Yesterday the IRS announced transition relief for individuals and businesses receiving Form 1099-K, Payment Card and Third-Party Network Transactions, with new reporting thresholds for 2024 and 2025. This pertains to payments from Venmo, Paypal, Stripe
In a case that highlights the serious consequences of payroll tax fraud, two men from Camden, New Jersey, were indicted for conspiring to defraud the Internal Revenue Service (IRS) and allegations of concealing cash wages
Abdel Elgendy, a resident of Middlesex County, has earlier this year admitted to structuring over $250,000 in cash deposits to avoid federal reporting requirements. His guilty plea, entered before a U.S. District Judge, underscores the
With the upcoming elections, client advisors are likely to receive questions from clients about the tax implications of the Trump and Harris tax plans. Here is a concise comparison to help clients understand key differences
Parag Patel Esq. will be a featured speaker at a New Jersey Society of Certified Public Accountants (NJCPA) Seminar entitled “2024 Federal Tax Update and Latest Tax Controversy Hot Topics” on October 18, 2024. The
We have counseled many clients with the IRS Form 3520 filings this year, which were due October 15, the extended due date. One common question that arose is how to sign and file the form.
For new immigrants to the United States, understanding your tax obligations is essential for a smooth transition into the American system. The IRS has recently provided a detailed resource to guide new immigrants through the
The IRS’s Voluntary Disclosure Practice (VDP) allows noncompliant taxpayers who have failed to meet their tax obligations to come into compliance and avoid criminal prosecution. Financially, the VDP offers the benefit of reduced penalties compared
Last week, the owner of a local construction company in New Jersey admitted he cheated the IRS out of about $1.35 million in taxes. Alain Rodrigues, 49, of Old Bridge evaded taxes and filed false
On August 15, 2024, the IRS introduced a second voluntary disclosure agreement (VDA) program targeting companies that have claimed the employee retention credit (ERC) as provided by the CARES Act. Businesses that may have received
The US Supreme Court’s recent reversal of the Chevron doctrine in the Loper Bright Enterprises v. Raimondo case has significant implications for disputed tax matters. Here are some of the key potential impacts: Overall, the
I was a principal author on behalf of the American Bar Association in preparing 60+ pages of comments submitted to the Internal Revenue Service (IRS) on proposed regulations concerning foreign trust transactions and recipients of
