Is it time for an estimated payment or to file a personal or corporate tax return to the IRS or the FTB? For those on a calendar tax year there is a final estimated tax payment due to the IRS for federal taxes and the California Franchise Tax Board (FTB)...
Extension on Federal and State Taxes – Should I Consider it?
What are some of the benefits of planning on filing an extension on federal and state taxes. Is this a strategy you should consider? Remember in years' past when you got your W-2s, K1s, international banking and asset disclosures, foreign income data and other important tax documents in January, and...
How will the IRS Discover Your Crypto Assets Wherever They Are?
One of the most common questions owners of cryptocurrency and Non-Fungible Token (NFT) accounts asks is “How will the IRS discover your crypto assets wherever they are? Isn’t that the whole point (offshore exchange accounts are a safe hiding place?)” The answer lies in the implementation of FATCA (Foreign Account...
IRS Issues 2022 Dirty Dozen Scams Warning Including Crypto and Offshore Accounts
The IRS has issued a 2022 Dirty Dozen Scams warning including crypto and offshore accounts urging US taxpayers to be aware of “bogus tax avoidance strategies.” One of the most substantial buckets referenced in the report is an attempt to use offshore accounts or digital assets such as cryptocurrency in...
ABCast Episode 7 – FBAR and Foreign Asset Reporting to the IRS
We invite you to listen to our latest podcast, ABCast Episode 7 - FBAR and Foreign Asset Reporting to the IRS with Janathan Allen. In this podcast, Jan and Neil discuss the impact of FATCA on US taxpayers worldwide and associated reporting requirements to the IRS. Many US taxpayers are...
The IRS Knows More About Your Offshore Accounts Than You Might Think
The IRS knows more about your offshore accounts than you might think. Since the implementation of FATCA the US Treasury Department has forced international compliance with electronic account and transaction reporting. The IRS Network of Inter-Governmental Agreements (IGAs) is growing at a rapid rate. The IRS continues to expand the...
The Attorney-Client Privilege is So Important in FBAR and IRS Tax Matters
Do you know why the attorney-client privilege is so important in FBAR and IRS tax matters? The "Attorney-Client Privilege" is a critical protection when dealing with the IRS for any issue such as an audit or coming into compliance with FBARs. Only a tax attorney can extend this valuable protection...
IRS FBAR Compliance Saves You a Lot of Money
Did you know that IRS FBAR compliance saves you a lot of money? IRS FBAR compliance ensures you disclose all information about offshore accounts, assets, balances and transactions before the IRS comes knocking on your door for an audit. If you have undisclosed offshore accounts, the IRS will. There are...
The IRS Requires Partnerships and LLCs to Name a Partnership Representative for IRS Audits
The IRS requires partnerships and LLCs to name a partnership representative for IRS audits every year and file business tax returns in a timely manner. This law affects existing partnerships and LLCs, as well as any newly created LLC or partnership agreements, private placement memoranda, or any contract or document...