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...
FBAR – Right Off of the IRS Schedule B (Form 1040A or 1040)
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Friday, May 23, 2014. Schedule B of the 1040(A) tax forms gets right to the heart of FBAR and the issues facing foreign born individuals living and working in the United States on a green card,...
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...
The Immediate IRS Challenge for US Expatriates Isn’t Income Tax, It’s FBAR
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Wednesday, May 7, 2014. Many US expatriates focus on the amount of income that is excluded from US federal income taxes, and the thresholds for reporting and taxation. However, the most immediate threat to US expats...
A Simple Offshore Rental Property Can Create Substantial Issues with the IRS
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Saturday, June 14, 2014. If you have any income producing property in a country outside of the US it is important to report it properly to the IRS. As sources of potential revenue have dropped over...
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....
IRS Commissioner Hints that Changes in the OVDP May Be In the Works
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Sunday, June 22, 2014. IRS Commissioner John A. Koskinen made a startling revelation at a recent tax conference that the IRS was considering changing the existing OVDP to make things "more fair and equitable." Mr. Koskinen's...
Which IRS Program is Best for Those Who Have Issues with FBARs?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Monday, December 29, 2014. The IRS has two main options for those who have either under-reported or failed to report foreign accounts or assets on the FBARs associated with their returns. The first option is the...
US District Court Upholds Massive FBAR Pentalties Against 87 Year Old Florida Man
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Wednesday, June 18, 2014. I've been shouting from the proverbial rooftop for the past several months, and a recent decision by the US District Court is an example of why: an 87 year old man has...