What is an integrated approach to solving business problems? Why is it important for businesses, especially those with multiple offices or entities and/or cross-border interests to partner with an integrated legal, tax, accounting and consulting firm?Today's business questions and problems are much more complex than even five years ago. Business...
Accounting is the Information Connection Within Your Own Business
Many business owners and executives fail to realize that accounting is the information connection within your own business. Accounting doesn't simply capture the box scores of your company's business transactions. A properly structured chart of accounts and supporting internal procedures ensure your company has immediate access to crucial internal controls...
Tax and 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...
Preparing to Sell Your Business
There are several steps to follow when preparing to sell your business. It is important to allow plenty of time for planning and organization, as the process will usually require many months to a year or more. Why does it take so long to prepare your business for sale? The...
The Step-Up Benefit of a Revocable Trust
What is the step-up benefit of a revocable trust from the perspective of the beneficiaries? How can a revocable trust not only pass money and assets to your beneficiaries but save a substantial amount of tax in the process? The answer lies in an understanding of the short-term and long-term...
Selling items Online? Is the IRS Watching?
Are you selling items online or receiving payment for goods and/or services on platforms such as PayPal, Venmo, eBay, Zelle, Etsy, or Cash App? Online platforms are the preferred method of shopping for most Americans. These platforms also support the gig economy and, what has to date been, the potential...
The Step Doctrine and How it Applies to IRS, State, and California Tax
It is important to understand the step doctrine and how it applies to IRS audits and state tax investigations, including California tax audits. The "step doctrine" is a concept not directly found in federal or California law, but that has been borne out of Court decisions since the great depression,...
Most Business Owners Undervalue Accounting
It's astonishing how many business owners undervalue accounting and its profound financial impact on business operations, transactions, taxation, and profit. An effective accounting strategy captures the information required to quickly and accurately identify potential business challenges and opportunities. Accurate accounting is the key to reducing tax exposure while providing critical...
What is an FBAR and What Foreign Financial Information Are You Required to Report?
What is an FBAR, and what information is a U.S. taxpayer required to report to the U.S. Government and the IRS? There are many questions about the requirements for U.S. taxpayers with foreign accounts, investments, and assets, as well as the exchange of financial information between the IRS and Foreign...