A new law signed recently by President Obama will change the filing deadline for reporting foreign financial assets, bringing it into alignment with the standard April 15 deadline for filing income tax returns. The change will take effect starting with the 2016 tax year. Who has to file an FBAR? […]
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On behalf of Lawrence Brown A specialized unit conducts extensive examination of people and entities at the highest levels of wealth. According to Investment News in September 2017, the IRS budget has decreased by almost one-fifth since 2010 (adjusted for inflation) and its workforce by almost 15 percent. Still, the […]
On behalf of Lawrence Brown The IRS is serious about taxing actual increases in value or income realized through transactions, employment and investment involving virtual currencies. The IRS treats Bitcoin and similar cryptocurrencies like real currency when used and valued in ways equivalent to traditional money. For example, if a […]
On behalf of Lawrence Brown The data was submitted to comply with a court-ordered summons. We recently posted an article about how the IRS views the taxability of transactions using bitcoin and other cryptocurrencies. In that article, we described the IRS position that gain resulting from transactions in cryptocurrencies that […]
On behalf of Lawrence Brown Taxpayers should sit up and take notice that their digital currency transactions may be subject to taxation. On March 23, just before Tax Day 2018, the IRS issued a news release reminding U.S. taxpayers that the agency expects them to properly report cryptocurrency transactions. According […]
Congress has been on the hunt for undisclosed offshore accounts for several years now. The latest news comes in a report from the U.S. Government Accountability Office titled “IRS’s Offshore Voluntary Disclosure Program: 2009 Participation by State and Location of Foreign Bank Accounts.” While it is not against the law […]
Congress has been on the hunt for undisclosed offshore accounts for several years now. The latest news comes in a report from the U.S. Government Accountability Office titled “IRS’s Offshore Voluntary Disclosure Program: 2009 Participation by State and Location of Foreign Bank Accounts.” While it is not against the law […]
On behalf of Lawrence Brown The program may be advantageous for certain taxpayers who may not be in compliance with offshore account reporting requirements. The IRS has offered some form of the Offshore Voluntary Disclosure Program since 2009 as a potential way for noncompliant taxpayers to resolve civil liability and […]
Follow Link to Lawrence Brown Tax Controversies & Tax Litigation Video GRAPHIC: www.browntax.com Brown, PC 817-870-0025 888-870-0025 512 Main Street Suite 400 Fort Worth, TX 76102-3907 LAWRENCE BROWN: At Brown, PC, we handle IRS audits and appeals, IRS problem resolution and trial of tax cases in U.S. tax court, U.S. […]
GRAPHIC: www.browntax.com Brown, PC 817-870-0025 888-870-0025 512 Main Street Suite 400 Fort Worth, TX 76102-3907 LAWRENCE BROWN: Many of my clients are founders and owners of privately held companies. And I sit where they sit. I’ve owned part of a technology company that experienced a liquidity event. With a number […]