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
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
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.
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
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
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
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
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,
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
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
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
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
