We have advised foreign nationals living and working in the United States to come into compliance with IRS FBAR requirements for quite some time. One recent example of the risks faced by failing to come into FBAR compliance is a six month prison sentence to an Indian foreign national who...
The IRS is Cutting 7000 Jobs – Are We all Free of Audit Concerns Now?
The IRS has announced that it is cutting 7000 jobs in 3 centers. Does this mean we are all free of audit concerns now? Well, like any well crafted business contract you have to read the fine print! The IRS will be reducing its workforce by 7,000 employees through planned...
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...
What Happens if the IRS Rejects your FBAR Streamlined Application
Did you file an application under the IRS Streamlined Domestic (Foreign) Offshore Procedures? What happens if the IRS rejects your FBAR streamlined application and claims of non-willful conduct? What actions have been taken by the IRS that concern the attorneys at Allen Barron? Let's begin with the last question first....
Should You Report Previous Offshore Income Through an FBAR Voluntary Disclosure
A storm is on the horizon for those who fail to report offshore financial activity to the IRS. We are often asked by clients, especially foreign nationals who live and work here in the San Diego area, if they should report previous offshore income to the IRS through an FBAR...
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...
IRS Audits Focused on Small Businesses with Questionable Tactics
According to recently released information, the news source noted a significant increase in IRS audits focused on small businesses targeting $200,000 to $400,000 income rages. The IRS has been accused of some very questionable tactics as they attempt to gather information to show that small businesses are under-reporting income, especially income...
Why Should a Foreign National Working or Residing in the US Care about FBAR Compliance
Why should a foreign national working or residing in the US care about IRS FBAR compliance? "None of my friends or associates are aware of this or worried about it..." is a sentiment we often hear. Unfortunately, the IRS isn't interested in what a foreign national working or residing in...
The IRS Statute of Limitations on Collections Can Be Longer than 10 Years
What is a "statute of limitations" and how does it apply to debts you to the IRS? If you are a target of IRS collections, how long does the IRS have to collect a valid tax debt? Is it possible for the IRS statute of limitations on collections to be...