Allen Barron, Inc.

The implementation of the Foreign Account Tax Compliance Act or FATCA generated significant issues for US citizens and former citizens who live abroad. To learn more, read on...http://ow.ly/oGM150D12tU or visit www.allenbarron.com

Be sure to keep in mind changes to the 2020 W-2 Forms as provided by the Families First Act. Click here for full details....http://ow.ly/BdsH50D2WDL

Important Update to California's Small Business Covid-19 Relief Grant Program - deadline extended to Jan 13, 2021 at 11:59 p.m. Read our blog for program details and eligibility at http://ow.ly/pQr650D2WPT

Looking to start the New Year with sound advice, strategy and counsel? Janathan Allen is an experienced San Diego tax attorney for domestic and international companies. Visit our website at http://ow.ly/X9N050CVHHn or read our blog at http://ow.ly/rXkO50CVHHo

Jan Allen, partner at Allen Barron, Inc. profiled in the California Business Journal, discusses small businesses caught up in the coronavirus pandemic. Read on...http://ow.ly/MXi250CDjE7

http://ow.ly/zPOV50BNDtB

http://ow.ly/1Wd150BdJ6G

Recently, the IRS confirmed their position that business expenses paid with Paycheck Protection Program (PPP) funds that are forgiven, CANNOT be deducted for federal tax purposes. This directive now places the responsibility on Congress to take legislative action if the intention was to ensure deductibility of business expenses funded with a forgiven PPP loan. Notice 2020-32 IRS outlined the IRS’s position that, based on existing tax law intended to prevent such a double b...enefit, otherwise deductible business expenses that are paid with forgiven PPP funds would NOT be allowed as tax deductions in computing the recipient’s taxable income. The nondeductible treatment applies for any payment of eligible PPP expenses to the extent of the loan forgiveness. If your business is a recipient of PPP and you would like more guidance on how Notice 2020-32 from the IRS may affect your 2020 Federal tax situation this year, call or email me to schedule some time to discuss at 866-631.3470.

According to a major payroll company in the US, 5% of Main Street businesses closed their doors forever in the first three weeks of the pandemic. YELP, the market leading business review site, reported in late July that 55% of the businesses who had closed their doors due to the pandemic were closed forever. These are small businesses. Local businesses. Main Street, USA businesses. Small businesses which contribute to the diversity, vibrancy and economic viability of our citi...es and towns. The majority are primarily restaurants, franchises and retailers, however the pandemic has impacted day-to-day business across all sectors. From beauty salons to gyms, auto parts stores to clothing boutiques. COVID-19 has affected almost every sector of US and international business. What will become of Main Street? What is the path through this monumental challenge and beyond? The most obvious lines of strategy are associated with supply and demand. You must find new ways to source the products, components, ingredients or supplies to support or increase your offerings. How can existing products evolve or be modified to fit the new reality? You must also consider how you are going to get the attention of and transact business with your customers. Surviving Main Street businesses have physically altered the inside of their businesses. delivery. Is it too late to evolve? To change the very nature of your business and your strategy for creating demand with a steady supply chain management strategy? The facts on Main Streets around the world are clear: there is a lot less competition and there will be a lot more real estate available on Main Street. Let us help you explore your next important strategic business steps. Call us at 858.376.1501 to explore the options.

Under Governor Newsom’s executive order, over 150 cities and counties enacted local eviction moratoriums. This was due largely to help maintain a lifeline for many people as coronavirus cases continued to rise in California and re-openings across the state were being delayed. The order also aims at reducing homelessness by way of extending the eviction moratorium, reducing the spread of COVID-19 while also continuing important services. It also extends measures to help keep p...eople at home and healthy. Some moratoriums, like those of Alameda County and San Francisco, are true eviction moratoriums, meaning landlords generally can't evict tenants during the emergency even if the failure to pay is unrelated to COVID-19. And, those landlords cannot evict tenants who couldn't pay because of COVID-19 hardships even after the emergency ends. Other cities and counties within the state have also instituted total bans on rent increases, meaning landlords cannot increase rent at all. While none of these local ordinances waive or relieve the obligation to pay rent that is due or past-due, they do generally provide the most tenant protections, that is, if, your city or county has enacted one.

http://ow.ly/jYsB50ADuCf

TAX DEADLINE IS TODAY!

SPECIAL ISSUES REGARDING TAXES DUE JULY 15 Covid-19 prompted the IRS to delay the usual April 15 Fed tax-return deadline to July 15, but 2019 tax returns aren’t the only thing due. The IRS also postponed the first two 2020 quarterly estimated-tax payments, normally owed by April 15 and June 15. This means on July 15 it’s possible to owe half of estimated taxes for 2020 plus any taxes owed with their 2019 tax return. That’s bad news for people whose income has been reduced in the past few months because of the pandemic. Additionally, if you received a stimulus check, from PPP or unemployment benefits, your tax scenario could be more complicated. Tax day is July 15, and for some taxpayers it could be the worst day of their year.

We just wanted to wish you a safe, healthy and happy time with your friends and family.

Do the words ‘IRS Tax Audit’ make the hairs on your neck stand straight? Well, you’re not alone I deeply understand the fear and anxiety especially because as a Tax Attorney, I have represented many clients with big tax headaches over complicated situations and less so. The common denominator was how thorough their tax records were and how long they held onto them. There isn’t a (3) year limit to Tax Audits, in fact, think more like (7) yrs, and even longer. Some tax recor...ds should be kept ‘in aeternum’. Every tax year and tax situation is unique to that individual, company or business. If in doubt, be diligent and keep comprehensive records in the event you may need to present specific documentation (and proof of filing), to effectively respond to an IRS Tax Audit. An audit can be requested at any time. We recommend reaching out to a reputable firm or experienced Tax Attorney to review the audit before you respond to the IRS. As always, we are here to help and provide a complimentary consultation if you feel the need in this case at (866) 631-3470.

http://ow.ly/gUcI50AaI40

The SBA Paycheck Protection Program (PPP) Round#2 Deadline is June 30th There is about $130B remaining of the $320B approved for the second round of the SBA Paycheck Protection Program (PPP). The first round ($350 Billion allocated) was completely used in 13 days. The application deadline is fast approaching (Tuesday, June 30th) for those who want to, can still take advantage of this program. We hope we can help you decide that if you definitely NEED this support to keep your... business going, what you need in documentation and preparation, and how to do so quickly. First and foremost, we stand with our clients who are business owners during these difficult times and are here to help you in any way we can. The experts and staff at Allen Barron, Inc. are here to help you navigate this process. We will work with you to prepare your application package and help you understand your options as well, your tax responsibilities. Schedule an appointment with the office and get started at (866) 631-3470 deadline is June 30th!

California Senate Bill 939 goes beyond the COVID-19 eviction moratorium imposed in most cities and counties across the State. With so many changes occurring weekly if not daily amid COVID-19, we want to shed some light on Senate Bill (939). The Bill is currently on the table whereby Landlords would be restricted from pursuing eviction proceedings or imposing late fees for all commercial tenants during the state of emergency, and for qualifying tenants, required to negotiate r...ent reductions, if requested. A tenant afforded negotiation and termination rights would have to operate primarily in California and be a small business, an eating or drinking establishment, an entertainment or performance venue suffering from a COVID-19-related decline in revenue or capacity. We think Bill (939) is good news for most commercial lessees. If your (small) business falls into any of the categories listed above, you could qualify give us a call to set up a free consultation to find out if we can help in any way at (866) 631-3470.

FAMILY FIRST CORONAVIRUS RESPONSE ACT TAX CREDIT We hope that you are continuing to be diligent and keeping yourselves, your family, and the community safe from COVID-19. I would like to update you on the new guidance from the IRS pertaining to the Family First Coronavirus Response Act Tax Credit. This is for Employers who are working to educate and offer their employees the benefits of paid leave under the Families First Coronavirus Response Act (FFCRA), and are seeking info...rmation on how to claim their tax credits for the payment of wages during the Paid Sick Leave and the expanded Family Medical Leave provisions. The IRS recently put out several FAQ’s to provide information to employers about this. We want you to be aware of these resources and be able to take advantage of what is being made available. As always, we are here to help you get through the complexities of these programs and help you get access to them. This is an open invite to contact us at any time to schedule a call (858) 376-1501 or (866) 631-3470 or visit the website for information at www.allenbarron.com.

Happy Memorial Day from our Family to Yours! It’s a longstanding Memorial Day tradition for some families to get together and mark the holiday weekend with good food and good company. The Memorial Day weekend unofficially marks the start of Summer, so it’s the perfect time to enjoy the outdoors or a cozy gathering centered around gratitude and remembranceand of course, to practice social distancing and wearing a mask if required. We just wanted to wish you a safe, healthy and happy time with your friends and family.

Be Prepared! The Importance of Health Care Directives.... As each week passes with new developments we promise to provide you with as much relevant information on how to protect yourself and your family. COVID-19 continues to affect us in a thousand different ways and we feel strongly there is no time like the present to BE PREPARED for whatever might come down our paths. It is an understatement to say how important getting your Health Care Directives started or updated has b...ecome.There is a multitude of information out there, but it can be complicated and overwhelming. Each situation calls for unique solutions not a cookie-cutter style approach. Allen Barron, Inc. has been preparing legally protective documents for individuals, families and couples for over 20 years. These important documents include Health Care Directives, Trusts & Estates, Living Wills, Power of Attorney, etc. We’re here to get you started and PREPARED. Contact me to set up a non-obligatory consultation or call the office at 858-376-1501 visit the website pages under Estate Planning for more information.

PAYCHECK PROTECTION PROGRAM - IMPORTANT INFORMATION The CARES Act was signed into law promising billions in relief for American workers and small businesses. In addition to traditional SBA funding programs, the CARES Act established several new temporary programs to address the COVID-19 outbreak such as the Paycheck Protection Program. If you already took advantage of -or- are contemplating taking advantage of the Paycheck Protection Program, this may be of interest to you. ...Based on the IRS feedback, if a business uses this money for Payroll, Rent and Utilities they will NOT be able to utilize the corresponding deductions on their 2020 taxes. The IRS views it as a double dip. WE know how crucial it is to retain your employees your business, to continue as best possible with a ‘business as normal’ attitude, even though today, there is no ‘normal’. Feel free to schedule a no-obligatory consultation with me or call the office (858)-376-1501 to speak to any of our on staff experts, or visit our website www.allenbarron.com for more information.

Small Business Can Deduct COVID 19 Related Losses Under IRC Section 165(i) - Learn more about how the federal emergency declaration triggered a number of tax provisions which small business can use to get financial relief while weathering the impact of COVID 19 related challenges.

Dear Valued Client, We hope that you are keeping yourself, your loved ones, and the community safe from COVID-19. These are unprecedented times. I would like to spend some time to ‘better’ explain what some of the recent tax changes might mean to you and update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act is the Congress’s gigantic economic stimulus package that was just signed into law last Friday, March ...27, 2020. There is a lot to cover, but it is very important to understand what resources are there to help you and how we can help you access them. Allen Barron, Inc and Janathan L. Allen, APC are here to help, please feel free to contact us at any time to schedule or (866) 631-3470 or visit our website at https://bit.ly/2xLz5T8 for more information. We are all in this together! I will be pleased to hear from you at any time with questions about the above information or any other matters, related to COVID-19 or not. I wish all of you the very best in a difficult time. Sincerely, Janathan Allen Allen Barron, Inc.

And for those of us that lived through that period will never forget

Dear Clients, We are here and ready to help. As the situation with coronavirus (COVID-19) continues to develop, our entire team is ready and standing by to help our Clients, like you individuals, small and large business owners, corporations, etc. You rely on us every day for professional help with your legal tax, accounting and business needs. We are going to continue to provide reliable access to the important services you count on. ... Promoting health and safety. For everyone. Nothing is more important than your health and safety, and the need to protect those most vulnerable to the coronavirus. We have taken multiple steps to minimize health risks to our teammates, our clients and our communities we serve, including cleaning procedures in our San Diego, headquarters.We are committed to still being available to our clients via teleconference and video conferencing. We’re available wherever you are. Our staff is here for you and ready to discuss your immediate financial concerns as we continue through the 2019 Tax Season and prepare for 2020. We are open and working regular business hours, Monday Friday, 8am 5pm. Continue Reading Allen Barron's COVID-19 Response: https://bit.ly/3deGf2J

What IRS rules can actually extend the look back time frame for an IRS audit? How can you protect yourself and avoid extending the opportunity for an IRS audit? https://bit.ly/3cLCVf0

IRS announces significant audit risk for cryptocurrency acquisition, transactions and purchases. US taxpayers are required by law to report all cryptocurrency transactions, no matter how small. Cryptocurrency users also have international tax reporting risks which increase the likelihood of an audit. Learn more, https://bit.ly/39VKSME

Do you have or are you considering offshore investments or foreign mutual funds? What are some of the costly facts about PFIC (Passive Foreign Investment Company) rules to be aware of? What if you inherit or already own offshore investments? Learn more https://bit.ly/38CAjO5

You need proven business experience in challenging times like these. How can integrated business, legal, tax and accounting services provide a more comprehensive insight into your domestic and international business ventures? https://bit.ly/2tWuvQw

Transfer pricing is key for international business taxation strategies - how can you structure your corporate entities and transactions to reduce international taxation while increasing retained earnings? Check out our latest blog post - https://bit.ly/37jp8si

We have launched a new website. We invite you to visit our new site at allenbarron.com

Happy Veteran's Day to the service men and women who proudly protect and defend our nation and who have their lives in service....

Transfer pricing is key for international business and a central focus for IRS and California tax audits. Learn more https://bit.ly/2mnJi2t

How does an IRS audit open the door for California tax agencies? Learn more https://allenbarron.com/irs-tax-audit-opens-the-door-for-c/

There are times, as a service provider that you need to stand your ground. A recent client simply did not understand the process of the agency in their matter and drew erroneous conclusions based on her untrue assumptions. Indeed, the type of notice this client received from one of our California taxing authorities, is one that is received routinely by California tax payers who have registered with the agency. The appropriate response is to file the appropriate zero tax retu...rns and await for the returns to be processed by the agency. In this day and time that can take weeks, if not months. In the interim, often times the agency will send out assessments that are based on assumptions by the Agency, with no actual underlying source documentation upon which to base the assumption. In that manner, the agency forces recipients to either pay the bogus assessment, or file tax returns. The Agency then will correct their assessment and follow with a revision of zero tax liability upon receipt of returns. However, this client, instead of asking us the obvious question of why did I get this notice, instead reacted in anger and slandered our firm on public media. Immediately after leaving this review the client sent me an email in which she stated: Today I wrote a review of your company on your public Allen Barron Facebook and Google pages sharing our experience with your firmI am happy to delete these reviews on the successful resolution of our case. Allen Barron rejects this behavior, and condemns all forms of electronic blackmail and extortion. In this case Allen Barron appropriately managed all aspects of this engagement. There was NO genuine liability and the successful resolution was and is time. When the appropriate notices are received from the taxing authorities we will anticipate that this client will adhere to their promise of removing their review . In the interim, we have advised this client to find another provider.

Jan is also quoted in a related article Brexit for Americans What will happen to overseas Americans when (if?) Britain leaves the EU? Some of our experts and contributors share their thoughts practical, serious, funny and poignant. https://allenbarron.com/news-events/

Janathan Allen is featured in the current issue of The American, the leading magazine for Americans living, working and visiting the UK. This publication focuses on US expats, and Jan’s article 2019 Expat Tax Challenges focuses on reducing risk and tax exposure for American expatriates. https://allenbarron.com

You say you love your children above all else and yet you are stealing their future in front of their very eyes. 15-year-old Greta Thunberg calls on world leaders to do more to tackle climate change.

Check out BTM Chief Development Officer Joe Sigurdson meeting Rep. John Lewis at the National Mentoring Summit in Washington D.C. Photos courtesy of Scott Sigurdson

Learn how to take advantage of the new tax law by investing in real estate and creating entities for existing rental properties. Complimentary workshop Thursday May 31st. Call 858-376-1501 for more information. http://ow.ly/7vCn30k4Udl

The IRS announced yesterday it is ending the Offshore Voluntary Disclosure Programs for US taxpayers to disclose offshore bank accounts and investments. The time to come into compliance with IRS FBAR reporting is now. http://ow.ly/nxLH30iXfXx

Tax preparation for S Corporation shareholders is quite complicated. How can you minimize tax exposure while avoiding the increasing risk of an IRS audit? http://ow.ly/twck30iOZEg

What do most Californians need to know about the new tax reform? How will it affect your federal tax obligations in 2018 and beyond? http://ow.ly/IbRr30iM2qy

We are constantly asked for additional information on pass through business income deductions in the new tax reform package. Here are some of the most recent updates. http://ow.ly/mULL30iDiTC

Resolving all forms of business disputes and litigation in San Diego. Learn how our integrated team of professionals get you to the right resolution efficiently. http://ow.ly/GLNF30iAA4k

Are cryptocurrencies such as Bitcoin triggering IRS FBAR reporting requirements for your federal tax return? The failure to comply would cost you more than half of your digital wallet. Learn more - http://ow.ly/trSs30iz5h1

Defending San Diegans in an IRS Audit - what should you know if you have been notified of the IRS' intent to audit? If you are facing a field audit or office audit you need skilled representation from an integrated tax, accounting and legal team. http://ow.ly/FhGH30ig2qo

Is your business model antiquated? How can integrated professional services provide better more comprehensive answers to your business questions, challenges and opportunities while leveraging economies of scale? http://ow.ly/zWen30iaZ8e

Allen Barron is a unique business partner which combines these diverse disciplines into a single valuable business partner for the life cycle of your San Diego business or venture. http://ow.ly/DnG230i8kEH

The IRS has begun accepting tax returns for 2017. Are you ready for tax season? http://ow.ly/dSji30i1Wr8

What is a legal trust and why should you consider one if you are a homeowner or if your are in a blended family with children from previous marriages? http://ow.ly/3SNp30hYTl4

Those who have invested in Bitcoin and other virtual currencies should take heed as the IRS establishes an enforcement initiative for cryptocurrencies and how US taxpayers report these on all tax returns. http://ow.ly/NV0z30hWn43

You think you're beginning to understand the new 20 percent pass through deduction and the changes you should make? You may want to read this ... http://ow.ly/N1br30hTriw

Are US Expats facing a tax increase as a result of recent tax reform? Congress did not enact a residence based tax system, but what is the best way for a US Expat to minimize tax exposure in the future? http://ow.ly/4Wxn30hQEcQ

Estate planning for small business owners and S Corporations without employees has never been more important. How will tax reform affect your taxation? What happens to your business if you become incapacitated? http://ow.ly/2gA430hHN40

Allen Barron provides strong and experienced legal counsel for San Diego businesses and business owners. Our unique integrated service offering provides a one-stop source for any business related issue or need. http://ow.ly/GSis30hC7CT

The new tax reform is going to be a confusing wild ride for many US taxpayers. How will you know the best strategy to navigate the taxation of pass through income versus salaried earnings? http://ow.ly/dz5T30hAMqk

Do crypto currencies such as Bitcoin and ethereum/ether need to be reported on your tax returns or IRS FBAR reports? http://ow.ly/rY2D30hy4gW

The interwoven nature of business tax legal and accounting issues requires an integrated business service provider such as Allen Barron. Our clients value the ability to bring the problems, challenges and opportunities to the table and discuss them with experts across the legal, tax, accounting and business advisory spectrum. http://ow.ly/aO6b30hmrXD

New Tax Reform Plan presents significant challenges for IRS auditors as they seek to prevent massive windfalls to business owners who reclassify pass-through income. How can you gain maximum advantage? http://ow.ly/g7yG30hjkhg

Download our new Integrated Legal, Tax, Accounting and Business Advisory Services White Paper to learn how we leverage genuine expertise with economy of scale to get to the root of a problem, identify genuine options and make recommendations that resolve the issue at hand while positioning our client for new opportunities downstream. http://ow.ly/T0LK30heLU4

Are you entering into a new marriage which will blend families and children from previous marriages? What estate planning and tax preparations should you make for your new blended family and to protect your children going forward? http://ow.ly/zp9s30hdidy

What are willful conduct http://ow.ly/ycW930hbPCH and willful blindness in IRS FBAR audits and court cases? What is the difference between the two programs? The willfulness of the taxpayer.

Significant changes to IRS audit procedures for partnerships and many LLCs go into effect January 1, 2018. Is your partnership or LLC prepared? How will the new procedures affect your personal and corporate risks? http://ow.ly/4FuP30ha90x

Two US Canadians failure to file FBARs results in summary judgment for the IRS in US tax court. The defense claimed the IRS was barred from collecting penalties as the couple's returns were prepared by "professional tax preparers." If you have accounts outside of the US the IRS is closing in on you... http://ow.ly/X3G130h73cQ

We may have learned an unfortunate lesson in estate planning from David Cassidy this week. His death has brought several life lessons to light, and one of them is a reminder to update your estate plan and trust documents every two to three years. Things change. http://ow.ly/jlTy30h5ALp