A recent court case reaffirms employee status changes and tax impact for California companies who have 1099 workers. This case confirmed updates to California law regarding employees vs 1099 workers is retroactive. The consequences for any California employer determining to be misclassifying employees as 1099 workers during an EDD audit...
Protecting San Diego Employers in 1099 Independent Contractor Misclassification Audits
What is one of the highest percentage audits for businesses in California? Allen Barron represents San Diego employers in 1099 independent contractor misclassification audits. The California EDD recently confirmed they have resumed targeting audits for the businesses who employ any of the more than 2 million independent contractors across California....
A Trustee or Executor Have More Financial and Legal Liability Than They Might Realize
Have you been asked to be a trustee or executor? A trustee or executor have more financial and legal liability than they might realize when they accepted the request. As the trustee, successor trustee or executor of an estate or legal trust you carry extensive fiduciary and legal responsibilities that...
Are You Prepared for the Great Wealth Transfer?
Are you aware of and/or prepared for the “Great Wealth Transfer?” What is the Great Wealth Transfer and how will this affect tax and estate planning in the months and years to come? The “baby boomers” (those born between 1946 and 1964) represent a substantial portion of the US population. ...
Has the IRS Stopped Collecting Taxes From High Income Earners?
Has the IRS stopped collecting taxes from high income earners? Is past performance an indicator of future risk associated with an IRS audit? A recent Newsweek article flatly stated “The government just admitted it doesn’t really try to collect rich people’s taxes.” A recent study by Syracuse University researchers showed...
IRS Extends the Personal Tax Deadline to May 17 2021
Many US taxpayers have reacted positively to the news as the IRS extends the personal tax deadline to May 17 2021 from the usual deadline of April 15. For the second year in a row the Internal Revenue Service has give Americans an extra amount of time to submit personal...
Pass Wealth or a Business Interest to the Next Generation
A well structured trust is a central estate planning tool for small business and closely held family business owners to pass wealth or a business interest to the next generation. This includes heirs, beneficiaries and future generations of your family while minimizing the impact of taxation and maximizing control. The...
Failure to Make a Full Disclosure of Offshore Accounts to the IRS
What are the risks and penalties of the failure to make a full disclosure of offshore accounts to the IRS? What happens if you have not included all of your offshore bank accounts, assets, investments, foreign trust and foreign corporate ownership interests to the IRS via FBAR or associated IRS...
Executive or CEO Compensation or Severance Agreements
Negotiating executive or CEO compensation or severance agreements requires extensive legal and tax expertise. The experienced business attorneys at Allen Barron have extensive experience guiding negotiations and creating executive compensation agreements. Our attorneys are also prepared to negotiate executive severance agreements to help smooth leadership transitions. Each presents unique challenges...