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...
Are you Thinking of Moving to Another Country – A Few Things to Consider
Are you thinking of moving to another country? Over the past decade, a record number of U.S. citizens have decided to live and work abroad. There are many issues you may not have considered that will impact any decision to become a U.S. expatriate. The European Union, through its official...
Estate Planning for Business Owners
What are some of the fundamental issues when estate planning for business owners? Why should every business owner have an estate plan? What are some of the primary issues to address in an effective estate plan for those who own an interest in a business or professional practice? What happens...
An IRS Audit Doesn’t Have to Be a Nightmare
An IRS audit doesn't have to be a nightmare of financial and emotional fear. How do most US taxpayers react when they receive an audit letter from the IRS? What are the actions you can take to not only improve the likelihood of the best possible outcome in an IRS...