What is it that constitutes willful conduct from the perspective of the IRS as it relates to offshore financial activities and the FBAR? This question is at the heart of compliance for US taxpayers with offshore accounts and assets. The difference in that legal distinction represents an exponential difference in...
Will or Trust in Southern California – an Obvious Choice
As experienced trust and estate planning attorneys we are often asked which is better - a will or trust in Southern California? Simply stated, if you own any real estate whatsoever, or have more than a few thousand dollars in your accounts a revocable trust is almost always the least...
Digital Currency as a Tax Dodge – The Reality of Crypto and the IRS
Many US citizens and expatriates are considering digital currency as a tax dodge and a way to hide income and assets from the IRS. The reality of cryptocurrency or “Crypto” and the IRS may shock you. Crypto myths and schemes abound, but what are the genuine facts? If you are...
What is an IRS Office Audit in San Diego
What is an IRS office audit in San Diego and should you be concerned? The standard IRS audit most of us have heard about is known as a “correspondence” audit. This means the audit takes place at a distance (phone, mail, e-mail, etc.) between the taxpayer, their legal representative and...
An Effective Dashboard for Running Your San Diego Business
Do you have an effective dashboard for running your San Diego business? How does the structure and design of your accounting system support business profitability and success. There are critical metrics that every business owner, officer and manager in San Diego should know at any moment about their businesses. These...
New IRS Guidance to Ease Transition to the Revenue Recognition Rule
It is important to consider new IRS guidance to ease transition to the Revenue Recognition Rule. In 2014 the IRS revenue recognition standard took effect for publicly traded corporations. Almost all other businesses were required comply to the new standard in late 2018. The Financial Accounting Standards Board (FASB) released...
IRS has Released Finalized PFIC Regulations
The IRS has released finalized PFIC regulations as well as proposed new regulations which relate to the modification of PFIC rules. A few years ago the IRS issued temporary rules regarding ownership of Passive Foreign Investment Companies (PFIC) and how shareholders in these companies would be taxed. The IRS has finalized...
The American Rescue Plan
The American Rescue Plan has been deemed by the U.S. Department of the Treasury as one of the most progressive pieces of legislation in history, and its’ primary intent is to build a bridge to an equitable economic recovery. These are some of the main provisions contained within this legislation:...
Are You Prepared for the Great Wealth Transfer?
Are you aware of and/or prepared for the “Great Wealth Transfer?” What is the Great Wealth Transfer and how will this affect tax and estate planning in the months and years to come? The “baby boomers” (those born between 1946 and 1964) represent a substantial portion of the US population. ...