Recently the US Treasury Department and the Internal Revenue Service (IRS) released new guidance on PFICs and CFC investments for a Regulated Investment Company (RIC). Under US tax law a corporation can qualify as a Regulated Investment Company for a given tax year only when 90% or more of...
World Leaders Developing New Standards to Identify and Exchange Beneficial Ownership Information
The goal of financial transparency worldwide is gaining momentum. The US FATCA initiative has spawned like legislation around the globe. The benefit of taxation derived from the discovery of offshore taxpayer financial accounts and interests has world leaders developing new standards to identify and exchange beneficial ownership information for bank...
IRS Updates Guide for Business Tangible Property Regulations
Business owners should be cautious with how they manage business tangible property regulations - especially when faced with an IRS audit. Most US business taxpayers completed the implementation of the IRS Business Tangible Property Regulations last year. These new regulations were a guide to help business owners and their...
What is GATCA and How is Costa Rica Handling Offshore Tax Reporting?
What is GATCA? Many clients want to know how are Southern and Central American countries such as Costa Rica handling offshore tax reporting and the global sharing of private taxpayer financial data? How is the continuing trend affect US investors, taxpayers and the foreign nationals who live and work in...
Tax Implications of Your San Diego Divorce
What are the tax implications of your San Diego divorce and how can you maximize the value of every dollar that leaves your account? It is important to understand the net amount of money that will leave your accounts each year for child support, spousal support and other settlement agreements...
IRS FBAR Audits and Prosecutions Have Begun
The IRS FBAR audits and prosecutions have begun and the clock is ticking for those who have yet to come into full FBAR compliance with the IRS. A Connecticut man recently plead guilty to the offshore scheme he used to conceal income from the IRS. The man, a duty-free importer...
What does a Professional Foreign National Working in San Diego Need to Know about the IRS?
Have you come into the San Diego area on an H1-B visa in order to work in one of our high tech or research companies? What does a professional foreign national working in San Diego need to know about the IRS, offshore account and asset reporting and FBAR compliance? Many...
International Challenges Facing San Diego Businesses
Allen Barron is uniquely positioned to support and advise international San Diego business owners and corporations. There are substantial international challenges facing San Diego businesses as well as those who wish to bring their business opportunities to the United States. San Diego is home to a large number of H1-B...
Will the US House Limit IRS Ability to Seize Your Bank Account
The US House of Representatives is expected to vote on a broadly supported bill this week that is designed to limit IRS ability to seize your bank account and freeze assets. The constitutional power given to the IRS to aid in the collection of unpaid taxes is known as "Civil...