Failure to File

Sunday, August 28, 2016

San Francisco Attorney Suspended and On Probation for Failing to File Taxes for 11 Years

What happens if you don't file your taxes?

We frequently hear or read stories about people who are finally caught after not having paid their income taxes for many years. Many of us wonder how it is possible that the offenders aren't caught sooner; we also speculate on what happens when they are caught.

The IRS wants individuals to pay their taxes in a timely fashion and charges heavy penalties if they do not. Nonetheless, it is considered a much more serious offense not to file, than not to pay, taxes. The IRS has many ways of arranging payment if you fear filing because you don't have the funds to pay your back taxes.

Read more . . .

Tuesday, July 19, 2016

Banco Bradesco Executives Facing Criminal Charges

How is "Operation Zealot" affecting the political climate in Brazil?

Branco Bradesco SA CEO Luiz Carlos Trabuco and two senior executives are facing various charges, including influence peddling, corruption, racketeering and money laundering, in connection with a scheme to avoid a 3 billion-real tax fine. This case is another in the long list of white-collar crimes that dovetail with the corruption scandal that has led to the pending impeachment trial of former Brazilian President Dilma Rouseff.

For its part, Bradesco intends to fight the accusations, and also said it had been acquitted in prior rulings. The charges were brought after a police investigation into the negotiations between Bradesco and government tax auditors regarding the elimination of the tax fine that the country's Tax Revenue Service had levied against the bank. However, it's been reported that Trabuco was not part of those negotiations.

Read more . . .

Wednesday, July 13, 2016

On November Ballot Californians Will Be Asked to Extend Tax Increases

What is Proposition 30?

In 2012, California voters approved temporary tax increases until 2018. This November, they will be asked to extend some of those higher taxes for 12 more years. The proposed measure would levy higher income taxes on individuals earning more than $250,000 a year in order to fund education and healthcare programs. The proposal is supported by the California Teachers Association, Service Employees International Union and California Association of Hospitals and Health Systems. The California Chamber of Commerce, however, opposes the measure.

Read more . . .

Thursday, June 16, 2016

The Common Reporting Standard is Coming

What are the reporting requirements under the CRS?

While efforts to rein in tax avoidance have been in play in the U.S. for some time by virtue of the Foreign Account Tax Compliance Act (FATCA), financial information reporting will become a global concern in 2017 under the Organisation for Economic Cooperation and Development's (OECD) Common Reporting Standard (CRS).

Officially known as the Standard for Automatic Exchange of Financial Account Information in Tax Matters, the CRS provides a mechanism for the annual automatic exchange of financial account information between governments. The OECD contends the globalization of finance has made it easier for individuals and businesses to conceal money abroad in an effort to evade taxes.

Read more . . .

Thursday, June 9, 2016

How Brazil is Fighting Tax Evasion

What steps is Brazil taking to work with the international community to fight tax evasion?

In the wake of the Panama Papers scandal, the world's attention has once again been focused on tax evasion. Some estimates are that 8 percent of the world's wealth is deposited in tax havens, which represents trillions of dollars. To combat the problem, the G20 has taken a number of steps to fight tax evasion and Brazil is playing its part in this endeavor.

There are of course legitimate uses of tax havens, but aggressive tax planning leads many wealthy individuals and businesses to avoid taxes by  concealing the actual owners of profits and incomes in areas lacking in transparency. The problem with these maneuvers is that states are deprived of financing that are essential for a democratic social contract.

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Saturday, May 28, 2016

Don’t Let Tax Issues Stop You From Becoming a U.S. Citizen

“Taxes are the price we pay for a civilized society.” That quote, which is attributed to the famous U.S. Supreme Court Justice Oliver Wendell Holmes, Jr., seems to have been taken to heart by not just the IRS, but by the INS (which is officially known today as the United States Citizenship and Immigration Services (USCIS)).

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Sunday, May 22, 2016

What Expats Need to Know About Taxes

Do I have to file U.S. taxes if I live abroad?

Some Americans live abroad for a variety of reasons, professional and personal alike. Being an expatriate, however, does not relinquish one of  certain rights and responsibilities, particularly with respect to taxes. Many expatriates have misconceptions about taxation and filing tax returns, as well as reporting about money in foreign bank accounts and the tax treatment of contributions to retirement and saving plans.

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Monday, May 9, 2016

A Primer on FATCA and FBAR Requirements

What are FATCA reporting requirements?

The Foreign Account Tax Compliance Act (FATCA) is designed to prevent tax evasion by U.S. individuals who have foreign accounts and other offshore financial assets. FATCA requires taxpayers holding such assets to file a Statement of Specified Foreign Financial Assets (Form 8938) with the IRS as part of their annual tax filing. The Act also requires foreign financial institutions, including banks, investment firms, brokers, and certain insurance companies, to report information about the foreign accounts being held by U.

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Thursday, January 7, 2016

Owing the IRS Can Make You Lose Your Passport

American taxpayers now have another “incentive” to pay off their tax debt. In addition to its power to levy bank accounts and accounts receivables, garnish wages and file liens on properties, the Government can take away passports from delinquent taxpayers. The United States (“US”) Government recently signed into law the Fixing America’s Surface Transportation Act (“FAST Act”), which allows the Secretary of State to deny, limit or revoke US passports of individuals with “seriously delinquent” tax liability. The new law affects taxpayers that owe more than $50,000 to the Internal Revenue Service (“IRS”) and have not tried to settle the debt or make payment arrangements.

Read more . . .

Tuesday, December 22, 2015

Unfiled Tax Returns

While the majority of taxpayers fully intend to pay their taxes, some are caught up in some crisis that prevent them from doing so. There is a lot of misinformation on the internet about ways to legally stop paying taxes -- such as declaring oneself a sovereign citizen. If you have fallen victim to the con artists spreading such lies, Brunoro Law can help you get back into compliance, and work with you to develop a plan to legally reduce your tax burden.

Read more . . .

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