Allen Barron provides tax preparation services for Rancho Bernardo and Poway and throughout the San Diego area. Allen Barron has decades of experience in business and personal tax return preparation and filing. If you own a business, have offshore bank or financial accounts or investments or are a high wage...
Banks Warning Customers of New International Tax Compliance Procedures
The Organization for Economic Co-Operation and Development or OECD is comprised of 35 member nations including the United States, almost all of Europe, Canada and Mexico, Australia, Turkey, Korea and Japan have ordered banks to implement new procedures. Letters are going out around the world from global banks warning customers...
When Does a Hobby Become a Business in the Eyes of the IRS
What is the difference between a hobby and a business from a tax perspective? When does a hobby become a business in the eyes of the IRS? If the IRS disputes your "business deductions" as a hobby it could trigger an IRS audit and result in a substantial payment to...
IRS is Targeting Small Business Owners for Audit
An expert recently testified before a house sub-committee documenting the fact that the IRS is targeting small business owners for audit in disproportionate numbers. The IRS allegedly believes many small businesses receive much of their income in cash which is hard to track. The IRS would obviously usually make more...
University Professor Pays a $100 Million FBAR Penalty to the IRS
The University of Rochester has gained unexpected notoriety recently as one of it's professors faces sentencing in a criminal tax evasion scheme. The University professor pays a $100 Million FBAR penalty to the IRS for failure to disclose Swiss accounts while awaiting his sentence in February that may contain additional...
IRS Targets Bitcoin Transactions in Federal Case Here in California
There is an interesting case which has been filed in a California Federal Court. Concerns are mounting as the IRS targets bitcoin transactions through Coinbase, a bitcoin exchange, through the strategy of a "John Doe Summons." The IRS has used this strategy in the past in an attempt to force...
Challenges with an IRS Audit Involving Transfer Pricing
IRS revenue agents and auditors create many unnecessary challenges for multinational businesses who utilize internal transfers to gain a tax advantage. This presents major obstacles during an IRS audit involving transfer pricing and other international tax related issues. The experienced international tax and business attorneys at Allen Barron, supported by...
California FTB or IRS Levy or Garnishment in San Diego
Allen Barron is uniquely positioned to help those who face a California FTB or IRS levy or garnishment in San Diego or southern California. Our IRS tax attorneys have specific strategies to deal with California and IRS tax collection efforts. If you owe the IRS more than $25,000 it is...
US Treasury and IRS Update Guidance on PFICs and CFC Investments
Recently the US Treasury Department and the Internal Revenue Service (IRS) released new guidance on PFICs and CFC investments for a Regulated Investment Company (RIC). Under US tax law a corporation can qualify as a Regulated Investment Company for a given tax year only when 90% or more of...