The US Treasury Department's Inspector General for Tax Administration has determined that the IRS missed an opportunity to collect over $39 Million in OVDP penalties from taxpayers who were either rejected or withdrew their application to the OVDP or Offshore Voluntary Disclosure Program. In a press release, Inspector General J....
IRS to Retire PIN System – How to Protect Your Business Information
The IRS announced plans to retire the automated PIN system for filing returns electronically, due to extensive hacking and compromised personal and business information of more than half a million US taxpayers. Despite its best efforts the IRS has not been able to protect your business information or your personal...
FBAR Electronic Filing Due June 30 – No Extensions
If you had a financial interest in a foreign financial account, or signatory or authority over one or more accounts whose aggregate value exceeded $10,000 USD at any point in 2015, you are required to file an IRS FBAR (Report of Foreign Bank and Financial Accounts). You must submit the FBAR...
Buying a Business in San Diego
What is the best strategy to acquire a business or purchase a competitor? Buying a business in San Diego is legally quite complex, and the experienced business advisers and attorneys at Allen Barron will guide you through the process. Mergers and acquisitions are structured to provide our clients with the...
What is the Offshore Voluntary Disclosure Program or OVDP in San Diego?
What do US taxpayers in San Diego need to know about the IRS Offshore Voluntary Disclosure Program or OVDP and how can it be the safest option for disclosing previously unreported offshore accounts, assets and income? The IRS Offshore Voluntary Disclosure Program is exactly what it sounds like - a...
IRS Tells Taxpayers “I Didn’t Know” Won’t Work – OVDP the Safest Option for FBAR Compliance
Many taxpayers had hoped that telling the IRS "I didn't know" and submitting a streamlined disclosure application would get them through FBAR disclosures quickly and inexpensively. After all, the streamlined options reduces penalties down to 5% is the IRS accepts the streamlined application when compared to the OVDP or the...
Why Put Off Estate Planning and Establishing a Trust?
Why do so many San Diegans put off estate planning and establishing a trust for their home and assets? Quite simply, in my experience its as simple as they don't want to face the reality of their own mortality. Unfortunately, the failure to undertake estate planning leaves a complicated and...
How Successful Will Your New San Diego Company Be? Look at Your Business Contracts
How successful will your new San Diego company be? The clearest forecast of any new business is the quality of their business contracts and the clarity they bring to all aspects of running a company such as: Employment Agreements Corporate Policies and Procedures Contracts with Suppliers and Vendors Sales Agreements...
San Diego OVDP Attorney – Advantages of the IRS OVDP
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...