Per the OVDP FAQ, the 2014 Off Shore Voluntary Disclosure Program closed effective September 28, 2018. The program had been successful in the past, but there had been a significant decline in the number of taxpayers participating in the OVDP as well as an increase in awareness of the IRS offshore tax and reporting obligations.... Read More

Did you know that the IRS only has a certain number of years to collect on a taxpayer’s debt? This time limit is called the Statute of Limitations. The underlying reason for this policy is the idea that a tax system without some sort of deadline for final settlement would be inefficient and ill-advised. As... Read More

IRS FORM 3520: GIFTS FROM A FOREIGN PERSON AND FOREIGN TRUSTS If you are a U.S. person who received a foreign gift of money or other property, you may need to report these gifts on Form 3520. This form is known as the Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain... Read More

IRS Tax Liens: What You Need to Know An IRS tax lien is the government’s legal claim against your property when you have an overdue tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets. A federal tax lien exists after the IRS: Puts your... Read More

Foreign Trust Reporting Requirements Although there are a myriad of reasons why a U.S. person might create a foreign trust, or have transactions with a foreign trust, they can have tax consequences and result in filing responsibilities as well. Regardless of your motivation, failure to meet these reporting and filing requirements can result in very... Read More

What is an IRS SEP Audit? If you have or your business has been selected for an IRS audit, it is important to find out information about the auditor, such as whether the auditor is a member of the SEP group. Taxpayers frequently ask their tax attorney what they should do if they receive an... Read More

If you have a tax liability with the IRS, you may be interested to know about a new program of the IRS. The Internal Revenue Service plans to begin partnering with private debt collection companies for the collection certain overdue federal tax debts from taxpayers as early as spring of 2017 and has selected four... Read More

CDTFA OFFERS IN COMPROMISE The State Board of Equalization allows taxpayers to request a settlement of their tax liabilities for less than the full amount. The SBOE Offer in Compromise (OIC) program is for taxpayers that do not have, and will not have in the foreseeable future, the income, assets or means to pay their... Read More

What Does My FTB Tax Notice Mean? If you have an FTB tax liability, it is very important that you monitor the letters that you receive from the FTB. The FTB will send you notices to inform you of where your tax liability is on the FTB state of its collection process. You will have... Read More

What is an FTB Tax Lien? A lien is a charge upon real or personal property to satisfy debt ordinarily arising by operation of law. A lien legally encumbers California property, preventing the property from being sold or transferred through escrow as long as the lien exists. The Franchise Tax Board (FTB) files liens if... Read More