We all should have received our W2 and 1099 statements, it's tax preparation time again in San Diego. The tax preparation, accounting and tax attorneys at Allen Barron are prepared to help you to get through tax season. We specialize in helping those with more substantial returns, and those with...
Updates on Offshore Investments and IRS FBAR Reporting Requirements
The world is still unpacking the impact of FATCA and the IRS' intent to track offshore bank accounts, investments and corporations. The result is continuing pressure on offshore investments and IRS FBAR reporting requirements including PFIC tax calculations and the continuing expansion of 50% penalties on specific institutions identified by...
IRS Audit Triggers to Avoid in 2016 Tax Returns
What Are the IRS audit triggers to avoid in 2016 tax returns and what can Allen Barron do to help those who are preparing and filing their tax returns in Rancho Bernardo, Poway and Rancho Santa Fe? There are several factors that have come out of recent statistical analysis regarding...
Tax Preparation for Rancho Bernardo and Poway
We await the annual sending of W-2's, 1099's and other wage and income related paperwork. The receipt of your W2 or 1099 is usually the start of tax season for most households throughout San Diego. Allen Barron announces tax preparation for Rancho Bernardo and Poway with the reminder that tax...
Argentina’s Offshore Amnesty Program Nets $5.2 Billion in Taxes
Argentinas offshore amnesty program nets $5.2 Billion in taxes after Argentinians disclosed over $90 Billion in previously hidden assets. Under the law Argentines could disclose offshore cash and assets to the government and pay a 10% tax. Argentine tax payers have an extension to disclose further offshore cash until the...
Make a Full, Transparent Voluntary FBAR Disclosure to the IRS or Face the Consequences
The recent case this month in the US District Court sends a clear message to US taxpayers: Make a full, transparent voluntary FBAR disclosure to the IRS or face the consequences. The case has shed some light into a backlog of lawsuits against the IRS regarding FBAR reporting requirements and the...
A New World of Financial Transparency and International Tax
2017 is dawning on a new world of financial transparency and international tax cooperation between global sovereign tax authorities and the world's banks and investment houses. What does this mean for international investors, US taxpayers with offshore accounts and assets and international business? In short - a reckoning. The primary...
Year End Tax Planning – Why Turbo Tax is No Solution for FBAR
Why are there so many people who have used Turbo Tax and other home tax software solutions (including the free IRS version) who are now facing tens of thousands of dollars in FBAR penalties, fines and IRS audits? Because Turbo Tax is no solution for FBAR or any other remotely...
Banks Warning Customers of New International Tax Compliance Procedures
The Organization for Economic Co-Operation and Development or OECD is comprised of 35 member nations including the United States, almost all of Europe, Canada and Mexico, Australia, Turkey, Korea and Japan have ordered banks to implement new procedures. Letters are going out around the world from global banks warning customers...