How Does the IRS Use AI to Identify Tax Cheats?

Could Artificial Intelligence (AI) increase the likelihood of an IRS audit in your future? How does the IRS use AI to identify US taxpayers who attempt to hide assets, under-report income or otherwise cheat the IRS? In a recent interview, IRS Commissioner Danny Werfel began to lay out a vision of where the IRS is headed and […]

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Forewarned is Forearmed

Janathan Allen Has been published in a recent edition of “The American,” a UK publication for US Expats. In a recent issue published by the US Internal Revenue Service (IRS) #IR-2023-126 the agency has provided notice of two important areas of focus going forward: “Ensuring high-income taxpayers pay taxes owed” and “Cracking down on millionaire […]

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IRS Modifies and Clarifies Roth IRA Plan Catch-Up Payment Requirements

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 taxpayers above the age of 50 earning more than $145,000 until 2026. Recent legislation (SECURE 2.0 Act, also known as the Consolidated […]

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The US Treasury Department and IRS Have Released New Proposed Regulations on Sales and Exchanges of Digital Assets

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 with cryptocurrency transactions or the Sale of a Non-Fungible Token?  The proposed rules are open to public comment until October […]

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ABCast Due Diligence podcast,

In the ABCast Due Diligence podcast, Janathan Allen emphasizes the importance of comprehensive due diligence in Mergers & Acquisitions (M&A), which involves thoroughly reviewing financial, tax, and corporate documents to validate information shared between the buyer and seller regarding a company or controlling stock interest acquisition. An effective due diligence process comprises three key components:• […]

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IRS Warns High Income US Taxpayers and Millionaire Non-Filers

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 and unpaid taxes while considering criminal tax evasion charges in many cases. The IRS discusses the reduction in funding they […]

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An 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 required to report all sources of income, worldwide, not just income that you earn domestically here in the states or while you’re in the United States. The tax approach of the United […]

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IRS and California Tax Issues Associated with Non-Fungible Tokens or NFTs

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 are essentially like artwork or one-of-a-kind media tokens or other form of digital content. You may […]

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Allen Barron – Abcast – Podcasts

Hello, I’m Janathan Allen, partner at Allen Barron Inc., and I’m pleased to introduce our new podcast: ABCast For over 25 years, I’ve been helping individuals and businesses understand complicated legal issues, tax regulations and compliance, accounting and business strategies so they can achieve growth and success, as well as finding integrated solutions to complex […]

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Crypto Services for Investors

Hello Clients, Colleagues, and Friends: I hope this busy season finds you doing well. It seems that the topic of Crypto pops up repeatedly in conversation these days, and with the IRS closely monitoring current and past Crypto holdings and transactions, it is more important than ever to know what you need to report. As always, our mission is to support you with […]

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The wisdom of transactional planning:
protect your assets and reduce tax exposure.

What is “transactional planning”? How can an individual, married couple, business or entity structure the way they hold and transact assets and financial wealth in a manner that reduces risk, while increasing the protections surrounding those assets? Can you reduce taxation associated with those holdings and associated transactions? Transactional planning is a process of structuring […]

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Cryptocurrency, NFT & The IRS

Want more info on Crypto? We invite you to listen to our most recent podcast, which has great information about Crypto and IRS reporting. Listen on our website at allenbarron.com/abcast or find us on all of the major podcast platforms. In the ABCast Episode 13 – Cryptocurrency and NFT Services Jan discusses the impact of onshore […]

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