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Many decisions are made when starting a new business, including five issues the IRS has identified as key considerations. Whether it is the type of business you will form, the manner by which you report and pay taxes, the account method you may elect or day to day...
The Organization for Economic Cooperation and Development (OECD) has identified four steps necessary for transparency and the automatic exchange of information regarding financial accounts through a cost effective and secure system, in an effort to end offshore tax...
Early this year, the United States Government Accountability Office (GAO) identified an area of tax evasion the IRS may have missed. Specifically, taxpayers with undisclosed offshore accounts who have attempted to come into compliance quietly, and not through one of...
In the National Taxpayer Advocate's 2012 Report to Congress, it issued data highlighting the disproportionate penalties to account holders with undisclosed offshore accounts who participate in the IRS' Offshore Voluntary Disclosure Program (OVDP). Generally, if a...
As you likely are aware, FBARs are due June 30th, which is a date that cannot be extended, even when June 30th is on a weekend, as it is this year. Therefore, FBARs are due to be received by the Department of the Treasury in Detroit, Michigan, by Friday, June 28th. On...
California taxpayers may be interested to know that a couple was recently indicted in federal court on counts of fraud and tax evasion. At the heart of their alleged tax crimes is nearly $1 million the IRS says the couple hid in an offshore account. The couple has...
The Affordable Care Act ("the Act," commonly referred to as "Obamacare") contains currently implemented tax provisions, as well as other that will be implemented during the next several years. According to the Internal Revenue Service, the following are some examples...
By now, most everyone in California has heard about the scandals facing the IRS. Since the story first broke, there have been changes in leadership and the IRS remains under a microscope. As a result, rumors are circulating that there will be fewer audits conducted...
The U.S. is seeking to recover 50% of the account balance for each of the four years taxpayers willfully failed to file an FBAR report in United States v. Zwerner (SD FL No. 13-cv-22082-CMA). The U.S. asserts the Zwerner's hid between approximately $723,000 and...
Business owners operating in California are likely aware of state employment tax and workers' compensation insurance requirements. Many, however, might be unaware of local business tax and related requirements. Local Business Taxes and Fees Local government entities...
