayers and US expatriates to come into compliance with IRS streamlined guidelines and US laws relating to the reporting of foreign bank accounts...
You Cannot Hide Assets Offshore From the IRS Any Longer
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Saturday, June 28, 2014. The IRS has obtained foreign bank account and investment information that will tie specific foreign assets to unique US social security numbers. Many US taxpayers have attempted to shield assets and income...
FATCA Guidelines Make June 30 one of the Most Important Dates on Your Financial Calendar
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Tuesday, April 29, 2014. The Foreign Account Tax Compliance Act or FATCA and recent agreements between the IRS and many foreign banking and taxation authorities has created an important date for this year's financial calendar: June...
June 30, 2014 is the MUST FILE date for your FBAR or Foreign Bank Account Report
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, April 30, 2014. The IRS Foreign Bank Account Report or FBAR must be submitted no later than June 30, 2014 or you face substantial additional taxes, penalties, interest and in some cases criminal tax exposure....