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....
Is This The End of the OVDP for IRS FBAR Disclosures
Is this the end of the OVDP for IRS FBAR disclosures regarding offshore bank accounts, investment accounts and assets? The IRS has in fact announced it will close the Offshore Voluntary Disclosure Program or OVDP on September 28, 2018. The IRS has strongly recommended that all US taxpayers, including resident...
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...
What are Willful Conduct and Willful Blindness in IRS FBAR Audits
What are willful conduct and willful blindness in IRS FBAR audits and court cases? It is important to begin with an understanding regarding IRS FBARs and when they are required. Any US taxpayer who has offshore bank or investment accounts (outside the United States) is required to prepare and file an...
Two US Canadian Taxpayers Fail to File FBARs
The US Court of Federal Claims found two US Canadian taxpayers fail to file FBARs resulting in summary judgment for the IRS. The couple's defense was primarily based upon the fact they had engaged a "professional tax adviser" to prepare their returns and failed to review them. The court rejected...
What is an IRS Field Audit and What Should You Do?
What is an IRS field audit and what should you do if you receive notification from the IRS regarding their intention to conduct a field audit? An IRS field audit is an examination in your home, business or your accountant/attorney's office. An IRS field audit usually involves an examination of...
US Expats a New IRS Target for FBAR Violations
What makes US expats a new IRS target for FBAR violations and undisclosed offshore assets? The IRS is instituting a new whistle-blower campaign for those who might help US expats and other US taxpayer clients. Allen Barron provides attorney-client protections for those who are working on the disclosure of foreign...