Don’t Provide the IRS any more Information than Absolutely Necessary

Don’t Provide the IRS any more Information than Absolutely Necessary

If we could give one piece of advice to all US taxpayers it would be this: don’t provide the IRS any more information than absolutely necessary to complete your tax return and any associated forms or worksheets.  If they don’t ask for it, don’t provide it.  If the IRS asks you for additional information this […]

Tuning Up Your San Diego Business

It’s human nature to take the “if it ain’t broke, don’t fix it,” attitude and this extends to allowing areas of a business to simply evolve and develop without scrutiny.  This is why tuning up your San Diego business is an important part of leadership for members in an LLC and shareholders in a corporation. […]

Border Tax Debate Heats Up

The border tax debate heats up as more and more business leaders descend on Washington to meet with lawmakers to express concerns.  Speaker of the House Paul Ryan was quoted as saying ““[The border adjustment tax is] putting American-made products at a huge advantage. There’s a built-in bias in our tax code to outsource and […]

Additional IRS Audit Red Flags for Tax Return Season

It’s tax season again, and the IRS has acknowledged additional IRS audit red flags to be cautious of on your 2016 tax return.  Many of the IRS audit targets are not handled well by off-the-shelf “turbo” software solutions, so it is best to work with the tax preparation experts at Allen Barron.  We prepare taxes […]

International Business Tax Returns Require Insight and Expertise

There are many businesses with global interests here in San Diego.  Tax time can be especially challenging as international business tax returns require insight, experience and expertise.  The international business and tax attorneys at Allen Barron provide a comprehensive palette of services including tax, accounting, legal and tax return preparation to help international businesses to […]

Record Number Renounce Their US Citizenship in 2016 Due to US Taxation of Worldwide Income

The US Treasury Department published the latest list of those who renounced their US citizenship in 2016.  The recent spike in renounced citizenships has been tied to US taxation of worldwide income for all US residents and taxpayers.  5,411 individuals renounced their US citizenship in 2016, and while this may not sound like a large […]

If You Owe the IRS More than $50k You’re About to Lose Your Passport

If you owe the IRS more than $50k you are about to lose your passport.  The US Congress passed legislation in December requiring the IRS to provide a list to the US State Department of all US taxpayers who owe the IRS $50,000 or more.  If you owe the IRS more than $50k you should […]

Every San Diego Homeowner Should Have a Trust

We have often written that every San Diego homeowner should have a trust due to the high costs of probate and the time involved.  Yet most San Diegans don’t even have a will, let alone an estate plan which includes a trust.  What should a homeowner know and why should they go through the process […]

IRS Audits Target S-Corporation Losses

Two additional campaigns result in focused examinations as IRS audits target S-Corporation losses and “Basket” transactions.  A separate “campaign” has been structured to target S-Corporation losses that exceed basis for that company.  The IRS has organized internal professionals with specialized expertise to target heavy losses and deductions in S-Corporations, who by their nature pass through income, […]

IRS Launches New Campaigns to Focus Vertical Market Expertise on Tax Revenue Generation

The IRS launches new campaigns to focus vertical market expertise on tax revenue generation and compliance.  Each “campaign” aligns internal IRS expertise on specific issues with the goal of “focused examination” (read: audit) on targeted matters.  What are the 13 business related IRS audit campaigns and how will they affect San Diego businesses? The first […]

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