New Seminar “Federal Tax Update: What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves”
Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar for Essex County entitled “Federal Tax Update: What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients
John Doe Summons: A potent investigative tool used by the IRS
The John Doe summons is a powerful investigative tool employed by the IRS to uncover the identities of taxpayers suspected of noncompliance with federal tax laws. Unlike traditional summonses, this device targets individuals or classes of persons whose identities remain
Improving Voluntary Compliance: Reform the IRS Criminal Voluntary Disclosure Practice
The IRS Criminal Voluntary Disclosure Practice (VDP) has long served as an important tool for taxpayers with potential criminal exposure to rectify their noncompliance and meet their tax obligations. However, recent modifications to the program’s structure and requirements have introduced
NJCPA Seminar: “A New Foreign Frontier: Foreign Income & Asset Reporting Update ”
Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “ A New Foreign Frontier: Foreign Income & Asset Reporting Update ” on November 23, 2024. Seminar Summary: The IRS is
Live Webinar on U.S.-India Tax Planning: Key Issues, Tax Treaties: Limited Free Registrations Available
I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, U.S.-India Tax Planning: Key Issues, Tax Treaties on Monday, December 16, from 1:00pm-2:30pm EST. Our panel will provide tax counsel and advisers with a thorough
New IRS Form Simplifies Section 83(b) Election for Restricted Stock
Understanding the Section 83(b) Election Employees who receive restricted stock or other property for their services often face a complex tax situation. Typically, income tax is due when the stock vests, meaning when the employee gains full ownership rights. However,
Taxpayer Wins Form 5471 Penalty Case
In the case of Mukhi v. Commissioner (163 T.C. No. 8, November 18, 2024), the U.S. Tax Court ruled that the IRS lacks the authority under Code Section 6038(b)(1) to impose an assessment for failure to file Form 5471 (Information
NJCPA Seminar “Federal Tax Enforcement Update on What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves”
Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “Federal Tax Enforcement Update:What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves” on
Analysis of the Revised Form 14457: Key Changes to the IRS Voluntary Disclosure Practice
The IRS’s updates to Form 14457, “Voluntary Disclosure Practice Preclearance and Application,” mark a significant tightening of the program’s requirements and an intensification of its focus on enforcement. These changes, including a new willfulness admission, stricter timelines for document submission,
IRS Changes Rules (Again) for Forms 1099-K Issuance from Venmo, Paypal, etc.
Yesterday the IRS announced transition relief for individuals and businesses receiving Form 1099-K, Payment Card and Third-Party Network Transactions, with new reporting thresholds for 2024 and 2025. This pertains to payments from Venmo, Paypal, Stripe and similar payors. What is
NJ Men Indicted for Conspiring to Defraud IRS Through Cash Wage Scheme
In a case that highlights the serious consequences of payroll tax fraud, two men from Camden, New Jersey, were indicted for conspiring to defraud the Internal Revenue Service (IRS) and allegations of concealing cash wages paid to employees and failing
Middlesex County Man Admits Structuring over $250,000 in Deposits to Evade Reporting Requirements
Abdel Elgendy, a resident of Middlesex County, has earlier this year admitted to structuring over $250,000 in cash deposits to avoid federal reporting requirements. His guilty plea, entered before a U.S. District Judge, underscores the legal consequences of circumventing financial