Ask San Diego OVDP attorney Janathan Allen about the advantages of the IRS OVDP when compared with the streamlined option and not coming into compliance at all, she's likely to answer with a single word: "RISK!" The IRS OVDP option is the only path a US taxpayer can use...
Why does the IRS OVDP Reduce Risk for US Taxpayers in Offshore FBAR Disclosures?
Why is the IRS OVDP or Offshore Voluntary Disclosure Program the safest choice for US taxpayers coming into compliance with IRS FBAR disclosures? How does the OVDP reduce risk for US citizens and foreign resident nationals who are required to file US tax returns? The key issue is the IRS'...
San Diego OVDP Attorney Advises Foreign Nationals who Reside in US
At Allen Barron, we support many leading engineering, high-tech companies and other businesses who attract and employ foreign nationals based upon their unique education, expertise and skill sets. For many of these clients, it is a complete surprise that foreign nationals who are legally working in the US are still...
Once Contacted by the IRS – You Cannot File OVDP or other FBAR Compliance
The IRS Offshore Audits Have Begun The IRS has begun the first round of offshore income, asset and bank account reporting audits, and once contacted by the IRS a taxpayer cannot file OVDP or other FBAR compliance paperwork or applications. At this point the only alternative is to contact the...
Is the IRS Offshore Voluntary Disclosure Program or OVDP the Right Alternative for FBAR Compliance?
FATCA has completely changed the international financial landscape - from FBAR crackdowns to the "Panama Papers." Recently, many people have asked "Is the IRS Offshore Voluntary Disclosure Program or OVDP the right alternative for FBAR compliance or should I/we consider the streamlined application? The central question from the perspective of...
Don’t Let IRS Impeachment Hearings Fool You – The IRS Offshore and FBAR Audits Aren’t Going Anywhere but Up
Don't be distracted by the US House of Representatives hearings where they are attempting to impeach IRS Commissioner John Koskinen. The commissioner stands accused of many allegations including lying to congress, abuse of power and other acts that diminish confidence in one of the US Government's most powerful agencies. Meanwhile,...
San Diego FBAR Attorneys Guide Offshore Compliance with IRS
If you have offshore accounts, investments or assets and have not come into compliance with the IRS, you should contact the San Diego FBAR attorneys at Allen Barron, who will provide guidance and insight into your options and help to ensure the best outcome in your case. Which voluntary disclosure...
IRS Wins Case Against Taxpayer Outed by Swiss Bank UBS Group Who Claimed “Innocent Error”
For all US taxpayers who have been watching developments in FATCA, FBAR reporting and the IRS Offshore Voluntary Disclosure Program or OVDP, last week's court case was striking in it's message: The IRS will not accept taxpayer claims of "innocent error" or related claims such as "ignorance to the law"...
Court Dismisses Case Against $1.4M IRS Offshore Penalty
A Texas court has dismissed a lawsuit against the IRS asserting that the IRS burden of proof to assess a $1.4M IRS offshore penalty had not been met. The IRS originally asserted that the plaintiff's failure to file an FBAR for his offshore accounts, assets and investments in 2008 was...