Search Results for: international tax
IRS Reminds U.S. citizens and dual citizens about U.S. filing requirements
…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…
Estate Tax Revisit
…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…
The New Tax Law: Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010
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
…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…
65 Day Election on March 6, 2023
…a distribution made within the first 65 days of a new tax year as having been made in the previous tax year. The 65-day deadline applicable to the 2022 tax…
New Tax Laws Predicted
…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
…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
…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)
…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
…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…
No tax = No Passport?
…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…
HSBC Customer Avoids Jail in Tax Evasion Case
…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. …
One Month Countdown: The Deadline is Nearing for U.S. Taxpayers with Undisclosed Accounts to Come Forward
…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…
Foreign Account Tax Compliance Act (FATCA) online registration program is launched
…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…
New 2018 Tax Law’s Individual Tax Changes: New Tax Brackets, Credits and Deductions
…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…
2007 Year-End Tax Planning Tips
…other individual in a lower tax bracket. Kiddie tax changes In 2007, the kiddie tax rules apply to children under age 18. In 2008 and after, they also ensnare most…
A Change in Domicile to Florida Can Help Minimize Taxes
…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
…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…
Penalty relief for International Information Forms 5471, 5472, and 8865
…Delinquent International Information Return Submission Procedures (DIIRSP): The IRS’s Delinquent International Information Return Submission Procedures offer taxpayers a path for mitigating exposure to international information return penalties, in cases where…
The IRS Large Business and International division (LB&I) has announced a new Offshore Private Banking enforcement campaign
…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
…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
…the names of the banks and entities associated with the taxpayers’ offshore noncompliance. This information may incriminate a taxpayer before the Service confirms that the taxpayer is eligible to participate…
Streamlined Filing Compliance Procedure’s New Revisions to Streamlined Domestic Offshore Procedures (SDOP)
…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)…
The Teeth of the Foreign Account Tax Compliance Act (FATCA)
…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….
Visited by IRS Special Agents?
…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….
Latest Guilty Plea for an Another HSBC Offshore Bank Accountholder
…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….
Another HSBC Customer Likely Going to Jail
…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)…
New IRS IRM with Updated Streamlined Filing Compliance procedures
…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…
Numerous Criminal Prosecutions of Taxpayers with Unreported Offshore Accounts
…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 income generated…
The TCJA and the Future of American Taxpayers
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…