What are the risks and penalties of the failure to make a full disclosure of offshore accounts to the IRS? What happens if you have not included all of your offshore bank accounts, assets, investments, foreign trust and foreign corporate ownership interests to the IRS via FBAR or associated IRS...
Californians with Foreign Investments and Property Need a Tax Attorney Not Just a CPA
Californians with foreign investments and property need a tax attorney and not just a CPA. Californians represent the largest portion of US taxpayers with previously unreported Swiss financial accounts, offshore investments and corporate ownership. The complexities of taxation for foreign accounts and assets have significantly increased over the past several...
Serious Challenges for Expats and Those Considering Expatriation
The world is an ever-changing ever-evolving crucible of financial challenges for US expats. The implementation of the Foreign Account Tax Compliance Act or FATCA generated significant issues for US citizens and former citizens who live abroad. The serious challenges for expats and those considering expatriation as well as foreign...
“That’s It, I’m Out of Here!” Tax Consequences of Leaving the US
Over the past decade, a record number of US citizens have decided to live and/or work abroad. What are the tax consequences of leaving the US and what are a few things you should think about if you are considering it? It is important to understand that the United States...
Overseas Bank Accounts Could Still Cost You $100,000 or More
If you are a US taxpayer, including foreign nationals who live and work in the United States you need to take notice. Overseas bank accounts could cost still you $100,000 or more in penalties and interest if the aggregate balance of your offshore accounts exceeds $10,000 at any point in...
IRS Announces an End to Offshore Voluntary Disclosure Programs
As the IRS announces an end to Offshore Voluntary Disclosure programs associated with the reporting of offshore bank accounts, investments and assets, US taxpayers are urged to come into compliance with IRS FBAR reporting or face steep fines and criminal prosecution. The IRS announced yesterday it will bring the 2014...
Is Bitcoin Triggering IRS FBAR Reporting Requirements?
Is your investment in a cryptocurrency such as bitcoin triggering IRS FBAR reporting requirements for your tax return? What are the potential penalties for failing to disclose your bitcoin holdings, especially if they are housed in an offshore exchange? if you have amassed more than $10,000 in your digital wallet or...
The IRS Begins Accepting 2017 Tax Returns
The IRS begins accepting 2017 tax returns as tax season is upon us. Allen Barron is uniquely structured to prepare and file your international, domestic, business and personal tax returns. Our tax attorneys are supported by Allen Barron's accounting professionals as we work toward this year's deadline of April 17. ...
IRS Establishes an Enforcement Initiative for Cryptocurrencies
Those who have invested in Bitcoin and other virtual currencies should take heed as the IRS establishes an enforcement initiative for cryptocurrencies and how US taxpayers report these on all tax returns. The IRS believes millions of transactions involving US taxpayers have occurred with exchanges such as Coinbase, and is...