What does Caterpillar's ongoing battle over taxes have to do with business here in San Diego? It may surprise you to know the IRS isn't always right and in fact often misinterpret Generally Accepted Accounting Principles (GAAP) and even US tax code. Our office is often forced to stand up...
Was the Caterpillar Raid a Sign of Where Corporate Tax Battles are Headed?
Really? That was my first reaction to the news that federal agents including the IRS had raided the offices of Caterpillar, one of America's greatest traditional companies. My next reaction was a bit more harsh, trending toward disgust. Is this a sign of where corporate tax battles are really headed?...
Caterpillar an Example of IRS Focus on International Business
Caterpillar has become an example of the IRS focus on international business and the aggressive tax planning strategies employed by multinationals in an attempt to shield income from US taxation. Just last week, the President loudly proclaimed "I love Caterpillar!" This week, their headquarters were raided by federal agents looking...
Don’t Provide the IRS any more Information than Absolutely Necessary
If we could give one piece of advice to all US taxpayers it would be this: don't provide the IRS any more information than absolutely necessary to complete your tax return and any associated forms or worksheets. If they don't ask for it, don't provide it. If the IRS asks...
If You Owe the IRS More than $50k You’re About to Lose Your Passport
If you owe the IRS more than $50k you are about to lose your passport. The US Congress passed legislation in December requiring the IRS to provide a list to the US State Department of all US taxpayers who owe the IRS $50,000 or more. If you owe the IRS...
IRS Launches New Campaigns to Focus Vertical Market Expertise on Tax Revenue Generation
The IRS launches new campaigns to focus vertical market expertise on tax revenue generation and compliance. Each "campaign" aligns internal IRS expertise on specific issues with the goal of "focused examination" (read: audit) on targeted matters. What are the 13 business related IRS audit campaigns and how will they affect...
W2 and 1099 – Its Tax Preparation Time Again
We all should have received our W2 and 1099 statements, it's tax preparation time again in San Diego. The tax preparation, accounting and tax attorneys at Allen Barron are prepared to help you to get through tax season. We specialize in helping those with more substantial returns, and those with...
New IRS 1099 Forms and How to Handle Them
While 1099 forms may be old news for most of us, the new IRS 1099 forms are bringing new questions to an old subject. Let's review. If any person does work for a business, company, or for you personally and you pay them more than $600 in a calendar year...
New Treasury Nominee Advocates Beefing Up the IRS
The new nominee for Treasury Secretary, Steven Mnunchin, advocates beefing up the IRS not stripping it down as most republicans advocate. Why? What would possess a Trump nominee to advocate on behalf of the IRS? Money. Pure and simple. The programs and undertakings of the US Government will require greater...