Significant changes to IRS audit procedures for partnerships and LLCs will go into effect January 1, 2018. The changes will apply to all partnerships and LLCs who elect to be taxed as partnerships. The change is represents a substantial change in methodology when amounts are owed to the IRS and...
Two US Canadian Taxpayers Fail to File FBARs
The US Court of Federal Claims found two US Canadian taxpayers fail to file FBARs resulting in summary judgment for the IRS. The couple's defense was primarily based upon the fact they had engaged a "professional tax adviser" to prepare their returns and failed to review them. The court rejected...
An Unfortunate Lesson in Estate Planning from David Cassidy
We may have learned an unfortunate lesson in estate planning from David Cassidy this week. His death has brought several life lessons to light, and one of them is a reminder to update your estate plan and trust documents every two to three years. Things change. David Cassidy's daughter Katie was...
Forensic Accounting Services and Tax Advice During a Divorce
Allen Barron provides forensic accounting services and tax advice during a divorce to assess the value of assets and accounts and to find hidden or unreported assets and accounts. The proposed tax reform changes in Washington could have a substantial impact on divorce negotiations and cases across California. How can...
How Does the Senate Tax Bill Affect San Diego Homeowners
How does the Senate tax bill affect San Diego homeowners and those considering purchasing a home in the future? The recent version of the tax reform package passed by the US Senate has local real estate industry representatives, developers and real estate agents quite concerned. This isn't over yet as...
What is an IRS Field Audit and What Should You Do?
What is an IRS field audit and what should you do if you receive notification from the IRS regarding their intention to conduct a field audit? An IRS field audit is an examination in your home, business or your accountant/attorney's office. An IRS field audit usually involves an examination of...
Tax Planning for 2017 and 2018 is Now
The year is coming to a close and tax planning for 2017 and 2018 is in full swing. It's a good time to be considering the strategies which help you to lower your tax bill for 2017 and anticipate the best strategies to position you for the new year. Congress...
How do Independent Contractor Misclassification Claims Arise in San Diego
How do independent contractor misclassification claims arise in San Diego? What is the cost to an employer who misclassifies employees as independent contractors? Usually, independent contractor misclassification claims come about by a complaint by the employee to a federal or California agency alleging compensation or employment issues or during an...
Your San Diego Business Succession Plan – “You Make the Plan, or a Plan Will Be Made for You!”
Why should you be thinking about your San Diego business succession plan as the year comes to a close? The National Law Review recently asked a great question: "Who is the better planner for your (business) affairs - You or the State? You Make the Plan, or a Plan Will...