Patel Law Offices Blog

IRS Form 3520: How to sign and file the form

16 Oct 24

We have counseled many clients with the IRS Form 3520 filings this year, which were due October 15, the extended due date. One common question that arose is how to sign and file the form. Under the latest IRS guidance,

New IRS Website for New Immigrants to the United States: Key Tax Responsibilities

16 Oct 24

For new immigrants to the United States, understanding your tax obligations is essential for a smooth transition into the American system. The IRS has recently provided a detailed resource to guide new immigrants through the tax responsibilities they must navigate

IRS Quietly Changes its Voluntary Disclosure Practice For the Worse

30 Aug 24

The IRS’s Voluntary Disclosure Practice (VDP) allows noncompliant taxpayers who have failed to meet their tax obligations to come into compliance and avoid criminal prosecution. Financially, the VDP offers the benefit of reduced penalties compared to those imposed through audits

Check cashing N.J. construction company owner pleads guilty to tax evasion

21 Aug 24

Last week, the owner of a local construction company in New Jersey admitted he cheated the IRS out of about $1.35 million in taxes. Alain Rodrigues, 49, of Old Bridge evaded taxes and filed false returns when he deposited only

New IRS Voluntary disclosure program for employee retention credit

21 Aug 24

On August 15, 2024, the IRS introduced a second voluntary disclosure agreement (VDA) program targeting companies that have claimed the employee retention credit (ERC) as provided by the CARES Act. Businesses that may have received ERC refunds based on improper

US Supreme Court Will Favor Taxpayer Challenges to the IRS

12 Jul 24

The US Supreme Court’s recent reversal of the Chevron doctrine in the Loper Bright Enterprises v. Raimondo case has significant implications for disputed tax matters. Here are some of the key potential impacts: Overall, the reversal of the Chevron doctrine

Comments on Proposed Regulations on Transactions with Foreign Trusts and Reporting Large Foreign Gifts

10 Jul 24

I was a principal author on behalf of the American Bar Association in preparing 60+ pages of comments submitted to the Internal Revenue Service (IRS) on proposed regulations concerning foreign trust transactions and recipients of significant gifts from foreign individuals.

IRS Form 8621 Frequently Misunderstood

05 Jul 24

IRS Form 8621, “Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund,” is a tax form for U.S. taxpayers holding shares in Passive Foreign Investment Companies (PFICs). PFICs include foreign corporations, meeting specific income

IRS Criminal Investigations: A Serious Threat With Warning Signs

02 Jul 24

Criminal investigations are the most potent (and severe) tool in the IRS’s enforcement toolkit. While they are used in only a small fraction of cases, their consequences are very serious, potentially leading to personal, social, and financial ruin, professional license

Handling an Unexpected Visit from IRS Criminal Investigation: Guidance for Taxpayers and Advisors

28 Jun 24

Over the years, many people have come to our firm after being visited by the Criminal Investigation Division of the Internal Revenue Service (IRS-CI). In the event that agents from the Criminal Investigation Division of the Internal Revenue Service (IRS-CI)

US Supreme Court Upholds Constitutionality of Repatriation Tax: Key Takeaways for Foreign Corporations

26 Jun 24

The U.S. Supreme Court’s recent decision in Moore v. United States has definitively upheld the constitutionality of the repatriation tax, a one-time tax on accumulated foreign earnings of U.S. companies under the 2017 Tax Cuts and Jobs Act (TCJA). This

New NJ Law Makes it Easier to Transfer Motor Vehicle Ownership Upon Death

25 Jun 24

New Jersey motor vehicle owners can now simplify the transfer of their vehicle upon their death by designating a transfer on death (TOD) beneficiary. This new law change allows vehicles to bypass the often lengthy and complex probate process for

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