Mark to Market Securities Tax Code One of the common problems we see in our tax law offices in San Diego and Orange County has to do with investors and financial traders who have improperly set-up their business and consequently are being audited after taking deductions under Section 475 of the mark-to-market securities tax code.
IRS Audits
Board of Equalization Audit
The California Board of Equalization (BOE) is tasked to the administration and collection of many non-income tax oriented taxes and fees for the state of California. Because many of these taxes and fees are an important part of the state revenue stream, enforcement of the collection of these fees is an important aspect of the
Independent Contractor Classification Audits Explained
Independent Contractor Classification The classification of workers as an independent contractor is often misused by many small businesses. In order to avoid some of the costs related to having employees, such as payroll taxes, worker’s compensation, unemployment taxes, and employee benefits, some businesses will attempt to classify workers as independent contractors, but often times these
Will Your Business Be Audited?
Will your small business be audited? If you want to send a small business owner’s blood pressure soaring just tell them they’re being audited. Even if they have all their documentation and they’re ready to defend deductions and support their income, the audit process is still enough to drive people crazy. So will get audited this
Deduct With Care: These Write-Offs Could Lead to Audits
As a tax law firm we deal with IRS and Franchise Tax Board audits on a daily basis. As we review tax returns and prepare our clients for the audit process, one question comes to mind during many of these interviews: “What was their tax attorney thinking?” Deduct With Care: These Write-Offs Could Lead to
Taxpayer’s Bill of Rights
Taxpayer’s Bill of Rights Have you heard about the Taxpayer’s Bill of Rights? For years the IRS has published different procedures, processes and taxpayer expectations throughout different publications its offered to the public. But just like the Bill of Rights in our constitution, the agency has boiled it all down to ten overarching taxpayer right’s and
Tips to Avoid Audits
Tips to Avoid Audits Principal Attorney Ronson J. Shamoun gives a few tips on how to avoid an audit. Overall, we generally recommend that you retain counsel to guide you through the audit process. Although there are costs associated with hiring representation, they are normally worth the investment as it helps to minimize your overall
Going Solo: How to Represent Yourself in an IRS Audit
Being audited by the IRS is one of the greatest fears that the average American taxpayer can think of. However, most people don’t realize that many audits can be easily resolved, and can result in no additional taxes. In the event your tax return is audited, it is important to realize that you do have
IRS Audit Red Flags
The IRS audits only slightly more than 1% of all individual tax returns annually. However, the chances of being audited increase depending upon various factors, including your income level. This blog post will discuss the top red flags that trigger an IRS audit so as to warn taxpayers of situations that increase the chances of
IRS Audit Reconsideration
The Internal Revenue Service (IRS) has the power to audit a taxpayer, and typically does so in a limited number of circumstances. The IRS will often audit high net worth individuals, taxpayers that claim huge charitable contributions, underreporting of income on the relevant tax form, taxpayers that claim huge business losses year after year, or