Skip to content
Tax Law Center Blog

Tax Law Center Blog

  • Tax & Foreign Assets
    • Tax Law Services
    • Foreign Asset Planning
  • About
  • Contact Us
Close Button

Navigating the Puzzle: Understanding Form 8938 Audit Triggers

Search Results for: 3520 penalties

Navigating the Puzzle: Understanding Form 8938 Audit Triggers

21 March, 2025

...IRS. The data provided by foreign banks makes it easier for the IRS to identify potential non-compliance. Penalties for Non-Compliance: Failure to properly report foreign financial assets on Form 8938...

Read More

Navigating Inheritance: The Step-Up in Basis and Recognizing Implied Life Estates After Death

18 March, 2025

...thus allowing for the step-up basis. This strengthens your position with the IRS, and can be invaluable in providing clarity and potentially mitigating tax liabilities and penalties for the heirs....

Read More

Navigating IRS Form 3520 Part IV for Audit Scrutiny for Foreign Gifts and Inheritances

7 March, 2025

IRS Form 3520, a critical international compliance document, requires meticulous attention, particularly Part IV, which involves the receipt of substantial foreign gifts and inheritances. For advisors, understanding the specific audit...

Read More

The Impact of DOGE Cuts on IRS Tax Audits and Investigations

24 February, 2025

...constraints, successful audits and investigations generate revenue through tax recoveries and penalties. If enforcement efforts continue to yield substantial financial recoveries, there may be a policy shift to restore some...

Read More

Beware the Hawala Network: Tax and Legal Risks

22 February, 2025

...transactions. Unlicensed hawala operators and users may face criminal penalties under 18 U.S.C. § 1960, including up to five years in prison for engaging in unlicensed money transmission. From a...

Read More

Dangers of Using Cash to Pay Wages

15 February, 2025

...can result in Trust Fund Recovery Penalties (TFRP) under IRC § 6672, holding responsible parties personally liable. Additionally, under IRC § 7202, willful failure to collect and pay employment taxes...

Read More

Conservation Easements: A Dangerous Tax Deduction

8 February, 2025

The IRS is aggressively targeting conservation easements, calling them abusive tax shelters and pursuing audits, penalties, and even criminal charges. Taxpayers who claimed deductions could face full disallowance, massive fraud...

Read More

New Offshore Tax Evasion Investigation: Trident Trust

31 January, 2025

...IRC §§ 6038, 6038D, and 6048 can result in substantial civil penalties, including penalties of up to 50% of the account balance per year for willful violations under the Foreign...

Read More

John Doe Summons: A potent investigative tool used by the IRS

14 January, 2025

...severe civil penalties under IRC § 6662, and willful noncompliance may trigger a criminal investigation under IRC § 7201, potentially resulting in fines and imprisonment. This development serves as a...

Read More

Improving Voluntary Compliance: Reform the IRS Criminal Voluntary Disclosure Practice

13 January, 2025

...hurdles have made the program less appealing, particularly to taxpayers who are hesitant to expose themselves to potential penalties without clear guidance on outcomes. The changes to the VDP have...

Read More

Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available

9 December, 2024

...misapplication of domicile rules can be costly. Tax advisers serving clients in the U.S. and India will need to understand the domicile rules to avoid costly taxes and penalties. Other...

Read More

Taxpayer Wins Form 5471 Penalty Case

3 December, 2024

...the taxpayer, Mr. Mukhi, submitted delinquent Forms 5471 under protest for foreign corporations he had established. Despite this, the IRS assessed $120,000 in penalties under the aforementioned Code section. Upon...

Read More

Posts pagination

Page 1 Page 2 … Page 30 Next page

Recent Posts

  • Still Waiting for Your Employee Retention Tax Credit?: ERC Refund LawsuitsMay 9, 2025
  • Parag Patel Esq. Speaks at Annual Convention of New Jersey Society of Certified Public AccountantsMarch 28, 2025
  • Parag Patel Esq. speaker at the National Association of Enrolled Agents (NAEA) Seminar “2025 Mid-Year Update”March 25, 2025
  • Navigating the Puzzle: Understanding Form 8938 Audit TriggersMarch 21, 2025
  • Navigating Inheritance: The Step-Up in Basis and Recognizing Implied Life Estates After DeathMarch 18, 2025

Pages

  • About Patel Law Offices
  • Delinquent FinCen Form 114 (FBAR) Filings
  • Delinquent or unfiled IRS Form 5471
  • Request A Free Educational Consultation

Law Firm Attorney WordPress Theme By Themespride