Archive | February, 2016

IRS Tax Audits (2016) Part 2

February 29, 2016  |   Posted by :   |   IRS Tax Audits   |   0 Comments

As reported 2/22/16 by Marketwatch, IRS Tax Audits in 2015: 1) The IRS audited less than 1% of nearly 147m individual tax returns in 2015 (FY 9/30//15) the lowest rate in a decade; 2) However, audits for high net worth taxpayers are at 7 %. The IRS audited nearly 10% of individual tax returns with […]

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Offshore Tax Evasion – Waiver of Criminal Civil Penalties

February 25, 2016  |   Posted by :   |   Tax Evasion   |   1 Comment

U.S. Taxpayers who commit offshore tax evasion are subject to serious civil and criminal penalties, which may include: 1. An FBAR civil penalty of up to 150% of the account balance (see: 5/14 case of Florida Taxpayer Carl Zwerner) 2. 20%-40% accuracy related penalty (on underpayment of tax due). 3. Civil Tax Fraud penalty (75% […]

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IRS Offshore Voluntary Disclosure Program – 2016

February 22, 2016  |   Posted by :   |   OVDP   |   0 Comments

As of 7/1/14 the IRS changed their 2012 Offshore Voluntary Program in a stealth manner which greatly increased both the costs and the risks. Effective 7/1/14, the OVDP requires: 1) Payment up-front with the OVDP Application of all Tax, Penalty and Interest due which includes the Offshore Penalty (Title 26 Misc. Penalty), which is either […]

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IRS Tax Audits (2016)

February 17, 2016  |   Posted by :   |   IRS Tax Audits   |   0 Comments

The IRS has shifted their focus to auditing higher income taxpayers. While less than one per cent of all individual tax returns are audited (.86% in 2014; .084% in 2015) higher income taxpayers have a greater audit risk: Income Levels 1) Over $200k-$1m 4% ( 1 in 25); 2) $1m-$5m 12.5% ( 1in 8) 3) […]

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Viewpoint: Tax Evasion and Money Laundering: US Real Estate

February 16, 2016  |   Posted by :   |   Tax Evasion   |   0 Comments

We recently posted an article by one of our guest contributor’s from The Wolfe Law Group. Please find my thoughts on the subject below: “I agree with Mr. Wolfe’s assessment of the situation. Only I believe the US Treasury Department and congress will go one step further and will more than likely start requiring full […]

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Recent Developments

February 05, 2016  |   Posted by :   |   Tax Evasion   |   0 Comments

I am pleased to announce: 1) In 2016, UK based Corporate International Magazine has selected my firm as International Tax Planning Law Firm of the Year (California). 2) Publication of my 15th book (after many years of research) “The IRS & Off-shore Tax Evasion: US Foreign Grantor Trusts.” U.S. Taxpayers who establish foreign trusts are […]

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