The IRS starts to look at social media in most cases when the taxpayer owns an online storefront. Such sales transactions don’t get reported automatically to the IRS, or at least not consistently. So if the IRS sees your tax…Read more

Another benefit of using a trust structure centers on helping heirs who possess a less than stellar past in managing their own assets. If you question whether they can responsibly manage the assets they’d inherit, a trust can be created…Read more

Cash-intensive businesses are at a greater likelihood to be audited for the primary reason that cash does not lend itself to third-party reporting. The IRS Form 8300, which documents such transactions greater than $10,000 is the government’s attempt to combat…Read more

Crypto currencies are going to be a red flag for a while, like cannabis. You can minimize your risk by making sure you don’t have any other red flags in your return. Make sure your business expenses are reasonable. Ensure…Read more

By Anne Wenger Many benefits other than tax sheltering can come from using a trust, including creditor protection.  If your child consistently demonstrates an inability to manage their assets well, putting assets in a trust structure to shield them from…Read more

We frequently get asked the question of what to do with the receipt of cash. The thought that there’s kind of this magical $10,000 in cash which triggers certain filing requirements is indeed true.  What we’re seeing particularly in California…Read more

– Kevan McLaughlin, Mauro Colabianchi recognized for outstanding ratings in tax law –  Kevan McLaughlin and Mauro Colabianchi of McLaughlin Legal, a law firm providing tax litigation and controversy, estate planning, trust administration, tax preparer and CPA defense services, received…Read more

Check out this article that ran last week about the IRS’s Dirty Dozen! Opinion: As Tax Day Approaches, Beware The ‘Dirty Dozen’ Scams Every year, the Internal Revenue Service publishes the 12 most common scams and other illegalities that taxpayers could encounter…Read more

Have a plan in place of what you want to do with these proceeds that you receive from the sale of your business or other asset. Get in touch with your estate planner and tax advisor to figure out a…Read more

Everyone should first verify the credentials of a tax preparer. While not necessarily a talisman that can protect a taxpayer from unscrupulous preparers, it’s important for individuals to hire someone of competence, particularly for complicated returns. Some things to consider…Read more