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
Trump and Harris Tax Plans: A Concise Comparison
With the upcoming elections, client advisors are likely to receive questions from clients about the tax implications of the Trump and Harris tax plans. Here is a concise comparison to help clients understand key differences and plan accordingly. 1. Income
Parag Patel Esq. presents NJCPA Seminar “2024 Federal Tax Update and Latest Tax Controversy Hot Topics”
Parag Patel Esq. will be a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “2024 Federal Tax Update and Latest Tax Controversy Hot Topics” on October 18, 2024. The seminar was 3 hours long
IRS Form 3520: How to sign and file the form
We have counseled many clients with the IRS Form 3520 filings this year, which were due October 15, the extended due date. One common question that arose is how to sign and file the form. Under the latest IRS guidance,
New IRS Website for New Immigrants to the United States: Key Tax Responsibilities
For new immigrants to the United States, understanding your tax obligations is essential for a smooth transition into the American system. The IRS has recently provided a detailed resource to guide new immigrants through the tax responsibilities they must navigate
IRS Quietly Changes its Voluntary Disclosure Practice For the Worse
The IRS’s Voluntary Disclosure Practice (VDP) allows noncompliant taxpayers who have failed to meet their tax obligations to come into compliance and avoid criminal prosecution. Financially, the VDP offers the benefit of reduced penalties compared to those imposed through audits
Check cashing N.J. construction company owner pleads guilty to tax evasion
Last week, the owner of a local construction company in New Jersey admitted he cheated the IRS out of about $1.35 million in taxes. Alain Rodrigues, 49, of Old Bridge evaded taxes and filed false returns when he deposited only
New IRS Voluntary disclosure program for employee retention credit
On August 15, 2024, the IRS introduced a second voluntary disclosure agreement (VDA) program targeting companies that have claimed the employee retention credit (ERC) as provided by the CARES Act. Businesses that may have received ERC refunds based on improper
US Supreme Court Will Favor Taxpayer Challenges to the IRS
The US Supreme Court’s recent reversal of the Chevron doctrine in the Loper Bright Enterprises v. Raimondo case has significant implications for disputed tax matters. Here are some of the key potential impacts: Overall, the reversal of the Chevron doctrine
Comments on Proposed Regulations on Transactions with Foreign Trusts and Reporting Large Foreign Gifts
I was a principal author on behalf of the American Bar Association in preparing 60+ pages of comments submitted to the Internal Revenue Service (IRS) on proposed regulations concerning foreign trust transactions and recipients of significant gifts from foreign individuals.
IRS Form 8621 Frequently Misunderstood
IRS Form 8621, “Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund,” is a tax form for U.S. taxpayers holding shares in Passive Foreign Investment Companies (PFICs). PFICs include foreign corporations, meeting specific income