Estate planning helps small business owners to protect their business and all of the hard work they’ve invested to build it. A small business owners estate plan should provide trust protection for their LLC, C Corporation, S Corporation or other business entity. Estate planning for small business owners can be...
Starting a Small Business – The Protections of a Legal Entity
What do you need to know when starting a business during the COVID-19 pandemic?? We have all heard of the plans to turn the economy around. These plans include ideas and potential additional funding to help small businesses. Are you one of the San Diego entrepreneurs who are thinking of...
Estate Planning for Small Business Owners and S Corporations with No Employees
Allen Barron provides tax and estate planning for small business owners and S Corporations without employees as part of our integrated tax, legal, estate planning, accounting and business advisory services. Many small business owners mistakenly believe business succession planning and estate planning is for those with substantial wealth. This is...
How Proposed Tax Changes Affect Your Business Strategy?
Are you wondering how proposed tax changes affect your business strategy going forward? There are many proposals swirling around Washington these days, and while it is impossible to determine at this point where things will end one thing is certain: your business will need to have a new strategy 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...
Hold On San Diego Employers – Texas Judge has Issued a Hold on New Overtime Laws
Just as San Diego employers were preparing to implement the new Department of Labor (DOL) rules regarding the Fair Labor Standards Act and overtime exemption and income thresholds a significant change has forced an immediate hold for many small and mid-sized San Diego businesses. A Texas Judge has issued a...
IRS Audits Focused on Small Businesses with Questionable Tactics
According to recently released information, the news source noted a significant increase in IRS audits focused on small businesses targeting $200,000 to $400,000 income rages. The IRS has been accused of some very questionable tactics as they attempt to gather information to show that small businesses are under-reporting income, especially income...
700 New IRS Auditors to Target Small Business and Self Employed
The Wall Street Journal recently examined plans for 700 new IRS auditors who will be added to the IRS department that specifically monitors small business and the self-employed. IRS Commissioner John Koskinen claims the new money was found as a result of retirements, internal turnover, and other "efficiencies." Lawmakers are...
US GAO Weighs In on IRS Audit Selection Process
The US Government Accountability Office or GAO recently evaluated the IRS audit selection process, and raised several concerns about political targeting, as well as selection criteria for small businesses and self employed taxpayers. The IRS audit selection process was found to be skewed and unfair according to the GAO report....