Entries by Tax Attorney

U.S. Cracks Israeli Bank Leumi – Bank Admits to Assisting U.S. Taxpayers in Hiding Assets in Offshore Bank Accounts

Americans with Israeli bank or other financial accounts could face a tough tax season in 2015 if they do not come forward and disclose their assets to the IRS.  Israeli banks have come under increased scrutiny by the IRS in regards to disclosing the accounts of their American clients.  In particular, three Israeli banks- Bank […]

IRS Computers Not Affected By IRS Budget Cuts

Despite IRS Commissioner John Koskinen’s warning of IRS Office Shutdowns, IRS computers are still operating 24/7 to check tax returns for errors and incomplete data, process refunds and identify returns that need to be scrutinized. It’s impossible to imagine the Internal Revenue Service or most other number-crunching agencies or companies working without computers.  But when […]

Target: Los Angeles, California – Think You Can Hide From The IRS? 

The U.S. Attorney’s Office in Los Angeles is taking on a pilot project to pin-point their investigations to the wealthiest zip codes in the L.A. metro area. The idea being that anyone who is selected for investigation in these areas will result in a higher tax liability than those who live in less affluent areas. […]

Did You Receive A Letter From Your Foreign Bank, Urging You To Report Your Account To The U.S. Government Under FATCA?

This May Be Your One Last Opportunity to Avoid Criminal Prosecution and Increased Civil Penalties! Since July 1, 2014, the most feared U.S. legislation regarding international tax enforcement – Foreign Account Tax Compliance Act (“FATCA”) – is being implemented by most banks around the world. As part of this compliance, foreign banks from around the world […]

2015: A New Year And A New Era – Number Of FATCA Compliant Countries Continues To Increase

Under the Foreign Account Tax Compliance Act (“FATCA”), foreign banks, insurers and investment funds must send the Internal Revenue Service information about Americans’ and U.S. permanent residents’ offshore accounts worth more than $50,000. Institutions that fail to comply could effectively be frozen out of U.S. markets. As of this blog posting, the U.S. has entered […]

Jeffrey B. Kahn, Esq. discusses taxes on the November 23, 2014 radio show “Talking Money with Mr. C” on 760AM KFMB in San Diego

  Are you at risk for this major tax penalty? Don’t let the hustle and bustle of the holiday season distract you into a hefty tax penalty come April. The Internal Revenue Service expects consumers to begin taking distributions from many of their retirement accounts-including 401(k) and 403(b) plans, and traditional IRAs-starting in the year […]