On behalf of Janathan L. Allen, APC posted in Back Taxes or Tax Debt on Friday, March 14, 2014. Certain California legislators hope to expand upon the film and TV tax credit program in our state. Lawmakers introduced a bill that was intended to address problems associated with the current...
New study shows wide range of taxes depending on where you live
On behalf of Janathan L. Allen, APC posted in Tax Controversy on Friday, March 21, 2014. A new analysis of the taxes that people pay all across the U.S. shows that California residents are second only to New York residents when it comes to paying the federal government the most...
Bitcoin labeled as property by the IRS
On behalf of Janathan L. Allen, APC posted in IRS on Wednesday, March 26, 2014. Bitcoin has been in the news quite a bit recently, as the controversial virtual currency continues it's up-and-down trend after being released in 2009. Bitcoin is an unregulated virtual currency that can be sent from...
IRS comes calling for the Jackson estate after valuation gripe
On behalf of Janathan L. Allen, APC posted in Audits on Wednesday, February 12, 2014. Michael Jackson was larger than life, but even in his death he remains in the headlines. Sadly, the headlines haven't been too uplifting, and the most recent example of this only strengthens that sentiment. The...
How does the Latest FTB Notice Affect You?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Tax Services on Wednesday, September 17, 2014. On 2 September 2014, the California's Franchise Tax Board issued a notice to California residents that a new state law permits taxpayers to immediately exclude from their income the amount of...
What If You Didn’t File Required IRS FBARs?
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FATCA on Tuesday, September 9, 2014. What should you do if you have foreign investments or accounts and you have not filed the Foreign Bank Account Report or "FBAR" with the IRS? This is can be a complex...
Why Should We Review Our Trust? It’s Only Been Five Years Since We Last Updated It
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Trusts on Monday, July 21, 2014. San Diego residents should review all trusts every 3 to 5 years. Trusts provide extensive protection from the costs and expense of probate, while shielding assets and income from unnecessary taxation. Recent...
Blended Families Require Careful Trust and Estate Planning
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in Trusts on Wednesday, July 23, 2014. Second (and subsequent) marriages have become the "norm" in the San Diego area, and the resulting blended families and financial issues require careful attention from an experienced estate planning and tax attorney....
You Cannot Hide Assets Offshore From the IRS Any Longer
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Saturday, June 28, 2014. The IRS has obtained foreign bank account and investment information that will tie specific foreign assets to unique US social security numbers. Many US taxpayers have attempted to shield assets and income...