W2 and 1099 – Its Tax Preparation Time Again

We all should have received our W2 and 1099 statements, it’s tax preparation time again in San Diego.  The tax preparation, accounting and tax attorneys at Allen Barron are prepared to help you to get through tax season.  We specialize in helping those with more substantial returns, and those with higher risk of an IRS audit.  If you are a high wage earner, own your own business or have offshore accounts and foreign investments requiring FBAR preparation and associated forms we invite you to call us at 866-631-3470 for a free consultation.

Many news articles have created somewhat of a false impression that the IRS has lost some of its powers.  This is simply not true.  The IRS is cracking down on many substantial issues looking for additional sources of revenue to fund the expanding needs of proposed federal programs.  Some of the red flags include (but are not limited to):

  • Those claiming a home office
  • Losses from a business
  • Claims of business deductions for activities which the IRS will challenge as a “hobby” instead of a valid business expense
  • Offshore bank accounts, investment accounts and FBAR compliance issues
  • Investments in foreign mutual funds, foreign corporations or international business transactions
  • Wages above $100,000

These are not returns that should be entrusted to a “turbo” solution or some other off-the-shelf tax software.  Gather your W2 and 1099 forms and call us at 866-631-3470.

If you have any of these issues or need assistance with business returns or income from an LLC or S Corporation we can help.  Our offices are conveniently located in Rancho Bernardo right off of I-15.  We have extensive experience with offshore and international tax matters, as well as the complex returns associated with K-1’s and business forms.  Ask about the protections of the attorney-client privilege and the strategies that minimize your tax bill while reducing the likelihood of an IRS audit.

If you are concerned about multiple W2 and 1099 forms, K1 and business income reporting or coming into compliance with FBAR reporting, and completing your tax returns in a timely and cost-effective manner we invite you to contact us and learn more about the services Allen Barron can provide to support you through this tax season.