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...
Is the IRS Use of Social Media to Establish Audit Targets Legal
A Washington State University (WSU) professor has asked an interesting question in the Vanderbilt Journal of Entertainment and Technology Law: Is the IRS use of social media to establish IRS audit targets legal or does it violate established law? Revelations that the IRS researches social media and other large data...
Corporate Tax Cuts and a New Tax Plan
The administration is planning a major speech for tomorrow to begin the national conversation on corporate tax cuts and a new tax plan for US business and personal interests. The present consensus is light on specifics and heavy on the need to deliver substantial tax cuts before the end of...
Haven’t Updated Your Estate Plan in a While – Reasons Not to Wait
The Wall Street Journal recently wrote a warning in case you haven't updated your estate plan in a while and reasons not to wait. We've seen the same scenarios in our decades of services as estate planning, trust and tax attorneys here in San Diego and throughout the Southwest. Usually...
Keys to Successful Business Succession Planning
What are the keys to successful business succession planning and when should you start? If you own a business, from an LLC to a large multinational corporation, you should have a succession plan in place. The unfortunate fact is less than 20% of California business owners have actually implemented a...
States ask the IRS to Clarify New Partnership Audit Rules
The "Multistate Tax Commission" adds their voice to the discussion as states ask the IRS to clarify new partnership audit rules and how assessments and adjustments at the entity level will affect how income will be impacted at the state level. The Commission wrote a letter to the IRS requesting...
Your Risk of a California Tax Audit May Be Higher than an IRS Audit
It may surprise many Californians to learn your risk of a California tax audit may be higher than an IRS audit. You may have heard in the news the rate of IRS audits is down. While this is true for lower income Americans, the cost of living in California naturally...
Amazon Faces a South Carolina Use Tax Battle With Huge Implications
Amazon faces a South Carolina use tax battle with huge implications for the multinational corporation and all firms and individuals who conduct business on the internet. The key question in the dispute is the collection of sales tax or "use tax" on sales made by third party merchants on Amazon's...
California Unitary Method or Waters Edge Election
How does a multistate or multinational corporation approach the question of the California unitary method or waters edge election for tax calculation purposes? The integrated tax, accounting, legal and business service at Allen Barron allow you to receive a more comprehensive answer from a broader perspective, yet detailed as we...