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Day: November 9, 2023

Foreign Gifts and the Uncommon Form 3520: A Trap for the Unwary

9 November, 2023

We have had several clients recently subject to Form 3520 penalties, so we thought we would remind everyone of the need to timely file these forms when receiving a foreign gift. When a U.S. person

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Parag Patel Esq. Speaks at NJCPA Seminar on”Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves”

9 November, 2023

Parag Patel Esq. will be a featured speaker this month at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves”

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Recent Posts

  • New Penalty Landscape: Analyzing the October 2025 Updates to IRM 21.8.2.19.2 for Late-Filed Forms 3520May 27, 2026
  • Late Disclosure of Foreign Gift for Wedding Results in PenaltyMay 15, 2026
  • Kwong: Preserving Client Claims for COVID-Era Penalty and Interest RefundsMay 13, 2026
  • Internal Revenue Service’s Clarification on Reasonable Cause for Form 5472 PenaltiesMay 12, 2026
  • Defending the Cross-Border Client: Join Parag at the NJSEA Annual Conference This JuneMay 9, 2026
  • Navigating the Step Up in Basis: Core Rules, Critical Exceptions, and Strategic BenefitsMay 7, 2026
  • The Tax Consequences of Cross-Border Trusts: Key Reminders from the IRS April 2026 Comprehensive GuidanceMay 5, 2026
  • Advancing the Exclusion: “Packing and Stacking” Strategies Under IRC § 1202May 1, 2026
  • Navigating Foreign Trust Compliance: Key Takeaways from the IRS April 2026 Foreign Trust Guidance UpdateApril 30, 2026
  • Navigating the IRS First Time Abatement Policy: Mechanics, Eligibility, and ExceptionsMarch 28, 2026

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