New issues come into focus as the IRS focuses scrutiny on high-income taxpayers, partnerships and corporations, as well as those who promote the abuse of tax rules. The IRS has formally given notice that it intends to...more
10/27/2023
/ Audits ,
Business Taxes ,
C-Corporation ,
Enforcement Actions ,
High Net-Worth ,
Income Taxes ,
Inflation Reduction Act (IRA) ,
IRS ,
Partnerships ,
Reporting Requirements ,
S-Corporation ,
U.S. Treasury
In this podcast about Domestic Tax Planning, Janathan Allen discusses the importance of the process of domestic tax planning. Many people don’t think to consider tax planning by assuming, “I’m a W2 employee, how can domestic...more
What is the concept of “staking” in terms of cryptocurrency assets and what are the new IRS tax implications of crypto staking for US Taxpayers who invest in cryptocurrencies? The concept of staking requires a general...more
The IRS completed the “Dirty Dozen List” for 2023 and while there were a few hold-outs from previous years, there were several new warnings in the offering for 2023.
The first warning focused upon the aggressive promotion...more
There is an important new requirement from the IRS for US businesses based upon a new release from the IRS. Any US business who receives a cash payment exceeding $10,000 is required to file Form 8300 – “Report of Cash...more
In a recently released bulletin, IR-2023-59, the IRS warns of shady tax preparers and increased audit risk as part of their “Dirty Dozen” series. The IRS provided some common “warning signs” including tax preparers who base...more
A recent announcement from the IRS (IR-2023-62) modifies and clarifies Roth IRA catch-up payment requirements for contributors who are aged 50 or older. IR-2023-62 delayed mandatory Roth IRA catch-up payments for high income...more
The California and IRS extended income tax deadlines are rapidly approaching as we near the deadline in mid-October. In the first few months of 2023 California and the IRS extended income tax deadlines and associated...more
The US Treasury Department and the IRS have released new proposed regulations on sales and exchanges of digital assets such as cryptocurrencies and Non-Fungible Tokens or NFTs. What taxes would a US taxpayer owe associated...more
We continue with Part 2 – International Tax Primer for US Taxpayers and Expatriates with one of the most common forms associated with foreign asset and income reporting to the IRS: Form 8938, the Statement of Specified...more
8/28/2023
/ Expatriates ,
FBAR ,
Filing Requirements ,
FinCEN ,
Foreign Assets ,
Income Taxes ,
International Tax Issues ,
IRS ,
PFIC ,
Required Forms ,
Tax Liability ,
Tax Planning
Welcome to part 1 of our Allen Barron International Tax Primer for US Taxpayers and Expatriates. The United States is one of the few countries in the world that taxes its citizens on their worldwide income. US taxpayers are...more
8/24/2023
/ Bank Secrecy Act ,
Expatriates ,
FATCA ,
FBAR ,
Filing Requirements ,
FinCEN ,
Foreign Assets ,
Income Taxes ,
International Tax Issues ,
IRS ,
Popular ,
Required Forms ,
Tax Liability ,
Tax Planning
What is a Non-Fungible Token or NFT and what are the IRS and California tax issues associated with Non-Fungible Tokens or NFTs which might apply to you? NFTs are unique tokens based in and recorded within a blockchain that...more
8/4/2023
/ California ,
Capital Gains ,
Cryptocurrency ,
Digital Assets ,
Federal Taxes ,
Financial Services Industry ,
FinTech ,
Internal Revenue Code (IRC) ,
Investment Opportunities ,
IRS ,
Non-Fungible Tokens (NFTs) ,
Smart Contracts ,
State Taxes ,
Tax Liability ,
Token Sales
The IRS has recently issued an ominous notice (#IR-2023-126) in which the IRS warns high income US taxpayers and millionaire non-filers that the IRS is targeting them to conduct audits, identify and collect undeclared income...more