Search Results for: offshore bank accounts
Dormant foreign corporations not subject to complicated Form 5471 filing requirements
…correct many Form 5471 errors. If you have any further questions about your reporting requirements on this, or any other offshore reporting form, contact us online to schedule a free…
New Report: Delinquent Taxpayers Could be Identified at US Border Crossings
…now that the Swiss bank non-prosecution program participation deadline of September 15, 2014 has passed. U.S. taxpayers who have been placed on the “recalcitrant” list should expect tax audit letters…
IRS Listens, and Postpones Increased Form 1099 Reporting for PayPal and Venmo
…not subject to any 1099 reporting because it is a bank-to-bank service that does not hold funds. We suggest creating a separate personal and business profile/account to keep business transactions…
Watch Out: IRS Audits of ERC Claims Expected
…credit if they significantly reduced revenue or operational restrictions. To prove that you qualified based on revenue, you must provide sales statements, profit and loss reports, bank statements, or other…
No Springing in Spring
…physicians have made the correct diagnosis. Some banks have also been known to refuse to accept POAs unless they are on the bank’s own forms. You can avoid all of…
What Client Tax Advisors Should Do About the New Corporate Transparency Act
…profile associated with each service level is crucial. Significant Potential Risk Exposures: CPAs providing CTA assistance face substantial potential risks, including: Bank Scrutiny: Banks may request comfort letters and supporting information…
Details of the Delinquent International Information Return Submission Procedures (DIIRSP)
The Delinquent International Information Return Submission Procedures are one of the four methods for taxpayers with unreported offshore accounts to become compliant. Taxpayers who have failed to file certain international-related…
New EZPASS OVDP Without Any Penalties for Non-Resident U.S. Taxpayers
…which in some cases may include more than three years, in a manner similar to opting out of the Offshore Voluntary Disclosure Program”. Opting may not be a bad situation….
The IRS’ Complex Statute of Limitations
…their gross income. When there are offshore accounts involved, the IRS can audit back to six years if a taxpayer omits more than $5,000 of foreign income. If the IRS…
Opting Out of the OVDI Program: Argue for No Penalty and a Warning Letter
…audit examinations. We have been advising our clients to expect the unexpected (and the worst) in their tax treatment and disclosure of offshore assets. Patel Law Offices is a law…
Explore the OVDI opt-out option: Argue for Penalty Mitigation
…audit examinations. We have been advising our clients to expect the unexpected (and the worst) in their tax treatment and disclosure of offshore assets. Patel Law Offices is a law…
National Taxpayer Advocate Identifies OVDP Program as a Serious Problem
…the “one-size-fits-all” approach of the IRS Offshore Voluntary Disclosure Program (OVDP), and identified the OVDP program as a most serious problem requiring resolution. The Report states that the IRS discouraged…
Foreign Gift Received: Form 3520 Penalties Eliminated in New Court Case
…determined that the IRS could only penalize taxpayers once per-form (instead of per-account) per-year for failing to file a Report of Foreign Bank and Financial Accounts (or “FBAR”). The Wrzesinski…
NJ Tax Waiver Shortcut
…Division of Taxation insures it will receive its tax revenue from the New Jersey Inheritance Tax by requiring banks, title companies, stockbrokers, wealth advisors and other financial institutions to hold…
Probate Basics
…and “payable on death” bank accounts). A common expression you may have heard is “probating a will.” This describes the process by which a person shows the court that the…
Introduction to Estate Planning
…personally must be actually transferred to the trust — real property is deeded to the trust; bank accounts are switched to the trust; and stocks, bonds, partnership interests and other…
Maryland Retail Store Owner Guilty of Tax Fraud and Tax Evasion
…to 2018, Chawla received an annual salary from Company 1 of approximately $60,000. Each month, Chawla frequently wrote himself a $5,000 check that was drawn against Company 1’s bank account….
Federal District Court Holds that FBAR Penalties in Excess of $100,000 is Unlawful
…of Foreign Bank and Financial Accounts, commonly referred to as an FBAR, could not be penalized in excess of the $100,000 regulatory maximum even though the relevant statute allows higher…
NJ Inheritance Tax
…they don’t have to file an inheritance tax return. They will have to use Form L-8 in order to release bank accounts, stocks, bonds etc, and Form L-9 in order…
New FBAR FIling Deadline Law Signed
…Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. The new due dates will apply to returns for tax years beginning after Dec….
THE PROBATE PROCESS IN NJ
…the process, will issue letters and certificates evidencing the appointment of the individual to the Estate which will allow them to access and transfer assets such as bank accounts, stocks,…
US passport and green-card has lost its glamour
…US connected persons will have to declare all their assets held worldwide to the US government. Many people are closing bank accounts to hide financial trails and “gifting” assets spouses,…
Below is a List of Common Forms Applicable in Compliance Requirements for U.S. Citizens and Residents with Foreign Assets, Trusts, and Entities
Foreign Financial Assets FinCEN Form 105 Report of International Transportation of Currency or Monetary Instruments FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) Form 8938 Statement of…
Passive Foreign Investment Company Tax & Mark-to-Market (MTM) election
…dozens of countries. However, Indian mutual funds are especially problematic because Indian dividend/capital gain treatment rules are very different, and Indian mutual funds must be linked to bank accounts, which…
PRESIDENT BUSH SIGNS THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 WITH TAX BENEFITS AND TRAPS FOR THE UNWARY
…the verge of bankruptcy and foreclosure, victims of bank failures and others whose lives are topsy-turvy this year. But from a tax perspective, the bill is likely to cause more…
New Tax Changes are Blowing in the Wind
…assets. Retirement Accounts IRAs with balances in excess of $10 million: Additional contributions to an IRA would be banned once the total combined value of an individual’s retirement accounts exceeds…
President-elect Obama’s tax plan
…start-ups and small businesses to encourage innovation. RETIREMENT ACCOUNTS Suspend mandatory distributions for those 70½ and older. Permit taxpayers to withdraw up to $10,000 from retirement accounts penalty-free; withdrawals would…
Year-End Checklist for 2009
Consider the following before 2009 is over: Make year-end annual exclusion gifts of $13,000 ($26,000 for a married couple). Make year-end IRA contributions. Create 529 Plan accounts before year-end for…
Large Penalties: Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations
…comply with those obligations. The IRS’ Ogden Accounts Management Campus primarily handles the reasonable cause abatement requests resulting from systemic penalties on late-filed Forms 5471 attached to a Form 1120….
Probate of Estates in New Jersey
…the will). Estate administration encompasses all assets of the decedent – real estate, joint accounts, insurance, IRA’, etc. – anything and everything a decedent had any interest in when they…