Start 2021 with a few New Year’s tax planning resolutions

- By : Parag Patel

…resolutions to get ahead in 2021: Beware of 2021 tax uncertainties. It is important to review tax plans and estate plans with the Democratic party win since it is probable…

Foreign Account Tax Compliance Act (FATCA) online registration program is launched

- By : Parag Patel

The Internal Revenue Service on Monday launched an online registration program for the hundreds of thousands of financial firms around the world that must comply with a U.S. anti-tax evasion…

Parag Patel to be Speaker for Estate Planning at Practicing Law Institute’s NJ Basic CLE Marathon 2021

- By : Parag Patel

…presentation will take place online on March 18-19, 2021. For more information or to register: New Jersey Basic CLE Marathon. Our office has 2 complimentary registrations available for interested client advisors….

Parag Patel to be Speaker for Estate Administration at Practicing Law Institute’s NJ Basic CLE Marathon 2021

- By : Parag Patel

…other professionals at the forefront of knowledge and expertise. The presentation will take place online on March 18-19, 2021. For more information or to register: New Jersey Basic CLE Marathon. Our…

Estate Planning in the Electronic Age

- By : Parag Patel

…Bank and financial accounts Cell phones, PDAs, other electronic devices Online services (online storage, records, pictures, etc) Important contact information Locations and access information to safes, safe-deposit boxes, alarms, etc…

What Happens to Your Digital Accounts In Case of Death

- By : Parag Patel

…good opportunity to check with your other online accounts to see if they’ve created their own post-death arrangements. 4.            Consider Including Online Account Instructions in Your Will Finally, if you…

FBAR Deadline Extended to December 31, 2021

- By : Parag Patel

…Hurricane Ida, the California Wildfires, and Tropical Storm Fred. Victims of recent natural disasters will have until December 31, 2021, to file FBARs for the 2020 calendar year. FinCEN is…

Parag Patel Esq. speaks at New Jersey Society of Certified Public Accountants (NJCPA) Webinar “What Tax Professionals Should Know About Trusts and Estates: Estate Tax Reform and the 2021 Planning Window”.

- By : Parag Patel

…Estates: Estate Tax Reform and the 2021 Planning Window”. Mr. Patel will discuss the new tax changes expected this year, including the possible lower estate tax exemption, increased tax rates,…

Charitable Planning Strategies High-Net-Worth Individuals Need to Know for Year-End Tax Planning

- By : Parag Patel

This year has a few charitable tax law changes unique to 2021. We have compiled our top charitable tax planning ideas you may want to consider implementing this year before…

FATCA-Compliant Institutions List Goes Online

- By : Parag Patel

While over 77,000 banks and financial institutions have registered under FATCA—the Foreign Account Tax Compliance Act, the Internal Revenue Service has introduced an online tool that will allow users to…

New Online System for Filing Your Report of Foreign Bank and Financial Accounts (FBAR)

- By : Parag Patel

…was June 30, 2011. Hence, the new online filing system is too late for 2010 filers. however U.S. persons that missed this deadline may still be able to make a…

Beware: IRS Reminds Taxpayers of FBAR Deadline

- By : Parag Patel

…The IRS has launched new online videos and has expanded other online resources to help taxpayers, especially those living abroad, meet their U.S. tax obligations. They can be accessed here….

New Tax Changes are Blowing in the Wind

- By : Parag Patel

…released proposed budget reconciliation legislation on September 13, 2021. The bill still must complete many steps in the legislative process – including passage by the full House of Representatives and…

Estate Planning for 2021 and Beyond: SLATs

- By : Parag Patel

The estate and gift tax exemption, which allows each U.S. person to pass a certain amount of assets free of the federal estate and gift tax, was doubled under the…

Form 3520 Penalty Relief

- By : Parag Patel

…an online account, I highly recommend he or she create one. With an online account, taxpayers can check their account information including balance, payments, tax records, penalties, waivers, and more….

How to Avoid Employee Retention Credit (ERC) Scams

- By : Parag Patel

2021; or Qualified as a “recovery startup business” for the third or fourth quarters of 2021. Improper claims for the ERC tend to be based on promoters taking an aggressive…

Beware the New 2023 Form 1099-K

- By : Parag Patel

…Reported on Form 1099-K Payment card companies, payment apps, and online marketplaces must file Form 1099-K with the IRS. They must send taxpayers a copy of the form by January…

New Comments on the IRS Voluntary Disclosure Program

- By : Parag Patel

We are members of the American Bar Association Section of Taxation, which on September 28, 2021 submitted comments to the IRS on the IRS Voluntary Disclosure Program (“VDP”), the Streamlined Domestic Offshore Program…

FBAR Deadline Automatic Extension

- By : Parag Patel

…the date individual Federal income tax returns are due. A cording to IRS IR-2021-83 dated April 9, 2021:Filers missing the April 15 deadline will receive an automatic extension until October…

Watch Out: IRS Audits of ERC Claims Expected

- By : Parag Patel

The IRS has begun to audit ERC refund claims filed for 2020 and 2021. While the audit process is just starting, it is expected to increase over time as the…

What to do After Receiving Notice CP 15 or CP 215 for Failure to Timely File Form 3520

- By : Parag Patel

…Form 3520 penalties. Patel Law Offices offers a free strategy session to discuss how to resolve your foreign asset problem. Conveniently schedule online today by completing our questionnaire and online scheduler….

Penalties for Not Filing Form 3520

- By : Parag Patel

…Form 3520 penalties. Patel Law Offices offers a free strategy session to discuss how to resolve your foreign asset problem. Conveniently schedule online today by completing our questionnaire and online scheduler….

Time Running Out for HSBC India accountholders sought by IRS

- By : Parag Patel

…was located. HSBC Premier is described as “relationship banking without boundaries” that “enables customers to access all of their local and international accounts from a single online view and provides…

Planning in the Time of Coronavirus

- By : Parag Patel

…from those accounts outright. Make sure to call your financial institution or check online to review your beneficiary designation. Complete your beneficiary designation if you have not already done so…

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

- By : Parag Patel

…3520 compliance issues. Patel Law Offices offers a free strategy session to discuss how to resolve your foreign asset problem. Conveniently schedule online today by completing our questionnaire and online scheduler….

IRS Listens, and Postpones Increased Form 1099 Reporting for PayPal and Venmo

- By : Parag Patel

…to provide annual Forms 1099-K to the IRS and taxpayers. In March 2021, Congress modified the requirements for reporting these transactions by lowering the minimum reporting threshold to any amount…

Quarantine Tips for Tax Savings

- By : Parag Patel

2021). However, as we look forward, the large government fiscal stimuli may result in tax increases in the long term (probably after 2021 or the return to normalcy). Also, a…

New Tax Laws Predicted

- By : Parag Patel

…tax laws be retroactive to 2021?  Probably not. While retroactive tax legislation is constitutionally permitted, it is unfair (and politically unpopular) to change the laws in the second half of…

“Beneficial Owner” Analysis under the new Corporate Transparency Act

- By : Parag Patel

Starting January 1, 2024, the Corporate Transparency Act (CTA) will require most U.S. corporations, LLCs, and other legal entities formed through state filings or foreign entities registered to do business…

The big question on a tax increases is not “if” but “when”

- By : Parag Patel

…on them in making transactions through the year, legally (and constitutionally), a tax increase can be imposed retroactively (i.e., starting effective January 1, 2021). A review of the most recent…