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The Tax Implications of Offshore Bank Accounts and Investment

What are the tax implications of offshore bank accounts and investments as well as foreign corporate ownership?  Allen Barron is uniquely positioned to provide proven international tax advice, as well as legal counsel and supporting accounting services.  Tax, legal and accounting in a single source vendor.  The IRS and California's...

Costly Facts About IRS PFIC Rules US Taxpayers Should Know

What are some other unfortunate and costly facts you must know about IRS PFIC rules and your investments?  There has been a growing issue with Passive Foreign Investment Company or PFIC designations by the IRS.  US taxpayers are consistently surprised to learn that their investment qualifies under IRS PFIC rules....

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...

The California Waters Edge Election

What is the California Waters Edge Election and how does that affect taxation for certain taxpayers with offshore business income and assets?  The California water's edge election was established in 1986 and was designed to restrict California's "application of the worldwide combined reporting method of determining income from California sources."  Instead...

World Leaders Developing New Standards to Identify and Exchange Beneficial Ownership Information

The goal of financial transparency worldwide is gaining momentum.  The US FATCA initiative has spawned like legislation around the globe.  The benefit of taxation derived from the discovery of offshore taxpayer financial accounts and interests has world leaders developing new standards to identify and exchange beneficial ownership information for bank...