Below is a List of Common Forms Applicable in Compliance Requirements for U.S. Citizens and Residents with Foreign Assets, Trusts, and Entities

- By : Parag Patel

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…

Taxpayers Advised to Use Caution: Confirmed FBAR Information Request Scam

- By : Parag Patel

Our firm has become aware of a “phishing” scam, related to the filing of Report of Foreign Bank and Financial Accounts (FBAR). Under the scam, taxpayers receive an email notice,…

New IRS internal procedure guidance for Streamline Filing Compliance Procedures

- By : Parag Patel

The IRS has published new IRS internal procedure guidance with IRM changes dated 8/13/14. The guidance is numbered WI-21-0814-1244 and titled “Streamline Filing Compliance Procedures for Accounts Management International IMF”….

Some FBAR Deadlines Extended

- By : Parag Patel

…year report ending December 31 of the reportable year. Beginning with the 2016 tax year, the due date for FBAR reporting is April 15 of the year following the December…

Delinquent or unfiled IRS Form 5471

- By : Parag Patel

…are extreme. A taxpayer who has not been already contacted by the government should immediately take steps to cure the noncompliance because the IRS has increased enforcement of the reporting…

New Extended Deadline for OVDI

- By : Parag Patel

…income was reported and all tax paid on the taxable income. The relevant FAQs as originally issued indicate that these delinquent forms could be filed by August 31, 2011 with…

Conservatorship or Legal Guardianship: Which is the Right Choice?

- By : Parag Patel

…to possess and manage the conservatee’s assets Power and duty to collect all debts owed to the conservatee Power to engage in tax, estate, and asset preservation planning Both legal…

Swiss Banks are Pressuring Customers to Disclose

- By : Parag Patel

…result of an intense campaign by U.S. officials against offshore tax evasion that took shape after Swiss banking giant UBS admitted in 2009 that it helped U.S. taxpayers hide money…

Reasons to Opt Out of the 2011 OVDI Program

- By : Parag Patel

…a small number of taxpayers could account for most of these penalties. In other words, the IRS Taxpayer Advocate’s Report states that the IRS required benign actors (small fish with…

FBAR Deadline is June 28, 2013

- By : Parag Patel

This month we remind taxpayers of the upcoming June 30, 2013 deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), to report financial interests…

National Taxpayer Advocate Identifies OVDP Program as a Serious Problem

- By : Parag Patel

On January 17 that National Taxpayer Advocate Nina Olson recently issued her 2012 Annual Report to Congress calling on Congress to simplify the Tax Code. In her report, Olson questioned…

Adding Beneficiaries to an Irrevocable Life Insurance Trust

- By : Parag Patel

…her estate and could be used to completely provide funds to pay any estate tax liability. Many of our estate planning clients have an additional issue to be aware of…

Top 9 Most Expensive Medicaid Mistakes

- By : Parag Patel

…result in a total loss of control and risk your retirement nest egg. Furthermore, too early or defective transfers can cause tax and other problems that may be difficult to…

New Court Ruling: FBAR penalties applied per form and not per account

- By : Parag Patel

…diminished penalties following a recent ruling from a federal trial court, where the taxpayer’s number of unreported accounts ranged from 41 to 51 for 4 different tax years. Facts: Alexandru…

Frequently Asked Probate Questions

- By : Parag Patel

…means that upon the death of one party to the account, the surviving spouse becomes the sole owner. The surviving spouse may require a tax waiver to access the funds….

Why should I go to the trouble of planning my estate and writing a will?

- By : Parag Patel

…if you have a trust. • Save money on probate, taxes, and other expenses of settling an estate. • Be in control of your own life. A living trust can…