Search Results for: international tax
Upcoming live video webinar: U.S.-India Tax Planning: Reporting Issues, Traps to Avoid, Tax Treaties, FTC, FACTA/FBAR Reporting, Passive Income
…tax-exempt earnings in India are tax-exempt in the U.S. Earnings from these accounts must be identified and included on the individual tax return. In addition, practitioners must understand the tax…
IRS list of “dirty dozen” tax scams
…tax, deductions for personal expenses and reduced estate or gift taxes. Such trusts rarely deliver the tax benefits promised and are used primarily as a means to avoid income tax…
The IRS has woken up.
…$50,000 in tax while close to 2,000 taxpayers owe more than $1 million. In addition to the taxes, delinquent taxpayers will be subject to late payment and late filing penalties….
NJ Inheritance Tax
…is not considered to be as important as income tax. Inheritance Tax in the United States In the United States, two things are taken into consideration when imposing inheritance tax…
The Unknown Tax: New Jersey Inheritance Tax
While the New Jersey Estate Tax was abolished 5 years ago and the Federal Estate Tax applies to taxpayers with estates over $12 million, the NJ Inheritance tax is relatively…
Global Enforcement of FATCA: Something to Worry About
…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….
New IRS guidance Announced for IRS Streamlined Offshore Procedures.
…Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally…
Beware IRS Forms W-8
…from dividends paid by US corporations. W-8BEN Tax Form W-8ECI Tax Form W-8EXP Tax Form W-8IMY Tax Form W-8CE Tax Form There are many different types of W-8 forms….
2012 Offshore Account Criminal Tax Cases
…offshore assets. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their…
Checklist of tax forms for taxpayers with foreign assets
…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….
IRS Announces Penalty Mitigation for Smaller US Taxpayers Living Abroad
…a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize)…
New IRS Enforcement Letters Warn of Cryptocurrency Non-Compliance
…consulted with hundreds of clients regarding their tax compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems….
Finally: IRS Reminds Those with Foreign Assets of U.S. Tax Obligations
…or abroad with tax questions can use the online IRS Tax Map to get answers. An International Tax Topic Index page was added recently. The IRS Tax Map assembles or…
New IRS Disclosure Program Announced for Non-Resident Taxpayers: Streamlined Foreign Offshore Procedures
…the taxpayer filed on time, or if a U.S. tax return has been filed previously, submit a complete and accurate amended tax return using Form 1040X, Amended U.S. Individual Income…
New IRS procedures for Streamlined Filing Compliance Procedures for 2017 transition tax filers
…August 1, 2021, Taxpayer makes a submission to the Streamlined Foreign Offshore Procedures (SFO). Taxpayer A’s SFO submission includes a Form 14653 and delinquent income tax returns for tax years,…
Taxpayers’ Evidence of Non-Willfulness or Willfulness Factors
…the preparer confirm possibly erroneous advice? — Did the taxpayer use an accountant or paid return preparer to prepare the tax returns? If so, was the taxpayer given a tax…
IRS offers tax opportunity to Americans living abroad
…to inform the U.S. Justice Department of such challenges. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our…
New Streamlined Domestic Offshore Procedures (SDOP) is a Game Changer
…use the Streamlined Foreign Offshore Procedures (SFOP)) taxpayers alike. The SDOP liberalizes the old rules and rewards non-willful taxpayers to disclose offshore assets with minimal tax and a lower penalty….
Action Required: New Jersey Estate Tax is Repealed
…tax and the inheritance tax. The new legislation fails to mention whether the New Jersey Inheritance Tax, which is a completely separate tax that would remain in place and unadjusted….
Navigating the Step-Up Tax Basis Rule
…tax code provision. Although these proceeds are income tax free, they are not always estate tax free. The tax basis rules have nothing to do with whether an asset is…
New Jersey Transfer Inheritance Tax : How the Tax Works
New Jersey also has an inheritance tax. An inheritance tax means that when a New Jersey resident dies his or her assets will be taxed on the basis of who…
Tax Changes Due to the Election
…tax”, which can be achieved by a reduction in the estate tax exemption (a smaller exemption leads to more estate tax). The estate tax exemption’s current level is $11.58 million…
AICPA Makes Useful Recommendations For International Forms 3520/3520
…an exemption from both forms for foreign pensions where deferral of tax on earnings is available under a tax treaty. Many taxpayers struggle with Forms 3520 and 3520-A and file…
IRS Form 8938 and the Offshore Voluntary Disclosure Program (OVDP)
…is that Form 8938 now requires a taxpayer to disclose more information, which connects various parts of a taxpayer’s international tax compliance including the information that escaped disclosure on other…
IRS Announces New 2012 Offshore Voluntary Disclosure Program (OVDP)
…a wide range of international tax issues and follows ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion. This program will be open for an…
IRS’s four offshore programs have netted 39,000 taxpayers and over $5.5 billion
…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….
Solution: Streamlined Domestic Offshore Procedures
…compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their…
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Foreign Offshore Procedures (SFOP)
…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign assets….
India and US signed FATCA Agreement Today
…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….
Beware: IRS Form 8938 Statement of Specified Foreign Financial Assets
…firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign accounts….