Allen Barron is celebrating our 20th Anniversary in business today. We wish to extend our deep appreciation to our clients and the San Diego business community for the opportunity to be of service over the past decades. As a single-source provider of legal, tax, accounting and business advisory services, Allen Barron provides savings to our customers through economies of scale while providing a more extensive and insightful perspective on the challenges faced in the San Diego business community and around the world.
A lot has changed in the past 20 years. Global financial transparency and recent modifications to the Generally Accepted Accounting Principles (GAAP) have rocked local, regional, national and international businesses and individuals alike. The requirements of the Foreign Account Tax Compliance Act or FATCA and resulting FBAR related reporting and compliance have revolutionized international banking and taxation. Banks and financial institutions around the world as well as sovereign tax authorities are providing extensive information regarding the accounts, balances and transactions of US taxpayers and businesses directly to the IRS. The failure to come into FBAR compliance through disclosure programs such as the OVDP or the streamlined application exposes US taxpayers and foreign nationals who live and work in the US to draconian penalties and interest charges as well as the likelihood of criminal prosecution for tax evasion.
The impact of the financial crisis in 2008 has forever changed the nature of business in the United States and around the world. Never in recent history has business become more complicated or competitive. The impact of the internet and online business combined with global trade and labor impact has resulted in a much greater level of competition while reducing overall margins in many industries. It is important for businesses to implement systems and procedures to collect information at every point in the production, creation or manufacturing process to inform critical decision making as well as document expenses to reduce the impact of taxation.
As we begin our next decade of service to clients here in San Diego, across the Southwest and around the world we wish to thank our valued team of employees and managers, and the clients who we have been honored to serve for the past 20 years. We look forward to working with you now and into the future as we support your efforts to grow and expand your business and its profitability while protecting businesses and individuals from IRS audits and California tax agencies.