Are you looking for San Diego tax preparation and filing services and a firm with the expertise to handle complex issues such as business ownership in an LLC or S Corporation, offshore investments and bank accounts, or international business interests? Allen Barron has decades of experience and service to the San Diego community and provides tax preparation and filing services for individuals and businesses throughout the San Diego area.
The IRS is taking a much closer look at the tax returns of those who own an LLC or S Corporation. Those who use a “turbo” software solution or other off-the-shelf tax solution often claim deductions and expenses that exceed the actual provisions of US tax code. Owners of an S-corporation must re-calculate the “basis” of their interest in the S-corporation every year. This is a complex calculation that is consistently changing across the years of your ownership interest in the business. The IRS and the State of California have identified these areas as well as the home office deduction as primary candidates for a tax audit.
Offshore bank accounts, investment accounts, real estate ownership or investment in foreign mutual funds carry substantial reporting requirements. If the accumulated balance of these offshore accounts and investments exceeds $10,000 at any point in the year (even if it is only for a day) US taxpayers are required to prepare and submit an IRS FBAR and associated documentation. The failure to disclose offshore assets through the OVDP or streamlined application process will result in draconian penalties that can (and often do) exceed the present value of the accounts. Foreign mutual funds may trigger a PFIC calculation resulting in the highest marginal tax rate available under the tax code.
Those who own an interest in a foreign corporation or have an international business comprised of several entities understand the importance of an expert and seasoned tax preparer. Allen Barron is a valuable business partner who provides a single-source for not only tax preparation but accounting, legal services, business advisory and tax services.
If you are looking for experienced San Diego tax preparation and filing services we invite you to contact us or call 866-631-3470 for a free consultation today.