Business and International Tax
- Audits and examinations
- Voluntary disclosure
- Foreign bank accounts
- FBAR requirements
- Payroll Tax controversy, Trust Fund Recovery penalty.
- Reducing the amount of taxable income
- Lowering your tax rate
- Controlling the time when the tax must be paid
- Claiming any available tax credits
- Controlling the effects of the Alternative Minimum Tax
- Avoiding the most common tax planning mistakes
Fabian Law, PLLC represents businesses with Internal Revenue Service (IRS) and state tax controversies, including:
Foreign Bank Accounts and FBAR requirements:
If you, your family, your business or your foreign trust or PFIC have more than $10,000 overseas in foreign accounts, either directly and either have ownership or signatory over the account, it is important that you have an understanding of what you must do to maintain FBAR (Report of Foreign Bank and Financial Accounts) compliance.
The IRS reopened the Offshore Voluntary Disclosure Program (OVDP) following continued strong interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs.
For the new program, the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts/entities including the value of all tainted foreign assets during the eight full years prior to the disclosure.
If you are a person responsible for withholding, accounting for, or depositing or paying specified taxes including NRA withholding and employment taxes, and willfully fail to do so, you can be held personally liable for a penalty equal to the full amount of the unpaid trust fund tax, plus interest.
The IRS places enhanced emphasis on the collecting of payroll tax, the IRS can levy property and even close your business.