Are There Strategies to Reduce California Tax on Large Taxable Events?

Are There Strategies to Reduce California Tax on Large Taxable Events?

We are often asked “Are there strategies to reduce California tax on large taxable events such as selling shares of stock or settling a lawsuit?”  The central answer to this question may come down to residency at the time of the transaction.  The nominal tax rate in California is one of the highest in the […]

Does Your Domestic Entity Have Foreign Assets

Does your domestic entity have foreign assets which must be reported on the IRS Form 8938?  The Foreign Account Tax Compliance Act or FATCA requires many US corporations, LLCs, trusts and partnerships which hold foreign investments or financial assets to disclose them on the form 8938.  If a US trust is holding specific foreign investments […]

US Court of Appeals Upheld Requirement for IRS FBAR Reporting

The Sixth District of the US Court of Appeals upheld requirement for IRS FBAR reporting recently.  The decision affirmed the actions of a US District Court which dismissed a complaint which challenged FATCA and the requirement to come into compliance with IRS FBAR disclosures.   The lawsuit sought to prohibit the enforcement of IRS Foreign […]

Poor Contracts Lead to Business Litigation in San Diego

It may seem attractive to download business contracts from an online legal site.  However, poor contracts lead to business litigation in San Diego and Southern California.  Allen Barron carefully crafts business contracts to protect the interests of our clients.  We also represent those who become involved in business-to-business (B2B) or civil disputes due to poorly […]

How Can Allen Barron Better Protect You and Your FBAR Compliance

How can Allen Barron better protect you and your FBAR compliance issues with the IRS?  How can Allen Barron help you come into compliance with IRS FBAR reporting requirements while keeping associated penalties and risk at a minimum? Allen Barron is uniquely positioned to provide sound counsel and comprehensive services to those who need to […]

The Process of Understanding IRS FBAR Compliance

There are still many US taxpayers who are in the process of understanding IRS FBAR compliance and the genuine risk their activities (or lack of compliance) will come to light.  A US taxpayer, include all citizens and those who work or live for more than six months and one day in the United States during […]

Taxation in a Divorce Settlement Must Be Considered

If you are working through the financial issues at the end of your marriage taxation in a divorce settlement must be considered before you sign the final agreement.  Child support is neither deductible to the payor nor taxable to the recipient.  Many Californians are unaware that spousal support is taxable to the recipient and may […]

Tax Extension Due Dates for Corporate and Personal Returns Approaching

The tax extension due dates for corporate and personal returns is approaching quickly.  Important deadlines for many corporate tax returns in September (originally due in March) and October (for personal filers originally due in April) will come to pass in the next 45 days.  September 15 is not only the deadline for estimated tax payments […]

Innovation in Business Services for a Changing Business World

Allen Barron has introduced innovation in business services for a changing business world.  Our integrated business advisory, legal, tax and accounting services provide business owners and managers with a single-source partner for every step in the The Life Cycle of a Business.  We support our clients in every stage of their business to help them […]

IRS is Closing In on US Taxpayers with Offshore Accounts

The IRS is closing in on US taxpayers with offshore accounts thanks to the global exchange of information which has been a by-product of FATCA and the Justice Department’s pursuit of Swiss banking and financial interests.  The deal between the IRS and Swiss institutions ultimately led to an agreement to provide detailed account information regarding […]

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