The IRS is closing in on US taxpayers with offshore accounts thanks to the global exchange of information which has been a by-product of FATCA and the Justice Department's pursuit of Swiss banking and financial interests. The deal between the IRS and Swiss institutions ultimately led to an agreement to...
Is the IRS Use of Social Media to Establish Audit Targets Legal
A Washington State University (WSU) professor has asked an interesting question in the Vanderbilt Journal of Entertainment and Technology Law: Is the IRS use of social media to establish IRS audit targets legal or does it violate established law? Revelations that the IRS researches social media and other large data...
Your Risk of a California Tax Audit May Be Higher than an IRS Audit
It may surprise many Californians to learn your risk of a California tax audit may be higher than an IRS audit. You may have heard in the news the rate of IRS audits is down. While this is true for lower income Americans, the cost of living in California naturally...
IRS FBAR Audits are Heating Up as Offshore Banking Information Pours In
IRS FBAR audits are heating up as offshore banking and taxpayer information pours into the IRS from offshore banks, financial institutions, investment houses and foreign sovereign tax agencies. The IRS formed agreements with most of the nations around the world as well as hundreds of thousands of banks, investment houses...
Changes to Partnerships and LLCs Required by IRS
There are substantial changes to partnerships and LLCs required by the IRS as part of the Bipartisan Budget Act (BBA) which are scheduled to take effect January 1, 2018. The US Treasury Department issued new rules in January of this year which will substantially impact tax matters for partnerships as...
Many Working in the US on an H1-B Visa Need to Understand IRS PFIC Taxation
Many professionals and scientists working in the US on an H1-B visa need to understand IRS PFIC taxation and the implications of continuing many offshore investments. What are PFICs and why would high income professionals in the US on an H1-B visa need to understand IRS PFIC taxation rules? The challenge...
Avoid the DOL and IRS Audit Focus on Independent Contractors
How can you avoid the US Department of Labor or DOL and IRS audit focus on independent contractors and 1099 workers? What do you need to know about the new definitions of an independent contractor based upon the so-called "Darden Factors" and the "Economic Realities" standards? Why should you be concerned...
What Happens When the IRS Audits your Business Earnings
What happens when the IRS audits your business earnings in San Diego? How will the IRS process work and what are the most important things to do if you receive notification of an impending IRS audit? Allen Barron has developed a complimentary guide "What to Expect from an IRS Audit"...
The US Tax Impact of Opening a Foreign Account
What is the US tax impact of opening a foreign account for a US taxpayer including foreign nationals who live and work in the United States? The requirement for US taxpayers to report offshore accounts has been around for quite some time. In 2004, the IRS added penalties for non-willful...