What is the importance of succession planning for business owners? Why should you be concerned about the development and implementation of a succession plan if you own a business or a significant interest in an LLC, S Corporation or C Corporation? Your business is a valuable asset, perhaps the most...
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Is it Time to Rethink Your Offshore PFIC Investment(s)?
Is it time to rethink your offshore PFIC investment(s)? What is a PFIC and why should you be concerned about the impact it will have upon taxation? Why should investment in a PFIC concern you as a US taxpayer? A Passive Foreign Investment Company or PFIC is a foreign corporation...
It’s Time to Start Making Estimated Tax Payments Again California
The IRS and the State of California provided significant relief to millions of taxpayers across our state last year extending deadlines for estimated tax deposits, as well as personal and business tax returns. It’s time to get back into the discipline of tax planning and start making estimated tax payments...
The Importance of Year-End Corporate Governance Work
What is the importance of year-end corporate governance work? I know. I can see and hear it now: most businesspeople just roll their eyes and ask, “why do I have to go through this hassle?” What is the purpose of a corporate entity in the first place? What is corporate...
A Decision in US Tax Court Affects Limited Partners and SECA
A recent decision in the US Tax Court affects limited partners and SECA – the Self Employed Contributions Act. In this case, Soroban Capital Partners LP (a hedge fund management company) was formed as a Delaware limited partnership and had excluded self-employment tax (under SECA) and associated levies on millions...
How Does the IRS Use AI to Identify Tax Cheats?
Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In a recent interview, IRS Commissioner Danny Werfel began to lay out a vision...
Do You Have to Pay Taxes When Selling Goods or Services Online?
We are often asked if one has to pay taxes when selling goods or services online. That question became even more relevant this week when the IRS postponed the new “$600 Rule.” This is a particular relief for those wo receive payments through popular third party payment applications such as...
Could an Upcoming Supreme Court Case Significantly Change US Tax Law?
Could a Supreme Court of the United States (SCOTUS) case significantly change US tax law? We are closely watching the developments in Moore v United States as it carries significant issues regarding “realized” versus “unrealized” income, and the repatriation of accumulated foreign earnings. The stakes could not be higher. Realized...
Are There Strategies to Avoid an IRS Audit?
Are there strategies to avoid an IRS audit? What are some of the known risks for triggering an IRS audit? What should you do if you have are concerned about the information provided a previous tax return? Is there a way to amend a previous return or come into compliance...