Tax watchdogs monitor IRS audits and poll many organizations of tax preparers and accounting professionals in an attempt to identify the top IRS audit triggers each year. The list for 2015 has some newcomers. The primary caveat to all of this information is simple: if you have a legitimate expense...
IRS Lists Hiding Income and Assets in Offshore Accounts in its “Dirty Dozen” Scam Targets
The IRS has listed hiding income and assets in offshore accounts in its "Dirty Dozen" annual scam target list. This is yet another signal to US taxpayers who have not yet come into compliance with the IRS and FBAR reporting reporting requirements relating to their offshore financial activities. The IRS...
IRS Adds Banks to the List of 50% OVDP Penalty Institutions
The IRS continues to add more and more international banks, financial and investment firms to its list of 50% OVDP penalty institutions each month. The list is based upon the IRS' determination that the bank or institution has actively helped US taxpayers to shelter income or avoid paying US taxes....
Business Contracts Go a Long Way to Determining the Success of Your Company
Many business owners and entrepreneurs under-estimate the central role business contracts play in the success of a new LLC or corporation. Business contracts are the foundation of business itself. The structure of a business contract is often the only difference between a successful transaction, and a dispute leading to expensive and...
Why is the Operating Agreement Such an Important Document for an LLC?
Why is the Operating Agreement Such an Important Document for an LLC? What are the important questions that a new business owner or entrepreneur should be considering before forming a new LLC? What advantages does an attorney bring to the process of starting a new business in San Diego? Many...
US GAO Weighs In on IRS Audit Selection Process
The US Government Accountability Office or GAO recently evaluated the IRS audit selection process, and raised several concerns about political targeting, as well as selection criteria for small businesses and self employed taxpayers. The IRS audit selection process was found to be skewed and unfair according to the GAO report....
Supply Chain Management and Well Crafted Contracts Ensure Business Flows Smoothly
If your company purchases goods and services from other sources or vendors and integrates them into a manufactured product or integrated product bundle it is important to implement sound supply chain management. Effective supply chain management encompasses every aspect of planning, purchasing, accounting, tax planning, production, and ultimately selling the goods...
Employment Contracts Protect San Diego Employers
We are often asked why a business shouldn't download forms from a legal forms site, and just modify them internally. Employment contracts are a prime example in this conversation. Well crafted employment contracts protect San Diego employers. The two greatest risks facing San Diego employers are the misclassification of employees...
This is the Last Year FBARs will be Due to the IRS by June 30
This is the last year that the Report of Foreign Bank and Financial Accounts, or FBAR, will be due to the IRS on June 30 (for tax year 2015). When filing an FBAR for this calendar tax year, 2016, it will be due earlier than previous years - April 15, 2017. This is...