There is an important new requirement from the IRS for US businesses based upon a new release from the IRS. Any US business who receives a cash payment exceeding $10,000 is required to file Form 8300 – “Report of Cash Payments Over $10,000 Received in a Trade or Business” to...
IRS Warns of Shady Tax Preparers and Increased Audit Risk
In a recently released bulletin, IR-2023-59, the IRS warns of shady tax preparers and increased audit risk as part of their “Dirty Dozen” series. The IRS provided some common “warning signs” including tax preparers who base their fee on the size of the refund they are able to obtain for...
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...
IRS Modifies and Clarifies Roth IRA Plan Catch-Up Payment Requirements
A recent announcement from the IRS (IR-2023-62) modifies and clarifies Roth IRA catch-up payment requirements for contributors who are aged 50 or older. IR-2023-62 delayed mandatory Roth IRA catch-up payments for high income taxpayers above the age of 50 earning more than $145,000 until 2026. Recent legislation (SECURE 2.0 Act,...
ABCast Episode 21 – Due Diligence
In ABCast Episode 21 - Due Diligence Janathan Allen discusses a crucial element of Mergers & Acquisitions or M & A: comprehensive and thorough due diligence. Due diligence is a process and a review of financial information, tax and corporate documents in order to verify the validity of what the...
The US Treasury Department and IRS Have Released New Proposed Regulations on Sales and Exchanges of Digital Assets
The US Treasury Department and the IRS have released new proposed regulations on sales and exchanges of digital assets such as cryptocurrencies and Non-Fungible Tokens or NFTs. What taxes would a US taxpayer owe associated with cryptocurrency transactions or the Sale of a Non-Fungible Token? The proposed rules are open...
Part 2 – International Tax Primer for US Taxpayers and Expatriates
Common Forms Associated with Foreign Asset and Income Reporting to the IRS We continue with Part 2 - International Tax Primer for US Taxpayers and Expatriates with one of the most common forms associated with foreign asset and income reporting to the IRS: Form 8938, the Statement of Specified Foreign...
An International Tax Primer for US Taxpayers and Expatriates – Part 1 of 2
Welcome to part 1 of our Allen Barron International Tax Primer for US Taxpayers and Expatriates. The United States is one of the few countries in the world that taxes its citizens on their worldwide income. US taxpayers are required to report all sources of income, worldwide, not just income...