A taxpayer recently found out the hard way that if something sounds too good to be true, get a second opinion. His San Francisco-based CPA helped him prepare and file tax returns that failed to report over $18 million in income between December 2007 and September...
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Month: July 2018
Swiss Bank Resolves to Pay $5 Million Penalty for Role in Asset Concealment
NPB Neue Privat Bank, a Swiss private bank based in Zurich, and the U.S. Department of Justice Tax Division signed a non-prosecution agreement on July 18, 2018, by which NPB will pay a $5 million penalty for aiding U.S. taxpayers in opening accounts to conceal assets...
Pass Through Entities Become Focus of New IRS Compliance Campaign
The Internal Revenue Service (IRS) recently launched a new compliance campaign focused on S corporations and shareholder distributions. The three areas of concern include failure to report gain upon the distribution of appreciated property, failure to correctly...
IRS Announces New Virtual Currency Compliance Campaign
The Internal Revenue Service (IRS) is going to be taking a closer look at virtual currency transactions in a new compliance campaign focusing on education and guidance efforts about reporting requirements for convertible transactions involving digital currency such as...
U.S. Supreme Court Declines FATCA Case – What This Means to Individuals with Offshore Accounts
What do a U.S. Senator, the owner of an Albanian brokerage firm, an attorney who is a dual citizen of America and Israel, and a group of current and former U.S. citizen now living in Canada, Switzerland, and the Czech Republic all have in common? They have been denied...
Plans Underway for New Federal Form 1040
The Internal Revenue Service (IRS) announced plans to consolidate the federal Forms 1040, 1040A and 1040EZ into a single Form 1040 for the 2019 filing season. The shorter form would be supplemented with schedules for more complex tax filing situations. Tax...
FTB Releases 2018 Filing Season Update
The California Franchise Tax Board (FTB) recently released an update about the 2018 tax filing season. As of May 31, 2018, the FTB had processed over 17 million personal income tax (PIT) and business entity (BE) returns. Ninety-one percent of personal returns and 85...
