Search Results for: international tax
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 Expensive NJ Inheritance and Estate Tax
…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?
…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
…– 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…
REPORTING FOREIGN ASSETS & ACTIVITIES: REQUIREMENTS AND CHALLENGES: Complimentary CPE Presentation
…joined the firm in 2017 and specializes in international taxation and planning strategies. Darko’s tax practice is consumed by international tax matters including U.S. tax aspects of international business such…
Form 8938, FATCA, FBAR and penalties for all (including bankers)
…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
…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….
IRS Collects $10 Billion From Voluntary Disclosures of Foreign Assets
…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
…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….
Eleven foreign financial institutions to share their US customer account information
…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…
Watch Out: The NJ Inheritance Tax
…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…
Upcoming 2013 Tax Provisions Which Will Impact Planning Opportunities
…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…
How to Benefit from Tax Treaties
…met (for example, the taxpayer has entered into an insurance excise tax closing agreement with the IRS); That a treaty exempts from tax or reduces the rate of tax on…
IRS reminds those with foreign assets about U.S. tax obligations
…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
…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…
Still Beware of State Death Taxes…
…estate tax owed is reduced by the inheritance tax paid.) Maryland also imposes an estate tax of up to 16% above a $1 million exemption and a 10% inheritance tax…
Expect Coronavirus Bankruptcies
…advisors should know: 1. Not all taxes are dischargeable in bankruptcy. Only income taxes are dischargeable. Taxes such as payroll taxes, trust fund taxes, or sales taxes cannot be eliminated…
The IRS Large Business and International division (LB&I) has announced a new Loose Filed Forms 5471 compliance enforcement campaign
…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…
Avoiding and Defining Willfulness
…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….
2011 Offshore Voluntary Disclosure Initiative Frequently Asked Questions (FAQs) and Answers
…Patel Law Offices at 732-623-9800 or visit us at www.PatelLawOffices.com. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems….
IRS Publishes Useful Chart Outlining Compliance Options for Offshore Assets
…Non-Resident U.S. Taxpayers that taxpayers presenting “low compliance risk” defined $1,500 in tax due in each of the years should file delinquent tax returns, including delinquent information returns, for the…
New IRS Form 8938 Statement of Foreign Financial Assets is causing significant confusion
…situation should be analyzed by a competent tax attorney. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our…
Bank Leumi: Another Foreign Bank Recommends the IRS Voluntary Disclosure Program
…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…
Difference between Form 8938 and FBAR Requirements
…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…
Beware: India to sign FATCA agreement with US for sharing of information
…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 of U.S. tax consequences to a foreign trust with a U.S. beneficiary
…is taxed to the grantor (i.e., the person who made a gratuitous transfer of assets to the trust). U.S. tax is limited generally to U.S. sourced investment income and income…
No Clawbacks for Gifts if Estate Tax Exemption Changes
Lifetime gift giving can be an effective estate planning strategy for high net-worth clients. Although the estate tax is imposed on the aggregate of the taxable estate and lifetime taxable…
Increase in the annual gift tax exclusion to $14,000
…per year. New Jersey/New York State Estate Tax New Jersey or New York State Estate taxes have not changed. Gifting is an excellent strategy to avoid any state estate tax….
Powerful Post-death Planning Strategies for Trusts and Estates
…to Manage Distributions to Minimize Tax Estate and trust income taxes reach the highest tax bracket of 35% at $11,650 of taxable income for 2012. If residual beneficiaries are in…
Start 2021 with a few New Year’s tax planning resolutions
COVID-related legislation drove a lot of tax changes for 2020 and President-elect Joe Biden has proposed many tax changes for 2021. With tax laws already very complicated, we have some…