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...
The Time is NOW to Come Into Compliance with IRS FBAR and Foreign Asset Reporting
By Janathan L. Allen, APC of Janathan L. Allen, APC posted in FBAR on Thursday, June 26, 2014. There is a substantial financial incentive for resident US taxpayers and US expatriates to come into compliance with IRS streamlined guidelines and US laws relating to the reporting of foreign bank accounts...
Tax debt and property taxes
On behalf of Janathan L. Allen, APC posted in Back Taxes or Tax Debt on Thursday, June 19, 2014. Taxes are an ever-present reality in our world. There are a wide variety of different types of taxes a person can have assessed to them: state taxes, federal taxes, property taxes,...