We are often asked “How was I identified for an IRS Audit in the first place?” There are a number of issues which could trigger an IRS audit. Generally speaking, the IRS develops targets for enforcement each year based upon consistent areas of under-reported income, underpaid tax or areas where...
Parents Who Wish to Establish a Living Trust
Parents who wish to establish a living trust need sound financial and legal advice and counsel. Living trusts are a hot topic for many parents these days. If you have children and want to set forth a financial foundation for their futures that protects them and their assets from bad...
Digital Currency as a Tax Dodge – The Reality of Crypto and the IRS
Many US citizens and expatriates are considering digital currency as a tax dodge and a way to hide income and assets from the IRS. The reality of cryptocurrency or “Crypto” and the IRS may shock you. Crypto myths and schemes abound, but what are the genuine facts? If you are...
Indemnification for California Prop 65 for All Channels of Distribution
Individuals and small businesses who sell through distribution channels such as Amazon E-Bay, Etsy and others should be concerned about indemnification for California Prop 65 exposure. Allen Barron is cautioning all business entities regarding their legal responsibility and liability to indemnify online platforms regarding California Prop 65 exposure for all...
Important Facts About Buy Sell Agreements
There are many facts about buy sell agreements which new companies, LLCs and partnerships in San Diego need to consider. The integrated tax, legal, accounting and business advisory team provide sound counsel to those who are forming a new business. We help to prepare a great number of documents for...
What is an IRS Office Audit in San Diego
What is an IRS office audit in San Diego and should you be concerned? The standard IRS audit most of us have heard about is known as a “correspondence” audit. This means the audit takes place at a distance (phone, mail, e-mail, etc.) between the taxpayer, their legal representative and...
Prompt Action is Necessary When Facing an IRS Levy
Have you received a notice from the IRS regarding back taxes and an intent to levy your business and/or personal accounts? Prompt action is necessary when facing an IRS levy. When a person has a tax debt regarding federal taxes, they could be subject to many different Internal Revenue Service...
An Effective Dashboard for Running Your San Diego Business
Do you have an effective dashboard for running your San Diego business? How does the structure and design of your accounting system support business profitability and success. There are critical metrics that every business owner, officer and manager in San Diego should know at any moment about their businesses. These...
What is the Difference Between a Stock Purchase and an Asset Purchase?
What is the difference between a stock purchase and an asset purchase? Which is the best strategy for your unique situation? There are primarily two ways to purchase part or all of a company or competitor: a "stock purchase" and an "asset purchase." An asset purchase allows you to selectively...