Checklist of tax forms for taxpayers with foreign assets

- By : Parag Patel

…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

- By : Parag Patel

…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)…

Finally: IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

- By : Parag Patel

…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…

2012 Offshore Account Criminal Tax Cases

- By : Parag Patel

…treatment and disclosure of 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…

New IRS Enforcement Letters Warn of Cryptocurrency Non-Compliance

- By : Parag Patel

…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….

New IRS Disclosure Program Announced for Non-Resident Taxpayers: Streamlined Foreign Offshore Procedures

- By : Parag Patel

…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…

Taxpayers’ Evidence of Non-Willfulness or Willfulness Factors

- By : Parag Patel

…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

- By : Parag Patel

…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

- By : Parag Patel

…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….

Navigating the Step-Up Tax Basis Rule

- By : Parag Patel

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

- By : Parag Patel

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…

Action Required: New Jersey Estate Tax is Repealed

- By : Parag Patel

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….

Tax Changes Due to the Election

- By : Parag Patel

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…

IRS Form 8938 and the Offshore Voluntary Disclosure Program (OVDP)

- By : Parag Patel

…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’s four offshore programs have netted 39,000 taxpayers and over $5.5 billion

- By : Parag Patel

…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 New 2012 Offshore Voluntary Disclosure Program (OVDP)

- By : Parag Patel

…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…

Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Foreign Offshore Procedures (SFOP)

- By : Parag Patel

…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

- By : Parag Patel

…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 Reminds U.S. citizens and dual citizens about U.S. filing requirements

- By : Parag Patel

…IRS’ aggressive stance on tax enforcement of offshore activities. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our…

Beware: IRS Form 8938 Statement of Specified Foreign Financial Assets

- By : Parag Patel

…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….

Estate Tax Revisit

- By : Parag Patel

…2011. The estate tax rates also apply to gifts during life; however the gift tax exemption has remained fixed at $1 million. Obama proposes freezing the estate tax at 2009…

New Jersey Inheritance Tax

- By : Parag Patel

…estate tax is paid from the assets in the estate before property is distributed to the beneficiaries. The inheritance tax falls on the beneficiaries. Exemptions and Tax Rates The New…

The New Tax Law: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010

- By : Parag Patel

President Obama is expected to quickly sign, a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) (H.R….

IRS Most Common Tax Notices and What They Mean

- By : Parag Patel

…adjusted the estimated tax applied to next year. It is important to alert your tax advisor of this notice because the change the IRS made affects more than one tax

New Tax Laws Predicted

- By : Parag Patel

…the economy post-COVID.  He hopes to enact tax reforms focused on tax increases on wealthier individuals and corporations, tax breaks for lower income taxpayers, and tax provisions to promote domestic…

COURT AUTHORIZES SERVICE OF JOHN DOE SUMMONS SEEKING THE IDENTITIES OF U.S. TAXPAYERS WITH OFFSHORE ACCOUNTS AT CIBC FIRSTCARIBBEAN INTERNATIONAL BANK

- By : Parag Patel

…federal income taxes. Federal tax law requires U.S. taxpayers to pay taxes on all income earned worldwide. U.S. taxpayers must also report foreign financial accounts if the total value of…

The IRS Large Business and International division (LB&I) has announced a new Post OVDP Compliance enforcement campaign

- By : Parag Patel

…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.  …

Details of the Streamlined Foreign Offshore Procedures (SFOP)

- By : Parag Patel

…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 disclose (and…

Foreign Account Tax Compliance Act (FATCA): More Information Sharing Agreements Expected

- By : Parag 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 advisors to legally…

Foreign Account Tax Compliance Act (FATCA) online registration program is launched

- By : Parag Patel

…penalties. The risks may outweigh the benefits. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists…