Wash Sale Benefits for Cryto Investors
Crypto investors have a reputation for hanging on to their coins through the ups and downs of the market’s dramatic gyrations. The wash sale may help crypto investors with tax loss benefits. WHAT IS A
What is the U.S. tax on Inheritances from a Non-U.S. Person to U.S. Person?
We get this question a lot… It is important to stress that there are no U.S. taxes owed by a U.S. citizen or green card holder directly on receiving any inheritance (whether received from a
What Do Tax Lawyers Do?
Tax attorneys are knowledgeable about tax laws, regulations, and policies at several levels—federal, state, and municipal. In addition to preparing some tax returns, tax attorneys can: Represent clients in disputes with tax authorities. Advise clients
From Hong Kong With Love…
We had many US clients this year with family in Hong Kong requesting legal assistance with recent transfers received from Hong Kong due to the local political instability. Typically, the transfers received from Hong Kong
Form 3520 Penalty Relief
We have recently posted about the IRS’s broad relief for late filing penalties for 2019 and 2020 tax returns. During the height of the pandemic, taxpayers experienced many obstacles to the timely filing of their
Two-day educational event focused on Trusts and Estate taxation
Parag Patel Esq. was a featured speaker at the National Association of Enrolled Agents (NAEA) LEARN event in Pittsburgh, PA from September 25–27, 2022. The two-day educational event focused on Trusts and Estate taxation. Mr.
Recent Court Decision Shows Risks of IRS Streamlined Filing Compliance Procedures
A recent court decision from the United States Court of Federal Claims shows the impact of a poorly advised Streamlined Filing Compliance Procedures (Streamlined Program or SFCP) submission. See Flint v. U.S., No. 21-1202T (Fed.
Forms 3520, 5471 and 5472 Penalty Relief
In IRS Notice 2022-36, the IRS granted relief from certain failure-to-file penalties and certain international information return penalties for most individual and business taxpayers who did not file tax returns for tax years 2019 and 2020,
IRS gives widespread penalty relief: ACTION REQUIRED
Last week, in IRS Notice 2022-36, the IRS granted relief from certain failure-to-file penalties and certain international information return penalties for most individual and business taxpayers who did not file tax returns for tax years 2019
Foreign pension accounts reporting on the FBAR
Several clients have asked us in recent weeks whether foreign pension accounts are reported on the FinCen114 (FBAR). Most employer foreign pension plans fall under one of two types: defined benefit plan or defined contribution
US Reporting of Foreign Retirement Accounts
Many clients contact our office regarding the failure to report their foreign retirement account. Such accounts need to be fully reported on an FinCen 114 (FBAR) and IRS Form 8938. Besides the need to disclose
Is the IRS Finally Receiving Increased Funding?
After months of back and forth, it appears that additional funding is on its way to the Internal Revenue Service (IRS) with the Inflation Reduction Act of 2022 (Act). The Act would spend nearly $80