What is the necessity of succession planning for business owners and why should you be concerned about this if you own a business or a significant interest in an LLC, S-Corporation or C-Corporation? Your business is a valuable asset, usually the most valuable asset you control. It is not only...
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How Can We Help Taxpayers to Receive IRS Penalty Abatement
How can Allen Barron help US, California and San Diego taxpayers to receive IRS penalty abatement? How can IRS penalty abatement substantially reduce what you owe to the IRS? There are several reasons why you should not have to pay the draconian penalties the IRS adds to many US taxpayer's...
Prepare for the New Year by Reviewing Your Trust for 2022
Ensure your financial affairs are in order, and prepare for the new year by reviewing your trust for 2022. It is important to review trust documents every 2 to 3 years. There have been many recent changes to asset protection related laws as well as the US exemptions for estate...
Establish and Manage Intellectual Property for Offshore Licensing
What steps should you take to establish and manage intellectual property for offshore licensing? You have unique ideas, processes, mechanical inventions or even software code that you would like to license to offshore partners. This is an excellent strategy to expand your business scope and profitability, and to leverage existing...
Why Was Our Tax Return Selected for an IRS Audit?
We are often asked “Why was our tax return selected for an IRS audit?” If you have received a notification from the IRS of their intent to audit your tax return(s) your first step should be to gain an understanding of what to expect from an IRS audit. You should never...
Offshore Real Estate Ownership Carries IRS Reporting Requirements
Did you know offshore real estate ownership carries IRS reporting requirements? If you are a US taxpayer or US resident you need to be aware of the IRS reporting requirements associated with the ownership of foreign real estate. There are many ways you may hold title to the offshore real...
The Quality of a Business Contract Affects the Probability of Litigation
The quality of a business contract affects the probability of litigation during any transaction or relationship it governs, and a well drafted business contract guides the parties smoothly and efficiently. We are often asked why people who use download sites are taking such a risk? The answer is quite simple:...
Deductions That Often Trigger an IRS Audit
Are there red flags or deductions that often trigger an IRS audit? What are some of the known IRS audit triggers, and what should you be considering at this time? With the end of another year approaching, many of our clients are already considering tax preparation and planning for 2022. ...
Will or Trust in Southern California – an Obvious Choice
As experienced trust and estate planning attorneys we are often asked which is better - a will or trust in Southern California? Simply stated, if you own any real estate whatsoever, or have more than a few thousand dollars in your accounts a revocable trust is almost always the least...