2025 has brought substantial new challenges as the IRS continues to tighten its focus on U.S. cryptocurrency investors. Cryptocurrency brokerages are required to report gross proceeds for each digital asset transaction they manage on IRS Form 1099-DA. This requirement applies to all digital currency transactions on or after January 1st...
How Tariffs Have Impacted General Business and Tax Strategy
As the Supreme Court of the United States (SCOTUS) considers the legality of Trump tariffs under the IEEPA, including V.O.S. Selections, Inc. v. United States and Learning Resources, Inc. v. Donald Trump, it is important to consider how tariffs have impacted general business and tax strategy, as well as the path forward...
Is the Burden of Proof on the IRS During an Audit?
Is the burden of proof on the IRS during an Audit? It might shock you to learn that the burden of proof in an IRS audit, and in most dealings with the IRS, lies with the U.S. taxpayer, not the IRS. Key Takeaways on Is the Burden of Proof on...
What You Need to Know About the IRS Math and Taxpayer Help Act
What do you need to know about the IRS Math and Taxpayer Help Act? What is the status of the reforms contained within the provisions of H.R. 998? Important Takeaways About the IRS Math and Taxpayer Help Act: The U.S. House of Representatives passed H.R. 998, The IRS Math and...
U.S. Taxpayers with Offshore Investments Should Be Wary of PFICs
U.S. taxpayers with offshore investments should be wary of PFICs (Passive Foreign Investment Company). Many foreign nationals live and work in the United States. For those who invest in offshore companies that generate income in a passive nature (i.e. rents, royalties, interest, income from commodities or derivative trading) are permanent...
Managing an IRS Correspondence Audit
One of the new realities for U.S. taxpayers includes the responsibility for managing an IRS correspondence audit. What should you do if you are contacted regarding any form of IRS audit? Did you know the present majority of IRS audits are known as "correspondence audits?" What is a correspondence audit,...
What is a Revocable Trust and Why Should You Have One
What is a revocable trust and why should you have one if you are a homeowner, a business owner, a licensed professional, have substantial investments, or are part of a blended family? A revocable trust is somewhat like a fortress that protects your intentions and interests while saving you and...
When to Use an Irrevocable Trust in Your Estate Plan
What is an irrevocable trust? It is important to know when to use an irrevocable trust as part of your estate plan. What is the difference between an irrevocable trust and a revocable trust? Key Takeaways of When to Use an Irrevocable Trust in Your Estate Plan: An irrevocable trust...
Estate Planning for a Blended Family
What are the essential elements of estate planning for a blended family here in San Diego or across California? According to the U.S. Census Bureau, almost 1 in 5 households in the United States involves a subsequent marriage for one or both of the parties, and children from a previous...