HSBC Customer Avoids Jail in Tax Evasion Case

- 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 accounts.  …

No tax = No Passport?

- By : Parag Patel

…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 disclose…

One Month Countdown: The Deadline is Nearing for U.S. Taxpayers with Undisclosed Accounts to Come Forward

- By : Parag Patel

…Amending tax returns does not necessarily mean that you owe money –you can generally claim a foreign tax credit for the foreign tax paid to be applied against U.S. taxes…

2007 Year-End Tax Planning Tips

- By : Parag Patel

…family coverage into a pre-tax HSA.Timing of itemized deductions Consider prepaying expenses that generate deductions, such as state income taxes, real estate taxes, charitable contributions, and other itemized deductions.Energy-saving home…

New 2018 Tax Law’s Individual Tax Changes: New Tax Brackets, Credits and Deductions

- By : Parag Patel

…with tax returns that must be filed by April 2019. The following is a summary on some of the important individual tax changes: Tax rates: The new law lowers tax

A Change in Domicile to Florida Can Help Minimize Taxes

- By : Parag Patel

…To quantify the savings in New York income taxes, taxpayers may want to restate the most recent New York resident income tax return on a nonresident return and include only…

Resolving IRS disputes through audit reconsideration

- By : Parag Patel

…the taxpayer, perhaps because the taxpayer moved and the IRS does not have the taxpayer’s current address; The taxpayer did not appear for an audit, even if the taxpayer decided…

The IRS Large Business and International division (LB&I) has announced a new Offshore Private Banking enforcement campaign

- By : Parag Patel

…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) foreign…

The IRS is Hiring: Expect New Enforcement

- By : Parag Patel

…cleaned up) taxpayers in complex tax controversy matters, including US international tax compliance. Interestingly, he also mentioned that he will not allow the illegal tax shelter scandals to happen during…

2018 ABA COMMENTS ON THE OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS

- By : Parag Patel

…any tax due. We recommend that the Service eliminate the process of automatically assessing penalties for delinquent international forms attached to late-filed original income tax returns with no tax due…

The Teeth of the Foreign Account Tax Compliance Act (FATCA)

- 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….

Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Domestic Offshore Procedures (SDOP)

- 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)…

Visited by IRS Special Agents?

- By : Parag Patel

…has consulted with hundreds of clients regarding tax fraud issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems….

Another HSBC Customer Likely Going to Jail

- By : Parag Patel

…before the government contacts them. 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)…

Latest Guilty Plea for an Another HSBC Offshore Bank Accountholder

- By : Parag Patel

…or no disclosures are not viable options for such individuals. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems….

New IRS IRM with Updated Streamlined Filing Compliance procedures

- By : Parag Patel

…U.S. Person Residing in the United States for Streamlined Domestic Offshore Procedures attesting: o The taxpayer or taxpayers are eligible for the SDO procedures o The tax years and amounts…

The TCJA and the Future of American Taxpayers

- By : Parag Patel

Our article on the new tax law was published today by the American Bar Association below… https://www.americanbar.org/groups/gpsolo/publications/gpsolo_ereport/2018/june-2018/tcja-future-american-taxpayers.html The TCJA and the Future of American Taxpayers Vol. 7, No. 11 Parag…

Numerous Criminal Prosecutions of Taxpayers with Unreported Offshore Accounts

- By : Parag Patel

…to a false federal income tax return, admitting that for the 2003 tax year, he signed and filed a false tax return that did not disclose his UBS account or…

The Expensive NJ Inheritance and Estate Tax

- By : Parag Patel

…addition to the inheritance tax, New Jersey imposes a separate Estate Tax. An estate may be subject to the New Jersey Estate Tax even though there is no New Jersey…

The New Jersey Civil Union Act: Tax Benefits?

- By : Parag Patel

…limited to homestead rebate tax allowances, tax deductions based on marital status or exemptions from realty transfer tax based on marital status”. This Act has vast tax implications affecting same…

IRS Publicizes and Celebrates OVDI Success

- By : Parag Patel

…– GENERAL”). Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and aggresively defends) clients and…

Form 8938, FATCA, FBAR and penalties for all (including bankers)

- 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….

Details of the Streamlined Domestic Offshore Procedures

- 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….

Eleven foreign financial institutions to share their US customer account information

- By : Parag Patel

…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 disclose…

IRS Collects $10 Billion From Voluntary Disclosures of Foreign Assets

- By : Parag Patel

tax obligations, paying more than $9.9 billion in taxes, interest and penalties since 2009. On top of that, an additional 48,000 taxpayers who have not willfully avoid paying taxes have…

India Expected to Sign FATCA Agreement Tomorrow

- 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….

Upcoming 2013 Tax Provisions Which Will Impact Planning Opportunities

- By : Parag Patel

…1, 2013, and the estate tax rate will rise from 35% up to a highest marginal tax rate of 55% for taxable estates greater than $3 million, 60% for taxable…

Watch Out: The NJ Inheritance Tax

- By : Parag Patel

tax, New Jersey imposes a separate Estate Tax. An estate may be subject to the New Jersey Estate Tax even though there is no New Jersey Inheritance Tax payable. For…

IRS reminds those with foreign assets about U.S. tax obligations

- By : Parag Patel

…to file An income tax filing requirement generally applies even if a taxpayer qualifies for tax benefits, such as the Foreign Earned Income exclusion or the Foreign Tax credit, which…

4 tax strategies before Jan. 1 to lower your tax bill under the new tax law

- By : Parag Patel

…the interest so you can get the tax savings in 2017. Another deduction that’s going away in 2018 is for tax preparation services. Ask your accountant now for the invoice…