What are your FBAR requirements as a U.S. person or taxpayer for an offshore account, group of accounts, property, or investment? The penalties associated with non-compliance with the reporting of offshore accounts, assets and income are quite severe. Primary Takeaways Regarding FBAR Requirements as a U.S. Person or Taxpayer With...
U.S. Taxpayers with Offshore Investments Should Be Wary of PFICs
U.S. taxpayers with offshore investments should be wary of PFICs (Passive Foreign Investment Company). Many foreign nationals live and work in the United States. For those who invest in offshore companies that generate income in a passive nature (i.e. rents, royalties, interest, income from commodities or derivative trading) are permanent...
An Experienced Tax Lawyer for a California Business Tax Audit
Why do you need an experienced tax lawyer for a California business tax audit? What are some of the genuine risks during an audit of your business or professional practice? 3 Key Ideas About Why You Need a Tax Lawyer for a California Business Tax Audit It is not in...
Omissions, Fraud, or False Information on a Tax Return
What happens if you are accused by the IRS, the FTB, or another California tax agency regarding omissions, fraud, or false information on a tax return? The short answer is simple: failure to make a full, transparent, and honest disclosure, or fraud and false information associated with a tax return,...
Substantial Recent Reduction in the IRS Workforce
What does the substantial recent reduction in the IRS mean for U.S. taxpayers and expatriates? How will staff reductions affect the agency’s ability to audit and collect taxes owed by U.S. taxpayers around the world? What impact will the newly confirmed IRS Commissioner have on the agency’s future? According to...
You Need an Experienced Tax Attorney when Tax Issues Strike
Why do you need an experienced tax attorney when tax issues strike? What do you need to know about communications with the IRS and California's tax agencies? The idea that every person in the United States will accurately file their taxes by the April 15 due date is a myth....
Why You Need a Lawyer for an IRS Audit
Why do you need a lawyer for an IRS audit? Have you received an IRS audit notification (IRS form letter 2205-A, 2205-B, or 566)? What do you need to know? The first step is to download and read our free booklet entitled "What to Expect from an IRS Audit." This...
Offshore Real Estate Ownership and Tax Reporting Requirements
What do you need to know about offshore real estate ownership and any associated tax reporting requirements? Are you a U.S. taxpayer or U.S. resident who owns real estate outside of the United States? It may surprise you to learn that the U.S. and many individual states, including California and...
When Do You Need a Tax Attorney in San Diego?
One of the most important indications of when you need a tax attorney is any dispute with or contact from the IRS or any California tax agency. This is especially true if the matter involves an audit (or questions regarding tax return item(s), the potential for a bank levy or...