We are often asked “Why was our tax return selected for an IRS audit?” If you have received a notification from the IRS of their intent to audit your tax return(s) your first step should be to gain an understanding of what to expect from an IRS audit. You should never...
Attorney-Client Privilege is the Best Protection You Have When Dealing with the IRS
Whenever you are dealing with the IRS the Attorney-Client Privilege is the best protection a US taxpayer can employ. The Attorney-Client Privilege protects all information shared in confidence between a taxpayer and their attorney. This extends to all paperwork, notes, personal papers, cell phone calls, emails and even texts. The...
What Happens if a San Diego Business Doesn’t Comply with the IRS
What happens if a San Diego business doesn’t comply with the IRS and all filing and reporting requirements? Can you face criminal prosecution or be held personally liable if your company makes a mistake with the IRS? Generally speaking, an officer of a corporation may risk personal liability for their...
How Was I Identified for an IRS Audit in San Diego
We are often asked “How was I identified for an IRS Audit in the first place?” There are a number of issues which could trigger an IRS audit. Generally speaking, the IRS develops targets for enforcement each year based upon consistent areas of under-reported income, underpaid tax or areas where...
Digital Currency as a Tax Dodge – The Reality of Crypto and the IRS
Many US citizens and expatriates are considering digital currency as a tax dodge and a way to hide income and assets from the IRS. The reality of cryptocurrency or “Crypto” and the IRS may shock you. Crypto myths and schemes abound, but what are the genuine facts? If you are...
What is an IRS Office Audit in San Diego
What is an IRS office audit in San Diego and should you be concerned? The standard IRS audit most of us have heard about is known as a “correspondence” audit. This means the audit takes place at a distance (phone, mail, e-mail, etc.) between the taxpayer, their legal representative and...
What are Some of the Top IRS Audit Triggers for 2021?
What are some of the top IRS audit triggers for 2021? The past few years many sources have reported a reduction in IRS audits. Recently, the IRS has implemented new procedures to step up audits in an effort to increase collections for the US Treasury. Lost revenues associated with past...
New IRS Guidance to Ease Transition to the Revenue Recognition Rule
It is important to consider new IRS guidance to ease transition to the Revenue Recognition Rule. In 2014 the IRS revenue recognition standard took effect for publicly traded corporations. Almost all other businesses were required comply to the new standard in late 2018. The Financial Accounting Standards Board (FASB) released...
FBAR Preparation and Filing to Ensure Compliance
Allen Barron provides extensive tax expertise and assistance with FBAR preparation and filing to ensure compliance with all IRS requirements. If you have offshore bank accounts, investments, assets or own or control a portion of a foreign corporation you must be in full compliance with the IRS or face a...