The Organization for Economic Co-Operation and Development or OECD is comprised of 35 member nations including the United States, almost all of Europe, Canada and Mexico, Australia, Turkey, Korea and Japan have ordered banks to implement new procedures. Letters are going out around the world from global banks warning customers...
IRS Audit Rules for Partnerships Changing
The IRS audit rules for partnerships continues to evolve and change. In the fall of 2015 Congress passed the "Bipartisan Budget Act" that contained changes to the audit process for partnerships that goes into effect January 1, 2017. The old IRS audit rules for partnerships was based primarily upon the...
How can a Trust Help a San Diego Home Owner
A revocable trust is most often the most advantageous way to take title to real estate. How can a trust help a San Diego home owner or a married couple? The estate planning and trust attorneys at Allen Barron can help you to establish a revocable trust in an efficient...
When Does a Hobby Become a Business in the Eyes of the IRS
What is the difference between a hobby and a business from a tax perspective? When does a hobby become a business in the eyes of the IRS? If the IRS disputes your "business deductions" as a hobby it could trigger an IRS audit and result in a substantial payment to...
IRS is Targeting Small Business Owners for Audit
An expert recently testified before a house sub-committee documenting the fact that the IRS is targeting small business owners for audit in disproportionate numbers. The IRS allegedly believes many small businesses receive much of their income in cash which is hard to track. The IRS would obviously usually make more...
Evaluating the Tax Implications of Your Divorce
What are the tax implications of your divorce and how can you maximize net income after taxes? Many San Diego divorces involve significant assets such as ownership of a closely-held business or professional practice, retirement assets such as a 401(k) or IRA, equity in the family home and other real estate...