Expect Coronavirus Bankruptcies

- By : Parag Patel

With the downturn in the economy and massive job losses, bankruptcy filings will skyrocket this year. Unpaid tax liabilities will likely be a large part of clients’ debts. There is…

New Comments of the IRS’ New Streamlined Filing Compliance Procedures for Non-Resident Non-Filer U.S. Taxpayers

- By : Parag Patel

…Applying Under Streamlined Procedures. Below are some of my notes: – Taxpayers who do not necessarily meet all the factors under the IRS’s streamlined filing compliance procedures for previously unreported…

The Secret Stretch IRA

- By : Parag Patel

…your wealth for two generations and reduce the amount you must take out. Called a stretch IRA, this new version has become a popular estate-planning tool. “Stretch” is a bit

Common Issues for US-India Tax Reporting

- By : Parag Patel

…amnesty programs, under which a previously non-compliant individual can become compliant and avoid potentially very high penalties or criminal prosecution. However these amnesty programs generally require the taxpayer to come…

Letter to Your Spouse

- By : Parag Patel

…for a funeral _______________________________________________________. Credit cards. Please destroy all the credit cards in my name except those that are issued jointly to both of us. You do not want to…