For the First Time IRS Issues Information on 2011 Offshore Voluntary Disclosure Initiative (OVDI) in Hindi Language
In an effort to reach all taxpayers, including those ensnared in the pending HSBC subpoena to disclose customer names of non-resident indian customers with offshore accounts, the IRS has published its OVDI materials in Hindi. मीिडया सम्बन्ध कायार्लय वािशंगटन, डी.सी.
HSBC Expected to Disclose Account Holders Names
The IRS has petitioned for a federal court authorization to enable it to obtain information on HSBC Bank’s American account holders using their foreign accounts to evade taxes. Most of these account holders are believed to be Americans of Indian
IRS examines jewelry, precious stones and metals businesses for compliance
The IRS is conducting Anti-Money Laundering examinations (similar to tax audits) of jewelry, precious stones (including colored gems, diamonds, etc.), and precious metals businesses. The IRS is now in charge of compliance with the Anti-Money Laundering Rules. The Anti-Money Laundering
HSBC Client Pleads Guilty to Conspiring to Hide Indian Accounts From IRS
An Indian-American businessman on Tuesday pleaded guilty to conspiring to defraud US tax authorities by hiding his bank accounts in HSBC India, a case which has led the IRS to probe NRIs holding accounts in the bank. Vaibhav Dahake, 44
IRS’ Takes Legal Action Against Offshore HSBC Indian Accounts
Last week the U.S. Justice Department asked a federal district court in San Francisco to force HSBC USA to disclose the names of their U.S. customers suspected of having secret bank accounts in India. The legal action comes after the
Post IRS Audit Strategic Options: The IRS’ 30 Day Letter
If, after conducting the audit, a taxpayer and revenue agent cannot come to an agreement, the agent will prepare and submit to the taxpayer a preliminary notice of deficiency, or “30-day letter.” The 30-day letter is a form letter that sets
New Jersey Division of Taxation Now Issuing Letter Rulings
The New Jersey Division of Taxation recently announced that it will implement new procedures for taxpayers to obtain letter rulings. Similar to letter rulings issued by the Internal Revenue Service with regard to federal tax issues, letter rulings issued by
New Law’s Reporting Requirements Make It Very Likely That the IRS Will Now Know About Your Foreign Account
you should assume that the IRS will eventually be informed of your foreign account, and criminal prosecution for non-disclosure and non-reporting will likely follow
Charitable Remainder Trust: Frequently Asked Questions
1. What is a Charitable Remainder Trust? A Charitable Remainder Trust is a special tax-exempt irrevocable trust arrangement written to comply with federal tax laws and regulations. You transfer cash or assets (especially appreciated assets) to the trust and may
Abatement of the NJ Amnesty Non-Participation Penalty is Still Possible for Some Taxpayers
The Praxair (Praxair Technology, Inc. v. Director, Div. of Taxation, N.J. App. Div., Docket No. 4-6262-06T3 (Sept. 1, 2010) case involved a taxpayer that received its assessment prior to the start of amnesty. If you receive an assessment after amnesty
Passwords and Estate Planning
The best way to address concerns raised by assets in the electronic age from an estate planning and estate administration perspective is to employ some practical advice: •Each spouse keeps a spreadsheet of Institution Name, Website, Account Number, User Name,
Adult Children Need Estate Planning Too
The greatest fear for any parent is hearing that their child is having a medical emergency. Whether it be a car accident or a physical or mental catastrophe, the parents are immediately notified and rush into action. Did you know
NJ Division of Taxation Offers Offshore Voluntary Compliance Initiative
The New Jersey Department of Treasury, Division of Taxation announced today that it will offer a Second Voluntary Compliance program to complement the Internal Revenue Service Second Special Voluntary Disclosure Initiative to identify assets and unreported income from previously sheltered
Probate of Estates in New Jersey
Estate administration in New Jersey is the process by which a deceased person’s property, known as the ‘estate,’ is passed to his or her heirs and legatees (people named in the will). Estate administration encompasses all assets of the decedent
2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions (FAQs) and Answers
We have reviewed the new 2011 OVDI FAQs and noticed that the Service has refined and streamlined the voluntary disclosure process. Our firm prepared dozens of voluntary disclosure applications in 2009 and the new 2011 FAQs seem to resolve some
2011 Offshore Voluntary Disclosure Initiative (OVDI)
On February 8, 2011, the IRS announced the 2011 Offshore Voluntary Disclosure Initiative (OVDI), designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes.
Special Needs Planning Mistakes
1. Disinheriting the child. When a special needs child is disinherited, that child will need to depend on government benefits such as Medicaid and Supplemental Security Income (SSI). While these programs can be greatly beneficial, it is not wise to
Latest Medicaid Information for New Jersey for 2011
Protections for the Community Spouse: Community Spouse Resource Allowance (CSRA): Minimum: $21,912 Maximum: $109,560 Increased CSRA: Permitted. New Jersey follows the income-first rule. Annuities: Actuarially sound annuities are not permitted. Monthly Maintenance Needs Allowance: Minimum: $1,821.25 Maximum: $2,739 Transfers: Average
IRS Launches Second Offshore Voluntary Disclosure Initiative After Successful Prosecution
After a successful indictment of a New Jersey man with HSBC Bank accounts in India, the IRS introduced a new Voluntary Disclosure Program on February 8, 2011 for U.S. taxpayers with undisclosed offshore accounts. Last week, according to an indictment
IRS Targets Non-Resident Indians with HSBC Accounts
HSBC, one of the largest banks international banks in the world, is facing rough time with allegations on its holding bankers being involved with a New Jersey Indian American businessman in hiding his bank accounts in India from the Internal
How to Limit a Executor’s Personal Liability for Taxes
There are three risk-management tools every probate lawyer needs to know...
New voluntary disclosure program for offshore accounts in 2011
The IRS...described the new program as “somewhat similar” to the prior program.
Is HSBC the next UBS nightmare?
clients with a foreign HSBC account should be seriously concerned about disclosure of the account to the government, which could result in criminal prosecution and significant civil penalties.
Frequently Asked Probate Questions
1) How do I begin the probate procedure? The person that wishes to be appointed to represent the Estate will bring a certified copy of the death certificate and the original Will. The probate cannot be completed until 10 days