The Internal Revenue Service recently released the annual inflation adjustments for tax year 2023, which include welcome increases for wealth transfer tax planning. The gift tax annual exclusion will increase for the second year in
Parag Patel Esq. will be a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “2022 Federal Tax Update and Latest Tax Controversy Hot Topics” on November 18, 2022. Seminar
Crypto investors have a reputation for hanging on to their coins through the ups and downs of the market’s dramatic gyrations. The wash sale may help crypto investors with tax loss benefits. WHAT IS A
We get this question a lot… It is important to stress that there are no U.S. taxes owed by a U.S. citizen or green card holder directly on receiving any inheritance (whether received from a
Tax attorneys are knowledgeable about tax laws, regulations, and policies at several levels—federal, state, and municipal. In addition to preparing some tax returns, tax attorneys can: Represent clients in disputes with tax authorities. Advise clients
We had many US clients this year with family in Hong Kong requesting legal assistance with recent transfers received from Hong Kong due to the local political instability. Typically, the transfers received from Hong Kong
We have recently posted about the IRS’s broad relief for late filing penalties for 2019 and 2020 tax returns. During the height of the pandemic, taxpayers experienced many obstacles to the timely filing of their
Parag Patel Esq. was a featured speaker at the National Association of Enrolled Agents (NAEA) LEARN event in Pittsburgh, PA from September 25–27, 2022. The two-day educational event focused on Trusts and Estate taxation. Mr.
A recent court decision from the United States Court of Federal Claims shows the impact of a poorly advised Streamlined Filing Compliance Procedures (Streamlined Program or SFCP) submission. See Flint v. U.S., No. 21-1202T (Fed.
In IRS Notice 2022-36, the IRS granted relief from certain failure-to-file penalties and certain international information return penalties for most individual and business taxpayers who did not file tax returns for tax years 2019 and 2020,
Last week, in IRS Notice 2022-36, the IRS granted relief from certain failure-to-file penalties and certain international information return penalties for most individual and business taxpayers who did not file tax returns for tax years 2019
Several clients have asked us in recent weeks whether foreign pension accounts are reported on the FinCen114 (FBAR). Most employer foreign pension plans fall under one of two types: defined benefit plan or defined contribution
