What is the difference between a stock purchase and an asset purchase? Which is the best strategy for your unique situation? There are primarily two ways to purchase part or all of a company or competitor: a "stock purchase" and an "asset purchase." An asset purchase allows you to selectively...
Dealing with the IRS on Back Taxes
How should you handle communications when you’re dealing with the IRS on back taxes? Let's say that you owe the IRS $10,00 for back taxes. This is the first time that you have been at odds with the IRS, so you have no idea what to do -- as is...
What are Some of the Top IRS Audit Triggers for 2021?
What are some of the top IRS audit triggers for 2021? The past few years many sources have reported a reduction in IRS audits. Recently, the IRS has implemented new procedures to step up audits in an effort to increase collections for the US Treasury. Lost revenues associated with past...
Many Business Owners Under Value Accounting
It is surprising how many business owners under value accounting and the profound financial impact it can have on business operations, taxation and profit. Effective accounting strategies reduce tax exposure and provide the critical data necessary to prevent or defend against an IRS or California tax audit. Well-conceived accounting strategies...
New IRS Guidance to Ease Transition to the Revenue Recognition Rule
It is important to consider new IRS guidance to ease transition to the Revenue Recognition Rule. In 2014 the IRS revenue recognition standard took effect for publicly traded corporations. Almost all other businesses were required comply to the new standard in late 2018. The Financial Accounting Standards Board (FASB) released...
IRS has Released Finalized PFIC Regulations
The IRS has released finalized PFIC regulations as well as proposed new regulations which relate to the modification of PFIC rules. A few years ago the IRS issued temporary rules regarding ownership of Passive Foreign Investment Companies (PFIC) and how shareholders in these companies would be taxed. The IRS has finalized...
FBAR Preparation and Filing to Ensure Compliance
Allen Barron provides extensive tax expertise and assistance with FBAR preparation and filing to ensure compliance with all IRS requirements. If you have offshore bank accounts, investments, assets or own or control a portion of a foreign corporation you must be in full compliance with the IRS or face a...
How Will Marrying a Non-US Citizen Affect Your Taxes?
How will marrying a non-US citizen affect your taxes? What are some of the hidden issues that the IRS and California tax agencies may raise in an audit? The United States is one of the few countries who tax worldwide income. US taxpayers and expatriates must report all foreign bank...
How Do You Polish Your Business Before You Sell it in San Diego?
If you intend to sell your company, or believe there may be another business or individual who is interested in acquiring you it is important to polish your business before you sell it in San Diego to make sure everything is in order. This will maximize the value of your...