An IRS audit doesn't have to be a nightmare of financial and emotional fear. How do most US taxpayers react when they receive an audit letter from the IRS? What are the actions you can take to not only improve the likelihood of the best possible outcome in an IRS...
What is the IRS Offshore Voluntary Disclosure Program?
What is the IRS Offshore Voluntary Disclosure Program and who is it designed to help? What are the guidelines for voluntary disclosure to the IRS and who is eligible to apply? The IRS Offshore Voluntary Disclosure Program is designed for US taxpayers who have not made a full disclosure of...
IRS Tax Refunds are Lower for Tax Year 2023 Thus Far
Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one troubling statistic according to the...
Is there a Target on Short-term Rental Homes for New Taxation?
Is the target on short-term rental homes for new taxation? What about rental properties in general? When is income from a short-term rental presently taxable? Presently, homeowners can generally earn tax-free income if their home is a short-term rental for 14 days or less in a given tax year, based...
A Decision in US Tax Court Affects Limited Partners and SECA
A recent decision in the US Tax Court affects limited partners and SECA – the Self Employed Contributions Act. In this case, Soroban Capital Partners LP (a hedge fund management company) was formed as a Delaware limited partnership and had excluded self-employment tax (under SECA) and associated levies on millions...
Could an Upcoming Supreme Court Case Significantly Change US Tax Law?
Could a Supreme Court of the United States (SCOTUS) case significantly change US tax law? We are closely watching the developments in Moore v United States as it carries significant issues regarding “realized” versus “unrealized” income, and the repatriation of accumulated foreign earnings. The stakes could not be higher. Realized...
The IRS Completed the “Dirty Dozen List” for 2023
The IRS completed the “Dirty Dozen List” for 2023 and while there were a few hold-outs from previous years, there were several new warnings in the offering for 2023. The first warning focused upon the aggressive promotion of claiming Employee Retention Credit and the risk of scammers, basically warning if...
The Value of Integrated Services in a Single Legal, Tax, Accounting and Business Advisory Partner
What is the value of integrated services in a legal, tax, accounting and business advisory partner such as Allen Barron? How is Allen Barron different than most integrated providers nationwide? What is the Value of Integrated Services in a Single Source Provider? What is the value of integrated services in...
California and IRS Extended Income Tax Deadlines are Rapidly Approaching
The California and IRS extended income tax deadlines are rapidly approaching as we near the deadline in mid-October. In the first few months of 2023 California and the IRS extended income tax deadlines and associated payments until October 16, 2023. This extension applied to all businesses and individual taxpayers (married...