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July 2010 Archives

The IRS and Offshore Accounts

Orange County tax lawyers noted that when the Swiss Parliament overturned that country's long tradition of bank secrecy in June, it ended years of wrangling between Switzerland and the U.S. over the UBS accounts that prompted the action. Now that the Swiss have taken this action, many people have questions about the consequences.

What Tax Filing Burdens Come With New 1099 Requirement?

In my last post, I discussed the new rules requiring taxpayers with business income to issue 1099 forms to any vendor from whom they purchased over $600 of goods and services in that year. There is more to discuss on this issue, such as what it will really mean to small businesses.

Tax Issues Related to Pot Legalization in California

Legalizing marijuana in California would have multiple, wide-ranging effects, both inside and outside the state, with tax implications across a wide spectrum. Ongoing debate concerning the subject routinely features discussion of tax litigation, tax evasion and tax fraud.

IRS Expanding Probe into Offshore Bank Accounts

Recent IRS actions indicate that non-disclosure of foreign accounts by U.S. citizens now goes far beyond scrutiny of those with offshore accounts in UBS AG, Switzerland's largest bank. According to various sources, the IRS is now conducting a criminal investigation - the extent of which is not yet known with certainty, but believed to be deep and wide-ranging - into the holdings of certain clients of the Hong Kong Shanghai Banking Corporation ("HSBC").