IRS Form 3520: How to sign and file the form
We have counseled many clients with the IRS Form 3520 filings this year, which were due October 15, the extended due date. One common question that arose is how to sign and file the form.
New IRS Website for New Immigrants to the United States: Key Tax Responsibilities
For new immigrants to the United States, understanding your tax obligations is essential for a smooth transition into the American system. The IRS has recently provided a detailed resource to guide new immigrants through the
IRS Quietly Changes its Voluntary Disclosure Practice For the Worse
The IRS’s Voluntary Disclosure Practice (VDP) allows noncompliant taxpayers who have failed to meet their tax obligations to come into compliance and avoid criminal prosecution. Financially, the VDP offers the benefit of reduced penalties compared
Check cashing N.J. construction company owner pleads guilty to tax evasion
Last week, the owner of a local construction company in New Jersey admitted he cheated the IRS out of about $1.35 million in taxes. Alain Rodrigues, 49, of Old Bridge evaded taxes and filed false
New IRS Voluntary disclosure program for employee retention credit
On August 15, 2024, the IRS introduced a second voluntary disclosure agreement (VDA) program targeting companies that have claimed the employee retention credit (ERC) as provided by the CARES Act. Businesses that may have received
US Supreme Court Will Favor Taxpayer Challenges to the IRS
The US Supreme Court’s recent reversal of the Chevron doctrine in the Loper Bright Enterprises v. Raimondo case has significant implications for disputed tax matters. Here are some of the key potential impacts: Overall, the
Comments on Proposed Regulations on Transactions with Foreign Trusts and Reporting Large Foreign Gifts
I was a principal author on behalf of the American Bar Association in preparing 60+ pages of comments submitted to the Internal Revenue Service (IRS) on proposed regulations concerning foreign trust transactions and recipients of
IRS Form 8621 Frequently Misunderstood
IRS Form 8621, “Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund,” is a tax form for U.S. taxpayers holding shares in Passive Foreign Investment Companies (PFICs). PFICs include
IRS Criminal Investigations: A Serious Threat With Warning Signs
Criminal investigations are the most potent (and severe) tool in the IRS’s enforcement toolkit. While they are used in only a small fraction of cases, their consequences are very serious, potentially leading to personal, social,
Handling an Unexpected Visit from IRS Criminal Investigation: Guidance for Taxpayers and Advisors
Over the years, many people have come to our firm after being visited by the Criminal Investigation Division of the Internal Revenue Service (IRS-CI). In the event that agents from the Criminal Investigation Division of
US Supreme Court Upholds Constitutionality of Repatriation Tax: Key Takeaways for Foreign Corporations
The U.S. Supreme Court’s recent decision in Moore v. United States has definitively upheld the constitutionality of the repatriation tax, a one-time tax on accumulated foreign earnings of U.S. companies under the 2017 Tax Cuts
New NJ Law Makes it Easier to Transfer Motor Vehicle Ownership Upon Death
New Jersey motor vehicle owners can now simplify the transfer of their vehicle upon their death by designating a transfer on death (TOD) beneficiary. This new law change allows vehicles to bypass the often lengthy