ABCast's podcast

This episode of ABCast focuses on trusts - what is a trust and why would one need to consider a trust. The episode begins with a review of the key terms associated with a trust and an overview of the legal importance and structure of a trust itself. A trust is a separate legal entity which provides additional protections for the assets placed within the trust. These protections extend to shielding the assets from creditors while ensuring that they are well managed and ultimately passed on directly to the beneficiaries intended by the creator(s) of the trust. There are several forms of trust vehicles, including but not limited to a revocable trust, an irrevocable trust, a special needs trust and a charitable trust. Each form of trust carries protections and limitations associated with the purpose of the trust and the intentions of those who create it. The conversation includes an overview of the time and expense associated with the process of probate, and why it is in the best interests of most people, including simply those who own their own home in San Diego and Southern California, to avoid having their assets taken through probate. In essence, a trust allows you to pass assets on to the people or entities you care about in a fairly immediate time frame after passing while saving your beneficiaries a substantial amount of time and money. A trust ensures your wishes are accomplished while allowing one to ensure the beneficiaries have access to the assets contained within the trust in a manner which best suits the asset(s) as well as each beneficiary. Controls within the trust can help protect a beneficiary from wasting the assets or to deliver them at a specific point in time (age, completion of rehab, etc.) or to simply ensure they pass to the beneficiaries in an efficient manner.

In this episode Janathan Allen discusses the value of, basis for and steps to accomplish tax planning for individuals and corporate entities. Jan explains the primary goal of tax planning: to review sources of income and structure personal and business transactions in a manner which ultimately reduces tax liability within the code and regulations of federal and state tax laws. The best time of year to begin tax planning is at the end of a fiscal or calendar year as you approach planning for the coming year. Tax planning generally involves a review of the previous year(s) tax returns as well as income streams and liabilities in order to evaluate opportunities for tax optimization. The discussion begins with evaluation of active and passive income and the types of taxation which applies to each bucket. An effective tax plan is based upon getting perspective on where things stand and developing a strategy which provides actual steps the client can implement to accomplish their goals while minimizing associated taxation. How can you best accelerate or decelerate income and associated expenses or losses in order to accomplish the best outcome from a tax perspective? How does underlying accounting throughout the year affect the ease and cost of effective tax planning? What should a US expat know about continuing tax exposures and how an effective tax plan will reduce their tax burden? Join us for another substantive episode of ABCast.

In 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.

In ABCast's Episode 12 - The Life Cycle of a Business, Janathan Allen Discusses the broad range of integrated services provied by Allen Barron, Inc. at every phase of a company's life: startup, business planning, the selection of an entity, how to manage employees and the challenges of being an employer in California, payroll and accounting. The conversation includes acquisitions including an asset purchase or a stock purchase as well as the art of due diligence. What happens at the end of a company's life? Dissolution or sale, preparing a company for sale or bringing operations to a close. Throughout, the importance of the integration of legal, tax and accounting services throughout the life cycle of a business is evident.

Why is accounting such an important discipline? How does it integrate with tax and legal issues when making busines decisions? In this episode Janathan Allen helps us to understand many elements of accounting and why it is fundamental to every business application. What are the basic elements of a thorough accounting strategy? What is a financial statement? An Internal Audit? How does accounting reduce the tax exposure of any business as well as the success or failure of any state or federal tax audit? How does accounting affect the value of your company? What is forensic accounting? Learn more and hear some great examples of why accounting is such an important component of any successful business strategy

Janathan Allen discusses the 3 primary California tax agencies: Franchise Tax Board (FTB), the Employment Development Department (EDD) and the California Department of Tax and Fee Administration (CDTFA). In this overview of California taxation, Jan discusses all forms of tax including personal and business tax returns, payroll audits as well as sales and use taxes. The discussion centers in on the process of an audit, the efforts of the EDD to identify employee misclassification and the impact of California taxation on internet transactions in the state.

What is a "US Person" under the IRS rules and who has to file a US tax return? In this episode Janathan Allen discusses a broad range of international tax issues such as the impact of FATCA, FBAR and other forms required to report offshore or international income as well as issues for those who own foreign corporations.

Jan explains complex issues such as PFIC calculations, taxation of foreign trusts and offshore partnerships as well as the implication of recent changes related to cryptocurrency and Non-Fungible Tokens or NFTs.

If you have international income, financial interests, business interests or investments you will find this episode to be interesting and informative.

Jan discusses recent major updates to California's independent contractor laws, misclassification and EDD payroll and verification audits

International accounts, assets, investements, crypto or corporate ownership? These create unique challenges for US taxpayers with the IRS. Learn more