The IRS is to remove the “willfulness” checkbox from Form 14457, the Voluntary Disclosure Practice Preclearance Request and Application. For years, the Voluntary Disclosure Practice has been an important corrective mechanism for taxpayers who have
Tax advisors should take note of the guilty plea last week by Matthew Tucci of West Long Branch, New Jersey, in a significant tax evasion case. This case serves as an illustration of the IRS’s
The Employee Retention Tax Credit (ERC) was established to provide financial relief to businesses affected by the COVID-19 pandemic. However, numerous companies are still awaiting their ERC refunds due to prolonged IRS processing times. With
Parag Patel Esq. will be a featured speaker at the annual state convention of the New Jersey Society of Certified Public Accountants (NJCPA) on June 3-6, 2025 in Atlantic City, NJ. The seminar is entitled
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,
