New FBAR FIling Deadline Law Signed
The president signed into law today legislation that modifies the due dates for several common tax returns. These new due dates are generally ones that tax professionals have been advocating for several years to create a more logical flow of
Below is a List of Common Forms Applicable in Compliance Requirements for U.S. Citizens and Residents with Foreign Assets, Trusts, and Entities
Foreign Financial Assets FinCEN Form 105 Report of International Transportation of Currency or Monetary Instruments FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) Form 8938 Statement of Specified Foreign Financial Assets Foreign Trusts Reporting Forms Form 3520-A
How Will the IRS Find Out By Your Foreign Account? Let’s Count the Dozens of Ways
1. FATCA (Foreign Account Tax Compliance Act of 2009) requires disclosure of your account information. A. July 1, 2014 FATCA withholding began. B. FATCA requires a 30 percent withholding tax on any “withholdable payment” made either to an FFI (foreign
Taxpayers’ Evidence of Non-Willfulness or Willfulness Factors
We have come across the below 3 questions numerous times with our clients. What kind of evidence is relevant to demonstrate “non-willfulness” for purposes of the SDOP and the SFOP when the definition of non-willful conduct ranges from negligent conduct
India and US signed FATCA Agreement Today
India and the US today signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries starting on October 1, 2015. FATCA was signed by Revenue Secretary Shaktikanta Das
India Expected to Sign FATCA Agreement Tomorrow
India is expected to sign an inter-governmental agreement (IGA) for the US tax compliance law Foreign Account Tax Compliance Act (FATCA) tomorrow. FATCA is aimed at combating possible tax evasion by Americans through financial entities of other countries. FATCA is a
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Recent Posts
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- Parag Patel Esq. speaker at the National Association of Enrolled Agents (NAEA) Seminar “Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves” January 23, 2025
- New Seminar “Federal Tax Update: What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves” January 17, 2025
- John Doe Summons: A potent investigative tool used by the IRS January 14, 2025
- Improving Voluntary Compliance: Reform the IRS Criminal Voluntary Disclosure Practice January 13, 2025
- NJCPA Seminar: “A New Foreign Frontier: Foreign Income & Asset Reporting Update ” December 15, 2024
- Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available December 9, 2024
- New IRS Form Simplifies Section 83(b) Election for Restricted Stock December 7, 2024
- Taxpayer Wins Form 5471 Penalty Case December 3, 2024
- NJCPA Seminar “Federal Tax Enforcement Update on What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves” December 1, 2024
- Analysis of the Revised Form 14457: Key Changes to the IRS Voluntary Disclosure Practice November 30, 2024
- IRS Changes Rules (Again) for Forms 1099-K Issuance from Venmo, Paypal, etc. November 27, 2024