How can you take advantage of recent tax laws for real estate regarding investment property or rental real estate in San Diego? Why should you consider this form of investment in the years to come? I recently presented in a seminar entitled "Do You Want To Learn How to Take...
Tax Preparation for S Corporation Shareholders
Tax preparation for S Corporation shareholders is quite complicated. While there are substantial advantages for many owners or shareholders of an S Corporation there are also substantial risks which can lead to an IRS audit. Corporations which elect subchapter S tax status allow income to pass through to the shareholders...
What Most Californians Need to Understand about Tax Reform
While the actual tax code relating to the new tax reform bill is still be written there are some key takeaways most Californians need to understand about tax reform and specific deductions going forward. In a nutshell, be prepared to have less deductions and therefore ultimately pay a larger amount to...
Additional Information on Pass Through Business Income Deductions in the New Tax Reform
We are constantly asked for additional information on pass through business income deductions in the new tax reform package. While new tax laws have yet to be formally published, there has been a significant change for those who file as a partner, member or sole proprietor which receives income from...
The IRS Begins Accepting 2017 Tax Returns
The IRS begins accepting 2017 tax returns as tax season is upon us. Allen Barron is uniquely structured to prepare and file your international, domestic, business and personal tax returns. Our tax attorneys are supported by Allen Barron's accounting professionals as we work toward this year's deadline of April 17. ...
Beginning to Understand the 20 Percent Pass Through Deduction
Tax attorneys and CPAs across the nation are beginning to understand the 20 percent pass through deduction contained within the recent tax reform, but it will still be months before the final law will be written and the IRS will weigh in on how it will actually be put into...
Taxation of Pass Through Income Versus Salaried Earnings
There is a lot of confusion surrounding the taxation of pass through income versus salaried earnings as US taxpayers assess their positions after tax reform. This is far from "finished" and a wild roller-coaster ride is about to ensue for many US taxpayers. How will you know what to do? ...
The 20 Percent Deduction for Pass Through Income
The tax bill presented for the President's signature contains the 20 Percent Deduction for pass through income for the majority of US partnerships, S Corporations and sole proprietorships. Under existing tax law, business profits were passed through to the individual and taxed at their personal income rate. The top individual...
New Tax Plan Presents Challenges for IRS Auditors
The new tax plan presents challenges for IRS auditors as we all await the final draft of tax reform legislation in Washington. The primary concern centers around the ability of wealthy US taxpayers to "reap massive windfalls" by simply reclassifying income as "pass-through business income." The most recent "final" plan...