Demystifying IRS Agents
The IRS is planning to hire thousands of new agents in the next few years. Some politicians and the media have portrayed the new hires as a harassing threats to taxpayers. In my decades of
New Rules: New Jersey Finally Follow Federal S Elections
On December 22, 2022, New Jersey Governor Murphy signed into law a new rule that eliminates the need to make separate New Jersey S elections. The law primarily conforms New Jersey’s laws regarding the making of
Top 5 tax fraud recoveries in 2022
Tax fraud can take many different forms. Below are the top federal tax fraud cases last year. Crypto Seizures: more than $7 billion. In February, 2022, it was announced that IRS Criminal Investigations Cyber Crime Unit
Sales Tax for Home Improvements
Since New Jersey sales tax rules differ based on the type of work performed, it is important to understand the classifications to avoid paying too much or too little in taxes. What work is exempt
New FATCA / CRS reporting penalties in India
The new 2023 Tax Budget in India has many new proposals. However, the most important proposal for investors, especially non-resident Indians, is a new penalty for providing inaccurate information for KYC (Know Your Customer) including
65 Day Election on March 6, 2023
Trustees and executors have the ability to make certain elections on, or before, March 6, 2023 that could affect 2022 tax returns of the trusts and estates for which they are fiduciaries, as well as
High Penalties for failure to file an FBAR: Not Really Enforced (yet)?
U.S. persons, including U.S. citizens, residents, corporations and estates, must report certain foreign financial accounts, including bank accounts, brokerage accounts and saving accounts to the U.S. Treasury department each year. If the aggregate value of
IRS Audits of Millionaires Remain Very Low
The Internal Revenue Service still rarely audits millionaires, according to a new report published by Syracuse University’s Transactional Records Access Clearinghouse. Despite calls to ramp up scrutiny of high-net-worth individuals’ tax returns and wealthy tax
IRS Listens, and Postpones Increased Form 1099 Reporting for PayPal and Venmo
As a result of taxpayer confusion, lack of guidance, concerns about the existing backlog, and impact on the upcoming filing season, tax professionals urged the IRS to postpone the implementation of the new reporting requirements
Accountant-Client vs Attorney-Client Confidentiality
Both Accountant-Client vs Attorney-Client Confidentiality are designed to protect the privacy of the client and to ensure that the client can trust their lawyer or accountant to handle sensitive information with care. However, there are
Estate Planning: List of To-Do Items
The idea of a visit to an attorney for your estate planning can be unsettling and daunting for many people. As a result, people often procrastinate. To help facilitate the process below is a list
How Long is the Tax Fraud Statute of Limitations?
The question of how much time the government has to pursue tax fraud (also known as the statute of limitations) is often misunderstood. It is important to note that the indefinite or unlimited fraud statute