The “One Big Beautiful Bill Act,” the latest legislative achievement of the current Trump administration, brings major changes to the tax code and broader economic policy. Its impact spans a wide range of industries and
The IRS places heavy emphasis on Form 8938, the Statement of Specified Foreign Financial Assets mandated by FATCA, and noncompliance can lead to harsh penalties and extended audit exposure. This form is required when U.S. taxpayers
The “One Big Beautiful Bill Act” (OBBBA), enacted on July 4, 2025, has helpful changes to the Qualified Small Business Stock (QSBS) provisions of Code Section 1202. These changes, primarily effective for stock issued after
The IRS continues to aggressively enforce penalties related to Form 5471, one of the most complex and punitive international reporting requirements for U.S. taxpayers. Form 5471 is required for certain U.S. shareholders of foreign corporations,
Last month, a federal court in New York sentenced Gregory Gumucio, the founder and leader of the popular Yoga to the People (YTTP) studios, to four years in prison for a tax evasion scheme. The
The IRS has made it clear that Form 3520 compliance is an area of aggressive enforcement for taxpayers who receive foreign gifts, inheritances, or engage with foreign trusts. Unfortunately, many taxpayers learn about these harsh
The FinCen 114 Foreign Bank Account Report (FBAR) continues to be one of the most aggressively enforced international tax reporting requirements, and U.S. taxpayers with offshore financial accounts must be acutely aware of the severe
The IRS is to remove the “willfulness” checkbox from Form 14457, the Voluntary Disclosure Practice Preclearance Request and Application. For years, the Voluntary Disclosure Practice has been an important corrective mechanism for taxpayers who have
Tax advisors should take note of the guilty plea last week by Matthew Tucci of West Long Branch, New Jersey, in a significant tax evasion case. This case serves as an illustration of the IRS’s
The Employee Retention Tax Credit (ERC) was established to provide financial relief to businesses affected by the COVID-19 pandemic. However, numerous companies are still awaiting their ERC refunds due to prolonged IRS processing times. With
Parag Patel Esq. will be a featured speaker at the annual state convention of the New Jersey Society of Certified Public Accountants (NJCPA) on June 3-6, 2025 in Atlantic City, NJ. The seminar is entitled
Parag Patel Esq. is a featured speaker at the National Association of Enrolled Agents (NAEA) Seminar entitled “2025 Mid-Year Update” on June 10, 2025. Seminar description is below: “2025 Mid-Year Update” This informative seminar explores
