The tax bill presented for the President's signature contains the 20 Percent Deduction for pass through income for the majority of US partnerships, S Corporations and sole proprietorships. Under existing tax law, business profits were passed through to the individual and taxed at their personal income rate. The top individual...
The Interwoven Nature of Business Tax Legal and Accounting Issues
The interwoven nature of business tax legal and accounting issues requires an integrated business service provider such as Allen Barron. Our clients value the ability to bring the problems, challenges and opportunities to the table and discuss them with experts across the legal, tax, accounting and business advisory spectrum. They...
New Tax Plan Presents Challenges for IRS Auditors
The new tax plan presents challenges for IRS auditors as we all await the final draft of tax reform legislation in Washington. The primary concern centers around the ability of wealthy US taxpayers to "reap massive windfalls" by simply reclassifying income as "pass-through business income." The most recent "final" plan...
New Integrated Legal Tax Accounting and Business Advisory Services White Paper
Allen Barron has recently published a new integrated legal tax accounting and business advisory services white paper detailing the issues business owners, executives, officers and directors face going forward in 2018 and how integrated services provide greater insight into today's business challenges and opportunities. The new white paper "Allen Barron...
Tax and Estate Planning for Blended Families in San Diego
Allen Barron provides tax and estate planning for blended families in San Diego and throughout the Southwest United States. The percentage of second and third marriages has substantially increased over the past few decades, and blended families have become a normal part of life here in San Diego. There are...
What are Willful Conduct and Willful Blindness in IRS FBAR Audits
What are willful conduct and willful blindness in IRS FBAR audits and court cases? It is important to begin with an understanding regarding IRS FBARs and when they are required. Any US taxpayer who has offshore bank or investment accounts (outside the United States) is required to prepare and file an...
Significant Changes to IRS Audit Procedures for Partnerships and LLCs
Significant changes to IRS audit procedures for partnerships and LLCs will go into effect January 1, 2018. The changes will apply to all partnerships and LLCs who elect to be taxed as partnerships. The change is represents a substantial change in methodology when amounts are owed to the IRS and...
Two US Canadian Taxpayers Fail to File FBARs
The US Court of Federal Claims found two US Canadian taxpayers fail to file FBARs resulting in summary judgment for the IRS. The couple's defense was primarily based upon the fact they had engaged a "professional tax adviser" to prepare their returns and failed to review them. The court rejected...
An Unfortunate Lesson in Estate Planning from David Cassidy
We may have learned an unfortunate lesson in estate planning from David Cassidy this week. His death has brought several life lessons to light, and one of them is a reminder to update your estate plan and trust documents every two to three years. Things change. David Cassidy's daughter Katie was...