We have been at the forefront of the IRS crackdown on offshore bank accounts, foreign investments and corporate ownership and the requirement for US taxpayers to come into compliance with FBAR reporting and associated IRS offshore voluntary disclosures. For those who have decided to file IRS voluntary offshore disclosures under the...
Record Number of FBARs Filed in 2015 – up 8% over 2014
The IRS has reported that the number of "Report of Foreign Bank and Financial Reports" or FBARs filed in 2015 is up by more than 8 percent over 2014. A staggering 1,163,229 FBARs were filed with the IRS, continuing the trend of an increasing number of US taxpayers filing the...
Top IRS Audit Triggers from the Past Year
Tax watchdogs monitor IRS audits and poll many organizations of tax preparers and accounting professionals in an attempt to identify the top IRS audit triggers each year. The list for 2015 has some newcomers. The primary caveat to all of this information is simple: if you have a legitimate expense...
IRS Lists Hiding Income and Assets in Offshore Accounts in its “Dirty Dozen” Scam Targets
The IRS has listed hiding income and assets in offshore accounts in its "Dirty Dozen" annual scam target list. This is yet another signal to US taxpayers who have not yet come into compliance with the IRS and FBAR reporting reporting requirements relating to their offshore financial activities. The IRS...
IRS Adds Banks to the List of 50% OVDP Penalty Institutions
The IRS continues to add more and more international banks, financial and investment firms to its list of 50% OVDP penalty institutions each month. The list is based upon the IRS' determination that the bank or institution has actively helped US taxpayers to shelter income or avoid paying US taxes....
IRS Adds 7 More Swiss Banks to 50% OVDP Penalty List
The IRS has added 7 more Swiss banks to the 50% OVDP Penalty List in December, and now more than 100 Swiss banks are providing information about US taxpayers accounts and transactions directly to the IRS. For those US taxpayers who have already come into FBAR compliance with the IRS...
IRS Tax Season Has Officially Begun
The IRS tax season has officially begun, as the Internal Revenue Service began accepting income tax returns for 2015 yesterday. Allen Barron is working with individuals and businesses to prepare and file federal and state tax returns. Remove all of the hassle of working with the IRS, the FTB or...
Allen Barron Provides Insight and Assistance with the IRS Fresh Start Program
What is the IRS Fresh Start Program and how can it be an option to consider if you live in the San Diego area and owe back taxes to the IRS? The IRS Fresh Start Program was designed to help those who owe the IRS for delinquent or unpaid back...
You Have the Right to Appeal California and IRS Tax Collections
US and California taxpayers have the right to appeal California and IRS tax collections. The IRS and California's BOE, EDD and FTB have extensive powers to put levies against your bank accounts, as well as file a wage garnishment and reduce your paycheck. They can place liens against your house...