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How Long Does It Take to Fill Out IRS Form 5471 and 5472?

How Long Does It Take to Fill Out IRS Form 5471 and 5472?

How Long Does It Take to Fill Out IRS Form 5471 and 5472? Sometimes finding the value in hiring a tax professional happens when you find out just how long it takes for you to fill out the various IRS Forms on your own. Especially for expats trying to figure out the intricacies of IRS Form 5471 and 5472, both having to do with the reporting requirements for foreign corporations. When you realize that it can take hundreds of hours […]

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Tax planning seminar in Panama? Read this article first

Tax planning seminar in Panama? Read this article first

Going to a tax planning seminar in Panama? Read this article first   Why you really really might not want ever speak, or even be in the same room as San Diego Tax Attorney Christopher Rusch In yesterday’s post about Chris Rusch, a self-claimed tax attorney mastermind who will be meeting potential tax clients in Panama shortly, I wrote:   But there is more to the story. According to criminal tax attorney Michael Minns of Houston, Texas : I tend […]

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San Diego Tax Attorney turns on his own clients, celebrates with offshore marketing initiative

Convicted San Diego Tax Attorney turns on his own clients, celebrates with offshore tax marketing initiative   Why it may be a good idea to avoid Tax Attorney Chris Rusch.   This is incredible. I try not to “punch down” and give too much legitimacy to the various tax scam artists our there. But this one is too unbelievable, to bold to allow go unnoticed.  From last May, a story written by Robert Angen at Azcentral:   Christopher Rusch: No […]

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OVDP Opt-out on Offshore Commercial Real Estate Penalties

OVDP Opt-out on Offshore Commercial Real Estate Penalties

Three Reasons to Opt-Out on OVDP Offshore Real Estate Penalties We’ve written before about the how the Offshore Voluntary Disclosure program assesses a penalty on income-producing real estate on which income has not been reported.  To put it another way:   suppose you are a US person, you own a flat in London and didn’t report that rental income to the IRS. If so, and you have entered into the standard OVDP, you must include the value of that flat […]

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FBAR Amnesty for hidden Israeli banks

FBAR Amnesty for hidden Israeli banks

FBAR Amnesty Taxpayers Caught By International Agreement FATCA   We might all understand the up close and personal part of the FBAR Amnesty requirements, given the help of a fabulous tax attorney to explain it to us, but what we might not grasp is:  why this is happening? Why is the IRS cracking down on the international evasion of taxes at this point in time, and how can the foreign banks involved be forced, as the trend has been, to turn […]

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Bank accounts hidden from the IRS

Bank accounts hidden from the IRS

Getting clever about hiding your foreign bank accounts?  The IRS may be watching. Recently there have been a slew of convictions on charges made by the Department of Justice regarding individuals involved in conspiring to hide their foreign bank accounts by using back-to-back loans.  The convictions thus far have been against individuals, but it is said that they, in turn, are cooperating with the Justice Department which has also turned its attention to the banks involved, much as it did […]

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Offshore Voluntary Disclosure: Not just the FBAR

Offshore Voluntary Disclosure: Not just the FBAR

Offshore Voluntary Disclosure Beyond the FBAR BY: Michelle D. Wynn, Esq. When we blog about overseas voluntary disclosure issues, we typically focus on the FBAR form, because that is the form that has affected the most people. There are a LOT of people who did not file that form simply because they didn’t know about it. But, there are other forms that you need to file with the IRS if you do business with overseas entities. Here are some of […]

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Time to switch OVDI/OVDP or FBAR attorney?

Time to switch OVDI/OVDP or FBAR attorney?

Unhappy with your current Offshore Voluntary Disclosure or FBAR attorney? Should you switch horses? By Amy L. Holbrook, Esq. It’s best not to change horses midstream, the idiom goes. Although Lincoln, the man who popularized the saying in his 1864 reelection efforts as “it is not best to swap horses while crossing the river,” did add a caveat to the folksy wisdom: “I am not so poor a horse that they might not make a botch of it trying to […]

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How to Get into Compliance with the FBAR

How to Get into Compliance with the FBAR

How to get into compliance with the FBAR? What is an FBAR? You might well ask this, since it seems to be another in a long slew of IRS acronyms begging for clarification. FBAR stands for “Report of Foreign Bank and Financial Accounts” and it is a required filing that is due June 30th of each year. Why is it important to know what it is? Because it’s part of an attempt to get control over international money laundering operations […]

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