Are you concerned about the high IRS tax rates on a foreign trust? It is important to understand the tax and reporting consequences on this specific type of investment. It may very well be time to evaluate the net value of this form of investment based upon current IRS taxation...
IRS Focuses Scrutiny on High-Income Taxpayers, Partnerships and Corporations
New issues come into focus as the IRS focuses scrutiny on high-income taxpayers, partnerships and corporations, as well as those who promote the abuse of tax rules. The IRS has formally given notice that it intends to refocus attention from working-class taxpayers to wealthy and high-income audit targets. The notice,...
Podcast Episode 22 – Domestic Tax Planning
In Episode 22 - Domestic Tax Planning Janathan Allen discusses the importance of the process of domestic tax planning. Many people don't think to consider tax planning by assuming "I'm a W2 employee, how can domestic tax planning help me?" The fact is there are a lot of ways to...
The New IRS Tax Implications of Crypto Staking
What is the concept of “staking” in terms of cryptocurrency assets and what are the new IRS tax implications of crypto staking for US Taxpayers who invest in cryptocurrencies? The concept of staking requires a general understanding of the blockchain networks and how information is captured and validated. In simplest...
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...
Important New Requirement from the IRS for US Businesses
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...