There are many reasons why a US taxpayer should never communicate with the IRS directly.? If you have received a "Letter of Notification" from the agency regarding an IRS audit or a collection action such as a Levy or Garnishment, the IRS has you in their sights.? The IRS has...
IMPORTANT IRS UPDATE: The IRS will Accept Digital Signatures and Communicate Electronically
There is important news from the IRS. Effective immediately, the IRS will accept digital signatures and communicate electronically. You will be able to send a limited range of documents to and receive documents from the IRS. Here is the specific statement released yesterday: EFFECTIVE IMMEDIATELY: IRS to Accept Digital Signatures...
An IRS Tax Audit Opens the Door for California Tax Agencies
Did you know that an IRS tax audit opens the door for California tax agencies? If you receive a notification from the agency regarding an IRS audit, you have several immediate concerns. Your tax attorney and accounting professional at Allen Barron will provide extensive guidance on what to expect from...
IRS Establishes an Enforcement Initiative for Cryptocurrencies
Those who have invested in Bitcoin and other virtual currencies should take heed as the IRS establishes an enforcement initiative for cryptocurrencies and how US taxpayers report these on all tax returns. The IRS believes millions of transactions involving US taxpayers have occurred with exchanges such as Coinbase, and is...
Does Your Domestic Entity Have Foreign Assets
Does your domestic entity have foreign assets which must be reported on the IRS Form 8938? The Foreign Account Tax Compliance Act or FATCA requires many US corporations, LLCs, trusts and partnerships which hold foreign investments or financial assets to disclose them on the form 8938. If a US trust...
Tax Extension Due Dates for Corporate and Personal Returns Approaching
The tax extension due dates for corporate and personal returns is approaching quickly. Important deadlines for many corporate tax returns in September (originally due in March) and October (for personal filers originally due in April) will come to pass in the next 45 days. September 15 is not only the...
The IRS Wrongfully Seized Millions from Legal Business
The Treasury Inspector General for Tax Administration (TIGTA) has found the Criminal Investigation Unit of the IRS wrongfully seized millions from legal business entities and individuals. The investigation was opened after several complaints were filed in 2014 regarding IRS seizures of property or bank levies without evidence of a crime....
How Should You Handle a Mistake on Your IRS Tax Return
What if you've discovered errors or omissions on your IRS tax return? How should you handle a mistake on your IRS tax return and subsequent communications from the IRS? It is not uncommon for the IRS to catch a simple math error on a US tax return. In many cases,...
The IRS Has a Separate Team to Evaluate Transfer Pricing Transactions
The IRS has a separate team to evaluate transfer pricing transactions and cross-border business dealings for international businesses here in San Diego. If you are conducting cross-border transactions, or have multiple companies and transfer goods, services, or intangible assets between these affiliated companies you need the guidance and services of...