IRS Updates Process for FAQs
IRS finally figured out that taxpayers need help with IRS frequently asked questions (FAQs). IRS places FAQs on its website and taxpayers naturally read them and believe them to be true and reliable. IRS has
New Tax Changes are Blowing in the Wind
There are several tax proposals that are under Congressional consideration, and the Biden administration released information concerning his proposal, the “American Families Plan.” The U.S. House Ways and Means Committee released proposed budget reconciliation legislation
FBAR Deadline Extended to December 31, 2021
The Financial Crimes Enforcement Network (FinCEN) today issued a notice extending the filing date of Reports of Foreign Bank and Financial Account (FBARs) for victims of recent natural disasters, including Hurricane Ida, the California Wildfires,
Pandora’s Box Has Opened: Pandora Papers
An unprecedented leak of financial records known as the Pandora Papers has revealed the offshore financial assets of dozens of current and former world leaders and hundreds of politicians from Asia and the Middle East to Latin
New Comments on the IRS Voluntary Disclosure Program
We are members of the American Bar Association Section of Taxation, which on September 28, 2021 submitted comments to the IRS on the IRS Voluntary Disclosure Program (“VDP”), the Streamlined Domestic Offshore Program (“SDOP”), and the Streamlined Foreign
An Ill-advised IRS Streamlined Filing Compliance Procedure Filing
Yesterday the US Department of Justice announced here the indictment of Mark Anthony Gyetvay, who filed to enter IRS “Streamlined Filing Compliance Procedures in which he attested that his prior failure to file FBARs and tax returns
Parag Patel Esq. speaks at New Jersey Society of Certified Public Accountants (NJCPA) Webinar “What Tax Professionals Should Know About Trusts and Estates: Estate Tax Reform and the 2021 Planning Window”.
Parag Patel Esq. will be a featured speaker at a virtual New Jersey Society of Certified Public Accountants (NJCPA) Webinar panel entitled “What Tax Professionals Should Know About Trusts and Estates: Estate Tax Reform and
Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income
I am pleased to announce that I will be speaking in an upcoming Strafford live video webinar, “U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income” scheduled for Thursday, October 21, 1:00pm-2:30pm
The IRS Needs Help
The IRS is a malfunctioning mess. A recent report from the National Taxpayer Advocate, states that the IRS has failed to answer taxpayers’ requests for assistance. I have been a tax lawyer for decades and have seen
Parag Patel Esq. presents new tax law changes at Broward Chapter of The Florida Society of Enrolled Agents (FSEABC) Webinar
Parag Patel Esq. will be the main speaker at a virtual Broward Chapter of The Florida Society of Enrolled Agents (FSEABC) Webinar panel entitled “Upcoming federal tax law changes: What to Expect”. Mr. Patel will
New IRS procedures for Streamlined Filing Compliance Procedures for 2017 transition tax filers
The IRS quietly created new procedures for Streamlined Filing Compliance Procedures earlier this month relating to filings with “transition tax” due under Internal Revenue Code Section 965. The new procedures apply to Streamlined Domestic Offshore
Unfiled FBAR Penalties Survive Death
Do FBAR penalties survive death? According to a new court ruling, the answer is clearly yes (unfortunately). In United States v. Gill, 2021 U.S. Dist. LEXIS 12203 (S.D. Tex. 6/30/21), the court ultimately held that