A new IRS Large Business & International (LB&I) campaign targets US taxpayers for IRS audits focused upon OVDP declines and withdrawls from the FBAR related program. Once the IRS implemented FATCA based regulations and the associated Foreign Bank Account Reporting (FBAR) requirements US taxpayers were required to disclose all offshore...
High Profile Trial May Shed Light on Willful Conduct in IRS FBAR Cases
A Pennsylvania Court has denied motions by both parties to dismiss a high profile trial which may shed light on willful conduct in IRS FBAR cases for US taxpayers. The CEO of a pharmaceutical company was accused by the IRS of willful failure to disclose Swiss bank accounts on his...
IRS FBAR Compliance for Canadian and Mexican Nationals in the US
If you live or work in the United States it is your responsibility to understand tax laws. This is why Allen Barron has been a leader in IRS FBAR compliance for Canadian and Mexican nationals living and working in the US. Many foreign nationals who reside or work here in...
Federal and State Tax Returns are Due Tomorrow
Well, tax day is finally here and for last minute filers there is one more day as Federal and State tax returns are due tomorrow April 18. Allen Barron provides on-going tax preparation and filing services for businesses and business owners, the self-employed and high income earners, as well as...
A Reminder that IRS FBAR Reporting is Due Along with Your Tax Return This Year
Just a reminder that your IRS FBAR reporting is due along with your tax return on April 18th this year. The Foreign Bank Account Reports (referred to as FBAR) have previously been due later in the year, but 2017 marks a permanent change going forward. US taxpayers, including foreign nationals...
Postmortem Tidbits from the Panama Papers
It's been more than a year since the international "Panama Papers" scandal hit where 11.5 million documents disclosed the true owners of more than 214,000 offshore "shell" companies. Postmortem tidbits from the Panama Papers provide insight into the genuine risks offshore investors, international businesses, US expats, and foreign nationals living...
IRS Focusing on Transfer Pricing and Offshore Earnings says Wall Street Journal
In a recent article the Wall Street Journal warned that the IRS had released information about 13 "campaigns" to target high-value tax returns for IRS audit. The IRS intends to focus upon and international businesses transfer pricing and offshore earnings and the compliance with IRS FBAR reporting and offshore account...
The IRS OVDP May Still be a Viable Option for Unreported Offshore Accounts
There is a lot of conversation nationally about IRS FBAR compliance and those who have not yet complied. Many US taxpayers may be wondering if the IRS OVDP may still be a viable option for unreported offshore accounts and assets. The answer is a qualified "yes." The reality is the...
San Diego Tax Preparation and Filing Services
Are you looking for San Diego tax preparation and filing services and a firm with the expertise to handle complex issues such as business ownership in an LLC or S Corporation, offshore investments and bank accounts, or international business interests? Allen Barron has decades of experience and service to the...