Episode 25 - U.S. Expatriate Tax Issues - Part 2
ABCast's podcast
In ABCast Episode 25 - US Expatriate Tax Planning - Part 2, we pick up the conversation regarding tax and legal issue U.S. expatriates might face and how Allen Barron can help. The discussion turns to real estate matters, and the issue of moving money from the United States to a Foreign Financial Institution (FFI) for the purposes of buying a home. Many U.S. expats do not realize this is a triggering event for FBAR filing requirements. If an individual account or the aggregated total of all your offshore financial accounts exceeds $10,000 at any point in the tax year, even if...
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US Expatriate Tax Issues, Part 1
ABCast's podcast
In ABCast Episode 24 - US Expatriate Tax Planning Janathan Allen discusses important tax issues from the perspective of a US expatriate. One of the first and most important thing to know for any US taxpayer is the United States taxes its citizens on all income they earn worldwide. US expatriates who remain US citizens (do not renounce their citizenship) remain US taxpayers. Unfortunately, many US expats (and even US taxpayers in general) believe one does not have to report offshore income to the IRS and California. This simply isn't true. Janathan begins ABCast Episode...
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Episode 23 - What Can A Tax Attorney Do For You?
ABCast's podcast
In Episode 23 - What Can A Tax Attorney Do For You Janathan Allen discusses what a tax attorney brings to the table that many other don't. Janathan notes that many attorneys don't like numbers and yet there is so much in the business world that focuses upon the numbers associated with measuring business success and reporting the information driving every aspect of that business. A tax attorney can provide so much more than a CPA and some other type of lawyer. One of the primary advantages of a tax attorney over a CPA is the protections of the attorney-client privilege. If an...
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Episode 22 - Domestic Tax Planning
ABCast's podcast
In Episode 22 - 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 tax planning help me?" The fact is there are a lot of ways to structure your financial affairs in a way that reduces the amount of tax you owe to the IRS and the State of California (or any state) each year. In this substantive episode, Janathan discusses the concepts of tax planning and how they connect with a transactional plan. Episode 22 - Domestic Tax...
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Episode 21 - Due Diligence
ABCast's podcast
In ABCast Episode 21 - Due Diligence Janathan Allen discusses a crucial element of Mergers & Acquisitions or M & A: comprehensive and thorough due diligence. Due diligence is a process and a review of financial information, tax and corporate documents in order to verify the validity of what the buyer and seller are sharing with one another as it relates to the acquisition of a company or controlling stock interest. In ABCast Episode 21 - Due Diligence Jan shares the three components of an effective due diligence process. The first is to verify the organizational and...
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Episode 20 - Preparing a Company for Sale
ABCast's podcast
In ABCast Episode 20 - Preparing a Company for Sale our founder, Janathan Allen, discusses all of the steps required to get ready to sell your business and the concepts and goals you should evaluate before you begin the process. What do you, the seller, want out of the transaction? What are your cash needs going forward? Are you willing to remain in place to help with the transition or do you need to move on? What are the tax ramifications of the transaction? What are the specific steps and how long will this process take? It may surprise most business owners to...
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Episode 19 - Business Succession Planning
ABCast's podcast
Episode 19 - Business Succession Planning focuses on one of the most important part of protecting an owner, member, partner, shareholder or investor in any company, and yet less than one in four businesses have a succession plan. In this insightful episode Jan establishes the purpose of a business plan: "how it is that you wish to transfer the operations of whatever you're doing in the event of death or disability so that the company can continue and customers can be served, or you close the company and it ceases to exist. In Episode 19 - Business Succession Planning Jan discusses...
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Episode 18 - International Tax Strategies and Forms
ABCast's podcast
Episode 18 - International Tax Strategies and Forms provides insights for any US taxpayer with offshore interests, and any international person or expat with US interests. Jan begins the conversation with an interesting observation: "I think the perception is that Americans don't realize that once they leave our shores and they move to another country or they obtain residency in another country, that they have foreign reporting issues (to the IRS). I think sometimes the term foreign reporting is interpreted to mean it's not me because I'm an American citizen, when in fact if you are an...
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Episode 17 - Real Life Scenarios Part 2
ABCast's podcast
In our conversation regarding real life scenarios to avoid and to attain, Part 2 begins with a comprehensive conversation regarding cryptocurrency and Non-Fungible Tokens or NFTs. Janathan Allen discusses the quagmire cryptocurrency has become for many US taxpayers and the complexity of tracking, recording and reporting qualifying "events" for crypto and NFTs under US Tax laws. Jan discusses the question at the top of the IRS form 1040 as well as the taxpayers' signature "under penalty of perjury." The discussion converges upon how the IRS will find individual US taxpayers...
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Episode 16 - Real Life Scenarios Part 1
ABCast's podcast
In this episode of ABCast Janathan Allen discusses some real life scenarios of how Allen Barron has been able to provide valuable services to solve our client's problems and fix integrated legal, tax and accounting issues both domestically and internationally. The conversation begins with issues relating to a trust (or lack of one). What happens when you pass away without a trust or will? What is funding a trust and why is this so important? When might it not be a good idea to put something into a trust? Jan reviews the high cost of probate and how an effective...
info_outlineIn this episode of ABCast Janathan Allen discusses cryptocurrency and Non-Fungible Tokens (NFTs) and the tax and accounting services provided to those with onshore and offshore crypto and NFT accounts. What are some of the common misconceptions about tax reporting and Crypto / NFTs? How will the IRS find out about your offshore crypto accounts and transactions? What happens if you check the "no" box on the IRS Form 1040 regarding cryptocurrency when you do have crypto holdings? Why is it a big deal to omit crypto and NFT information from your US tax return? How would a US taxpayer come into compliance and why should they consider this? A substantive conversation for those who hold crypto and/or NFTs.