Estate Planning: List of To-Do Items
The idea of a visit to an attorney for your estate planning can be unsettling and daunting for many people. As a result, people often procrastinate. To help facilitate the process below is a list
How Long is the Tax Fraud Statute of Limitations?
The question of how much time the government has to pursue tax fraud (also known as the statute of limitations) is often misunderstood. It is important to note that the indefinite or unlimited fraud statute
The Taxpaper Roadmap (seriously?)
The Taxpaper Roadmap was recently created by The Taxpayer Advocate Service, an independent organization within the IRS. This map illustrates, at a very high level, the stages of a taxpayer’s journey, from getting answers to
New Portability Election Extension Prevents Lost Estate Tax Exemption
Thanks to the Internal Revenue Service’s release of Rev. Proc. 2022-32, married couples who are not otherwise required to file an estate tax return at the death of the first spouse now have substantially more
What I learned at the 2022 National Institute on Criminal Tax Fraud and Tax Controversy in Las Vegas
I just returned from the American Bar Association Section of Taxation’s annual National Institute on Criminal Tax Fraud and Tax Controversy in Las Vegas, which is the largest gathering of criminal tax fraud and tax
Parag Patel Esq. was a featured speaker at the National Association of Enrolled Agents (NAEA) International Tax Certificate Program
Parag Patel Esq. was a featured speaker at the National Association of Enrolled Agents (NAEA) International Tax Certificate Program event from December 12-16, 2022. The five-day educational event focused on international taxation for tax professionals.
New IRS FBAR Practice Unit
The IRS LB&I recently issued its Practice Unit on FBARs. Practice Units are “job aids” and training materials intended to describe for IRS agents helpful practices about tax concepts in general and specific types of
Do Inherited Foreign Assets Receive a Step-up in Cost Basis for U.S. Tax Purposes?
A common question asked by clients when receiving an inheritance from outside the United States is about the U.S. cost basis and receiving a step-up in basis on foreign assets owned by a non-U.S. person.
Forms 5471, 5472, 3520 Partial Penalty Relief Still Available for 2019 and 2020 Returns
IRS Notice 2022-36 provided relief for certain taxpayers from certain failure to file penalties and certain international information return penalties with respect to tax returns for tax years 2019 and 2020 that are filed on
Parag Patel Esq. speaks at New Jersey Society of Certified Public Accountants (NJCPA) Annual Tax Seminar: “A New Foreign Frontier: Foreign Income & Asset Reporting Update”.
Parag Patel Esq. will be 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 18,
IRS Announces Increased 2023 Gift Tax Annual Exclusion, Gift, and Estate Tax Exemptions
The Internal Revenue Service recently released the annual inflation adjustments for tax year 2023, which include welcome increases for wealth transfer tax planning. The gift tax annual exclusion will increase for the second year in
Parag Patel Esq. speaks at New Jersey Society of Certified Public Accountants (NJCPA) Annual Tax Seminar: “2022 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 “2022 Federal Tax Update and Latest Tax Controversy Hot Topics” on November 18, 2022. Seminar