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,...
Why the Attorney Client Privilege Matters in IRS Issues Involving Foreign Assets
It is important to understand why the attorney client privilege matters in IRS issues involving foreign assets. The attorney-client privilege is a solid legal protection that allows a client to discuss the details of foreign accounts and assets with our experienced tax attorney Janathan Allen without concern of disclosure to...
What Constitutes Willful Conduct From the Perspective of the IRS
What is it that constitutes willful conduct from the perspective of the IRS as it relates to offshore financial activities and the FBAR? This question is at the heart of compliance for US taxpayers with offshore accounts and assets. The difference in that legal distinction represents an exponential difference in...
FBAR Preparation and Filing to Ensure Compliance
Allen Barron provides extensive tax expertise and assistance with FBAR preparation and filing to ensure compliance with all IRS requirements. If you have offshore bank accounts, investments, assets or own or control a portion of a foreign corporation you must be in full compliance with the IRS or face a...
Failure to Make a Full Disclosure of Offshore Accounts to the IRS
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...
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...
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. ...