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Current IRS focus, role/utility of proven estate planning, tax lawyer

We have stressed in select prior blog posts at the Bay Area estate planning Law Offices of Connie Yi that the U.S. Internal Revenue Service has an unflagging focus on American individuals and families with offshore money holdings.

The agency’s interest is both obvious and often noted by IRS principals. If you’ve got assets parked in banks and/or other investment vehicles abroad, tax authorities want to know about them.

Bottom line: They want to share in the spoils, if those assets are deemed taxable. And if they believe that a filer has willfully sought to avoid complying with tax laws, government officials often want to proceed with vigorous criminal prosecutions to send a very public message of deterrence.

We noted in a recent blog post that, while the IRS in in relatively skeletal mode these days when compared with its ultra-commanding presence of prior years, it still packs a powerful investigatory punch. And it continues to target suspected tax evaders, with its current budgetary constraints seemingly posing no material downsides in specific probes it launches.

Many American filers fear that, even those with foreign holdings who have not knowingly engaged in any type of criminal wrongdoing. American tax law is exceptionally dense and complex, as well as ever-changing, and legions of even good-faith taxpayers have questions or concerns regarding their individual holdings and tax histories.

We empathize with that at our law firm, and have for years provided knowledgeable and diligent legal representation to a diverse tax clientele. We understand why many of the individuals and families that turn to us for help feel perplexed and even overwhelmed by tax processes and exactions. Our counsel is often both educative and geared toward practical strategies that lawfully promote their best interests.

We go about our task from the perspective of a principal attorney who combines an integrated background as both an estate planning/tax lawyer and CPA. That professional biography often yields strong benefits for clients with wide-ranging issues, including tax conflicts, compliance duties, audit challenges and more.

We welcome contacts to our firm, as well as the opportunity to discuss how timely and on-point legal input can materially help clients deal optimally with IRS-posed legal issues and challenges.

 

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