It’s important to be aware of the caution and risks associated with foreign banks reporting balances to the IRS, particularly in the context of Form 8938 compliance. While Form 8938 audits are very rare, below
Understanding the Step-Up in Basis Under Internal Revenue Code Section 1014(a), the basis of inherited property is stepped up to its fair market value (FMV) at the time of the decedent’s death. This means that
Parag Patel Esq. is a featured speaker at the National Association of Enrolled Agents (NAEA) Basic Foreign Certificate Program event In June 2025. The multi-day educational event focused on international taxation for tax professionals. Mr.
IRS Form 3520, a critical international compliance document, requires meticulous attention, particularly Part IV, which involves the receipt of substantial foreign gifts and inheritances. For advisors, understanding the specific audit triggers associated with this section
Tax professionals may be assessing whether the Department of Government Efficiency (DOGE) under the Trump administration will affect ongoing (and future) IRS audits and investigations. Recent highly publicized changes suggest a substantial impact. The termination
Hawala is a method of transferring money without any physical money actually moving. It is described as a “money transfer without money movement.” Hawala is used as an underground remittance network that exists outside of
The IRS closely monitors businesses paying wages in cash for potential employment tax violations. Under IRC § 3402, employers must withhold and remit payroll taxes, and failure to do so can result in Trust Fund
The IRS is aggressively targeting conservation easements, calling them abusive tax shelters and pursuing audits, penalties, and even criminal charges. Taxpayers who claimed deductions could face full disallowance, massive fraud penalties, and potential prosecution. Promoters,
The John Doe summons remains one of the IRS’s most formidable tools for uncovering tax noncompliance among individuals who seek to evade U.S. tax obligations through offshore activities. Unlike a standard summons, the John Doe
Parag Patel Esq. is a featured speaker at the National Association of Enrolled Agents (NAEA) Seminar entitled “Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves” on January 23, 2025. Seminar
Parag Patel Esq. was a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar for Essex County entitled “Federal Tax Update: What to Expect for the Unexpecting: What Tax Professionals Need
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
