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...
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...
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...
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...
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...
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...
GE Outsourcing Tax and Some Accounting A Good Model According to WSJ
An article this week in the Wall Street Journal noted General Electric (GE) had executed a strategy for outsourcing tax and some accounting services that other corporations are sure to follow. GE has decided to implement a "tax outsourcing" plan that will move internal employees to an external tax and...