It is surprising how many business owners under value accounting and the profound financial impact it can have on business operations, taxation and profit. Effective accounting strategies reduce tax exposure and provide the critical data necessary to prevent or defend against an IRS or California tax audit. Well-conceived accounting strategies...
A Trustee or Executor Have More Financial and Legal Liability Than They Might Realize
Have you been asked to be a trustee or executor? A trustee or executor have more financial and legal liability than they might realize when they accepted the request. As the trustee, successor trustee or executor of an estate or legal trust you carry extensive fiduciary and legal responsibilities that...
Europeans Blacklist the Cayman Islands and 3 Others as Tax Havens
International tax pressures continue to mount as Europeans blacklist the Cayman Islands and 3 others as tax havens. The finance ministers of the European Union (EU) have identified The Cayman Islands (a British overseas territory) as well as the Seychelles, Palau and Panama. According to the EU these jurisdictions have...
Substantial Decision in Prop 65 Appeal Highlights Risk for Businesses
The substantial recent decision in a Prop 65 appeal highlights risk for businesses under California's Proposition 65 as it applies to the upcoming deadline to come into compliance with clear and reasonable warning labels. In the case of "Mateel Environmental Justice Foundation v. Office of Environmental Health Hazard Assessment" the...
How Should a Couple Take Title to Their Home
How should a couple take title to their home if they intend to keep it? How is the asset to be taxed after both spouses pass? Many couples keep the asset in "Joint Tenancy" which allows the asset to avoid probate upon the death of one of the spouses. Upon...
How Should I Prepare for an IRS Audit
We are often asked "How should I prepare for an IRS audit?" If you have received a letter of notification from the IRS concerning an audit the first step you should take is to download our free guide "What to Expect from an IRS Audit" and contact the experienced tax...
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What goes into a blog post? Helpful, industry-specific content that: 1) gives readers a useful takeaway, and 2) shows you're an industry expert. Use your company's blog posts to opine on current industry topics, humanize your company, and show how your products and services can help people.
Asset Purchase Transactions Are Often Legally Complex
Asset purchase transactions are often legally quite complex. Too often an asset purchase contract is created and entered into without the comprehensive due diligence required to ensure clear title. These transactions are much more than a bill of sale and researching the encumbrances which might exist on the asset(s) to...
Federal and State Tax Returns are Due Tomorrow
Well, tax day is finally here and for last minute filers there is one more day as Federal and State tax returns are due tomorrow April 18. Allen Barron provides on-going tax preparation and filing services for businesses and business owners, the self-employed and high income earners, as well as...