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Tax Tidbits

May 19, 2017 by · Leave a Comment 

Financial transactions that lack ‘economic substance’ is classified as purchases of ‘distressed assets or debts’. In layman’s terms, these are financial undertakings in holdings that are not expected to generate any substantial revenue and profits; the reason why some individuals and entities still acquire such holdings is that they provide ‘tax breaks’ or ‘tax deductions’ from the losses of these holdings. It is in light of increasing activities regarding this matter that the IRS has been actively pursuing individuals and entities with offshore holdings so as to find out if they are legitimate holdings or not.

In line with this, the IRS launched in recent years the IRS offshore voluntary disclosure program, which gives individuals and entities with foreign holdings ample provisions to present their holdings and comply with the IRS rules and regulations. However, if you are already being subject to an audit by the IRS (whether or not the audit involves offshore holdings or not) then you cannot be eligible for the IRS offshore voluntary disclosure program.

If you find yourself in such a situation, or are looking into filing your voluntary disclosure then it may be best to hire an IRS attorney as counsel. Since the bureaucracies and regulations of the IRS are complex, they may best help you navigate through what compliance requirements will be necessary to process your affairs with the IRS. If you’re head on into any dealings with the IRS, an IRS attorney may be your best bet to navigate the entire process at a greater ease.


The Tax Process

January 17, 2017 by · Leave a Comment 

Tax is the lifeblood of the government it funds the various operations of it such as law enforcement. These funds are collected from the corporations, the companies as well as each and every consumer living in the state. As simple as it may sound the process of paying for taxes and all its complexities aren’t as easy as some may think. It is so complicated in fact that it has it requires a trained professional just to interpret it properly; this is where the tax lawyers come in.

These specialized professionals have studied and researched taxes for years before they could go out there and share what they have mastered to the ordinary citizen. Many more years of application has polished the skills of the tax attorney. San Jose is one of the many areas that have produced some of the best of them, and even some from San Francisco. Tax attorney are normally hired by corporations to ensure that their dealings with the Internal Revenue Service goes as smoothly as possible, with the least amount of time. This is achieved through the numerous cases the lawyer has accomplished, giving him a clear idea of how to make the process move along more efficiently. Of course, some private citizens can also ask for the assistance of these tax lawyers for a recent offering by the IRS, the offshore voluntary disclosure program which allows citizens to declare their property overseas before they are criminally prosecuted by the IRS.