Patel Law Offices Blog

Article Discusses Termination of Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures (SFCP)

14 Aug 16

The Internal Revenue Service (IRS) currently offers non-compliant US taxpayers several different relief programs in which to report foreign assets and/or income and become compliant with US rules related to the disclosure of foreign assets. One option is the Offshore

Income Taxation of FMLA Claims

19 Jul 16

The Family Medical Leave Act requires employers with 50 or more employees to grant 12 weeks of unpaid leave to an employee in the event of a birth, adoption or serious health condition — whether it’s the employee or someone

Happy Birthday Streamlined Filing Compliance Procedure!

22 Jun 16

The Streamlined Filing Compliance Procedure (SFCP) was “born” two years old.  Two years ago the IRS publicly announced the SFCP, which has been used by many non-compliant US taxpayers with the disclosure of foreign assets. SFCP has two sub-programs: one

How to Respond to an IRS CP3219N Notice of Deficiency (90-day letter)

06 Apr 16

Under Sec. 6212(a) the IRS can issue a statutory notice of deficiency, also known as a 90-day letter, when it determines a deficiency in an income or estate and gift tax liability. A 90-day letter is a formal legal notice,

New Trust Law Enacted in New Jersey

04 Mar 16

On January 19, 2016, the New Jersey Uniform Trust Code (NJUTC) was enacted into law.  The new law will take effect on July 17, 2016.  The new law, based in part on model legislation prepared by the Uniform Law Commission,

US Entities with foreign assets have more information reporting

04 Mar 16

The US Treasury has issued long-awaited regulations specifying the domestic taxpayers who have to disclose substantial foreign financial assets to the Internal Revenue Service (IRS) every year. The new rules, effective immediately, are linked to the Foreign Account Tax Compliance

The Tax Heat is On

15 Feb 16

At the recent American Bar Association meeting held on January 29, 2016, the acting Attorney General for the tax division disclosed that the IRS and US Department of Justice are now focusing bank investigations in Belize, the British Virgin Islands,

Becoming Un-American: Record number of US citizens renounce their US citizenship

11 Feb 16

A record 4,279 people renounced their U.S. citizenship or long-term residency in 2015, according to new data released by the Treasury Department. Last year was the third year in a row that renunciations have increased to record levels and the

New IRS Forms Informs Beneficiaries of Asset Basis Values

08 Feb 16

Instructions to IRS Form 8971 for reporting the asset basis of estates have now been finalized. Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent, tells estate executors and others required to file a Form 706 how to report

US real property now more attractive for certain foreign investors

05 Jan 16

On 18 December President Obama enacted the Protecting Americans from Tax Hikes (PATH) Act of 2015, extending several temporary tax relief provisions either permanently or for two or five years. PATH also amends the Foreign Investment in Real Property Tax

New law complicates US Passport issuance

22 Nov 15

Pending legislation, H.R. 22 called Developing a Reliable and Innovative Vision for the Economy (DRIVE) Act, is likely to be passed law next month. This law will have major implications for those with federal tax debts wishing to apply for

What FATCA Means to You and Your Investments

12 Nov 15

You may have recently received a letter from your financial institution or investment firm asking for some of your personal details.  Typically the letter requests many personal, tax and residency details, such as your country of birth, the country in

Answers to Common Questions for IRS CP3219N Notice of Deficiency (90-day letter)

06 Nov 15

What you need to do If you want to challenge the deficiency determination, file a petition with the Tax Court. File your tax return immediately (no later than 90 days from the date of the CP3219N), or accept our proposed

IRS Announces New Statistics Regarding Voluntary Disclosures

21 Oct 15

Since the initiation of the U.S. Internal Revenue Service’s (IRS) Offshore Voluntary Disclosure Program (OVDP) which originally began in 2009 and the Streamlined Filing Compliance Procedures first offered on September 1, 2012, the IRS recently reported that more than 54,000 taxpayers have come forward

Top myths of US tax compliance for Foreign Accountholders

20 Oct 15

There is a lot of misinformation so we decided to debunk the top myths of US tax compliance. Myth #1: I don’t have to file US taxes if I live abroad. The US is one of the few countries who

Offshore Compliance Programs Generate $8 Billion; IRS Urges People to Take Advantage of Voluntary Disclosure Programs

19 Oct 15

The IRS issued the below interesting press release last week… IR-2015-116, Oct. 16, 2015 WASHINGTON — With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service today reminded U.S. taxpayers with undisclosed

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