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July 2012 Archives

Court: man with offshore accounts willfully failed to file FBARs

California residents with offshore bank accounts may be interested to hear of the latest development in the Internal Revenue Service's pursuit of those who have engaged in tax evasion by neglecting to report assets held in foreign countries. Earlier this week, a federal appellate court reversed a lower court's decision and ruled that a man's failure to file required Reports of Foreign Bank and Financial Accounts was willful, opening the door for increased penalties.

IRS tax audits of businesses focus on corporations

When people in Southern California think of an Internal Revenue Service audit, they may picture an agent grimly scrutinizing a taxpayer's Form 1040, inquiring perhaps whether the person was eligible to claim certain deductions. While the IRS does perform tax audits of individual tax returns, it also spends a significant percentage of its resources on examining the returns of corporations.

California FTB to focus on falsely claimed tax credits

When filing a federal or a California income tax return, people are always on the hunt for deductions and credits that can reduce their tax liability. While deductions are useful, credits are even more valuable because they reduce a person's tax owed dollar for dollar. Some credits are even refundable, meaning the taxpayer will get money back if the credits exceed a person's tax liability. California and the federal government offer a wide variety of credits designed to create incentives for certain taxpayer behavior while others are meant to help lower-income individuals.

Offshore tax evasion targeted by French, German authorities

Over the past few years, the federal government and the Internal Revenue Service have spent considerable time, resources and energy in uncovering instances of offshore tax evasion. As recent posts on our California blog and news stories indicate, the IRS is making headway with the Swiss government. Now other nations are getting into the act.

High rates of tax evasion contributed to Greek debt

For today's post, we're looking beyond the borders of California and even the United States. We will talk about Greece and its tax troubles. By now, everyone has heard of the country's gargantuan debt that has put the very existence of the EU in peril. We are all familiar with news of austerity measures, new elections and high unemployment in Greece, which are regular subjects in the press.

IRS offers tax tip for deducting costs of a job search

It is no secret that the current job market still remains difficult for many professions. Recent jobs reports show that the economy is adding jobs, but not at a level job applicants want to see. Some California residents may have found their way back into the labor market, but are searching for a better or more permanent position.

New FATCA agreements would uncover offshore tax evasion

With each passing month, the ability of the Internal Revenue Service to detect and punish offshore tax evasion seems to be increasing. Last month, the Department of the Treasury revealed that the U.S. government was close to reaching an agreement with Japan and Switzerland to implement the requirements of the Foreign Account Tax Compliance Act in those countries.

Overseas U.S. citizens with unfiled returns get help from IRS

Some former California residents may have left our state for foreign climes. But while they may have freed themselves from the infamous Southern California traffic, their overseas residence does not by itself relieve them of the responsibility to comply with our country's tax laws.