Many US taxpayers have reacted positively to the news as the IRS extends the personal tax deadline to May 17 2021 from the usual deadline of April 15. For the second year in a row the Internal Revenue Service has give Americans an extra amount of time to submit personal...
Failure to Make a Full Disclosure of Offshore Accounts to the IRS
What are the risks and penalties of the failure to make a full disclosure of offshore accounts to the IRS? What happens if you have not included all of your offshore bank accounts, assets, investments, foreign trust and foreign corporate ownership interests to the IRS via FBAR or associated IRS...
The Broad Powers of IRS Revenue Officers in an IRS Audit
The broad powers of IRS revenue officers in an IRS audit should be a concern for all US taxpayers. Many business professionals and individuals believe IRS agents must be experts in both accounting and tax law. In many cases, they are not expert in either discipline. This may sound shocking,...
The Tax Danger of Personal Service Corporations
What is a Personal Service Corporation (PSC) and why is there a potential tax issue for PSCs? Many S Corporations and LLCs may be considered by the IRS to be a PSC. This could result in substantial additional business tax burdens. The IRS has again begun to examine corporations to...
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...
How does the Attorney-Client Privilege Protect You in an IRS Audit?
How does the attorney-client privilege protect you in an IRS audit?? Why is it so important to work with an experienced tax attorney compared to a CPA, tax preparation team, accounting firm or financial advisor?? The answer is "protection."? You need to be able to provide your counselor with detailed,...
Innovation in Business Services for Our Changing Business Climate
Allen Barron has introduced innovation in business services for our changing business climate. The impact of COVID-19 on local, regional, national and international business cannot be overstated. Our integrated business advisory, legal, tax and accounting services provide business owners and managers with a single-source partner for every step in the...
Looking Forward to a Happy New Year in San Diego
The experienced team at Allen Barron wishes all of San Diego a prosperous and successful 2021.? We have enjoyed the professional and personal relationships we've developed with our clients in 2020, and are looking forward to restoring a more traditional business environment and recovering from the health and business impact...
They May be Fewer in Number but IRS Audits Are Increasingly Aggressive
They may be fewer in number but IRS audits are increasingly aggressive seeking a much bigger check from US taxpayers. The recent request by the IRS for additional funding may not present an immediate threat of increased audits, but this doesn't mean US taxpayers should relax or attempt to take...