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...
Would Trump’s Tax Plan Cost Californians?
Would Trump's tax plan cost Californians and raise our taxes? There are too many trial balloons and false starts coming out of Washington on the "tax" front, but we are monitoring these developments and advising clients as they navigate the complex issues facing today's business owners. The latest income tax...
Last Minute Tax Tips to Avoid IRS Audit Red Flags
The deadline for filing your tax returns is quickly approaching on Monday, April 18th. Here are some last minute tax tips to avoid IRS audit red flags that create trouble down the road: Make sure your math is correct. This one appears to be obvious, but math errors deeply trouble...
Amazon Savors a Huge Win Against IRS on Transfer Pricing
There has been a substantial development in the past week affecting international business as Amazon savors a huge win against the IRS on transfer pricing related tax disputes. The findings of a US Tax Court were stark: "The IRS acted in an arbitrary, capricious, and unreasonable manner when it applied...
Protecting Yourself in a San Diego IRS Audit
You should be primarily concerned about protecting yourself in a San Diego IRS audit to make sure you aren't providing additional information and leverage to the IRS. The first thing you need to know - it's not in your best interest to speak or communicate directly with the IRS. The...
IRS Large Business and International Division Targeting TEFRA Violations
The IRS Large Business and International Division (LB&I) will be targeting TEFRA violations in partnerships based upon recent changes in partnership related tax law. TEFRA (The Tax Equity and Fiscal Responsibility Act of 1982) regulations applying to partnerships created a set of consolidated IRS audit (examination), processing and judicial procedures which...
IRS Focusing on Transfer Pricing and Offshore Earnings says Wall Street Journal
In a recent article the Wall Street Journal warned that the IRS had released information about 13 "campaigns" to target high-value tax returns for IRS audit. The IRS intends to focus upon and international businesses transfer pricing and offshore earnings and the compliance with IRS FBAR reporting and offshore account...
What is more dangerous to Your Business Than an IRS Audit?
What could be more dangerous to your business than an IRS audit in San Diego? The failure to accurately collect and submit payroll related taxes and deductions may genuinely challenge more local small and mid-sized businesses than an IRS audit. If you have employees, your company is required to withhold...