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What Happens If You Don't File an FBAR

It is common for a US taxpayer to ask “what happens if you don’t file an FBAR or a Form 8938, Statement of Specified Foreign Assets with the IRS? Why do I have to worry about filing an FBAR in San Diego or anywhere in the US,...more

New Corporate Tax Increase Proposal and Focused IRS Audits - Is the Cost of Business Going Up?

The Biden Administration’s new corporate tax increase proposal will face substantial challenges in both branches of Congress this year. The IRS continues to focus on the tax profiles of large corporations, limited...more

What do You Need to Know About A Trust and Why?

Most US homeowners and business owners understand the importance of an estate plan; they just never seem to get around to completing the task. What do you need to know about a trust? Why are trusts a central component of any...more

What is Known as the IRS Survivor’s Penalty?

What is known as the IRS survivor’s penalty, and is there anything that can be done to provide for a surviving spouse as we age? The “survivor’s penalty” is the likelihood that a surviving spouse will face higher federal and...more

How Will the New Crypto Tax Proposal Potentially Affect Your Current Digital Strategy?

How will the administration’s new crypto tax proposal affect your current digital strategy? How do recent price surges in many cryptocurrencies affect the taxable events of US taxpayers? The value of many...more

Have You Disclosed Offshore Cryptocurrency and NFT Activities to the IRS?

Have you fully disclosed offshore cryptocurrency and NFT activities to the IRS? Earlier this month, the US Department of Justice announced the indictment of a Texas man for tax returns that were inaccurate, incomplete, or...more

Tax Updates and Information for US Expatriates

US tax filing is underway, and as we approach the April 15 deadline we would like to offer additional tax updates and information for US expatriates. The first and most important thing for US expatriates to know about taxes...more

US Treasury Says IRS is Focused on Tax Evasion Targeting

The US Department of the Treasury has recently reinforced the progress on enforcement, specifically how the IRS is focused on tax evasion targeting and the targeting of high-income individuals and entities. The IRS has...more

Willful versus Non-Willful Conduct in the Eyes of the IRS

What constitutes willful versus non-willful conduct in the eyes of the IRS? Why is this distinction important to the agency, especially regarding international disclosures and taxable events? We are often asked about how...more

What is the IRS Offshore Voluntary Disclosure Program?

What is the IRS Offshore Voluntary Disclosure Program and who is it designed to help? What are the guidelines for voluntary disclosure to the IRS and who is eligible to apply? The IRS Offshore Voluntary Disclosure...more

IRS Tax Refunds are Lower for Tax Year 2023 Thus Far

Did you know IRS tax refunds are lower for tax year 2023 thus far when compared to the same point a year ago? While the IRS just began accepting tax returns for tax year 2023 on January 29 of this year, there is already one...more

IRS Provides 2023 Tax Return Preparation and Filing Tips

Are you searching for 2023 tax return preparation and filing tips? The window officially opened to submit 2023 tax returns to the IRS on January 29, 2024. The following day the IRS released IR-2024-38, “Things to remember...more

What Does the Recent OTA Ruling Tell You About a California Tax Audit?

What does the recent OTA ruling tell you about a California tax audit? What can we learn from the results of an investigation by the Office of Tax Appeals (OTA) into the practices of a California tax agency? Why do you need...more

Success is Built into Business Succession

Isn’t it interesting that success is built into business succession. Still, most US companies do not have a business succession plan in place. What is business succession planning and how does it enhance your own success and...more

What Can A Tax Attorney Do For You? A Podcast With Janathan Allen [Audio]

Janathan Allen discusses what a tax attorney brings to the table that many other don’t. Ms. Allen notes that many attorneys don’t like numbers and yet there is so much in the business world that focuses upon the numbers...more

Is there a Target on Short-term Rental Homes for New Taxation?

Is the target on short-term rental homes for new taxation? What about rental properties in general? When is income from a short-term rental presently taxable?...more

Why Do You Need Estate Planning?

Why do you need estate planning no matter where you live, but especially in California? What is estate planning? Isn’t estate planning just for people with a lot of money, property and wealth? Why should someone just...more

Do You Need an Asset Protection Strategy?

Do you need an asset protection strategy in San Diego, California? What is an “Asset Protection Strategy” and who should make sure to have an asset protection strategy in place?...more

IRS Tax Filing is to Begin January 29, 2024

The IRS has announced tax filing is to begin January 29, 2024 for US 2023 tax returns. Most of the almost 130 million individual tax returns will be due on Monday, April 15, 2024. The IRS will accept your tax return after...more

The Corporate Transparency Act takes Effect Monday, January 1, 2024

The Corporate Transparency Act takes effect Monday, January 1, 2024. What are the primary goals of the Corporate Transparency Act? Who is required to comply with the information disclosures within this important new law and...more

The Importance of Succession Planning for Business Owners

What is the importance of succession planning for business owners? Why should you be concerned about the development and implementation of succession planning if you own a business or a significant interest in an LLC, S...more

Is it Time to Rethink Your Offshore PFIC Investment(s)?

Is it time to rethink your offshore PFIC investment(s)? What is a PFIC and why should you be concerned about the impact it will have upon taxation? Why should investment in a PFIC concern you as a US taxpayer?...more

It’s Time to Start Making Estimated Tax Payments Again California

The IRS and the State of California provided significant relief to millions of taxpayers across our state last year extending deadlines for estimated tax deposits, as well as personal and business tax returns. It’s time to...more

The Importance of Year-End Corporate Governance Work

What is the importance of year-end corporate governance work? I know. I can see and hear it now: most businesspeople just roll their eyes and ask, “why do I have to go through this hassle?” What is the purpose of a corporate...more

A Decision in US Tax Court Affects Limited Partners and SECA

A recent decision in the US Tax Court affects limited partners and SECA – the Self Employed Contributions Act. In this case, Soroban Capital Partners LP (a hedge fund management company) was formed as a Delaware limited...more

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