Search Results for: international tax
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…
New Report: Delinquent Taxpayers Could be Identified at US Border Crossings
…delinquent international taxpayers. International revenue officers use information obtained through a Customs Hold to attempt to contact the taxpayers while they are in the U.S. or to locate the taxpayers’…
The New DIIRSP: I like the old better
…the taxpayer did not need to file delinquent or amended tax returns to report and pay additional tax, i.e., where the taxpayer had not failed to report tax. The DIIRSP FAQs…
Method to Cure Delinquent or Incomplete Foreign Information Returns Without Penalties
…penalties for failure to file certain international-related information returns when the taxpayer has properly reported all taxable income and paid the applicable tax, but only recently learned that it was…
Substantially Completed Form 5471 is Required to be Filed
…upon as such. Since Dec. 15, 2014, IRS has released over 75 IPUs. Some of the IPUs cover major international tax areas, while others focus on highly specific technical areas….
IRS Provides Form 5471 Information-Filing Relief For Dormant Foreign Corps.
…with a qualified professional well versed in international taxation. IRS: Rev. Proc. 92-70; 1992-2 C.B. 435 SECTION 1. PURPOSE This revenue procedure provides a summary filing procedure for filing Form…
HSBC Bank Expects Significant Penalties from US Government for Violations
…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….
HSBC and NRI Bank Accounts: Could It Spread to Other Banks?
…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 legitimze) foreign…
FBAR compared to Form 8938: Differences, Which to File, When to File, etc.
…holdings and are part of the IRS’ campaign to reduce international tax evasion. The Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN…
What if You Missed the OVDI Deadline?
…to deal with a potentially explosive situation. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists…
Another Bank Discloses Accountholders: Credit Suisse to Turn Over U.S. Account Data
…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….
Sale of Real Property from an Estate
…for the payment of any New Jersey Transfer Inheritance Tax, New Jersey Estate Tax, Federal Estate Tax and debts of the decedent. The N.J. Transfer Inheritance Tax is a state…
Passive Foreign Investment Company Tax & Mark-to-Market (MTM) election
…provide simple instructions when preparing the form or how to calculate any PFIC tax. MTM Elections There are certain “elections” a taxpayer can make to try to limit tax. One…
2016 US Dept of Justice (DOJ) Tax Division: FBAR penalty collection cases
The US Dept of Justice (DOJ) Tax Division recently published it annual summary highlights of civil tax matters. The publication is linked here (Updated through December 16, 2016), and contains…
US Tax Treatment of a UK Self-invested personal pension (SIPP)
…take account of previously taxed income for US purposes. Summary US taxpayers face complications to keep UK pension savings tax-efficient and comply with US tax reporting requirements. Advice is essential….
Tax Planning Opportunities for High Net Worth Individuals
…a few planning opportunities. Tax Provisions Which May Impact Planning Opportunities ■ Medicare surtax. ■ Long term capital gains tax rate rising. ■ Federal estate tax exemption decreasing and rates…
Instructions for New Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers
The IRS has announced its new New Filing Compliance Procedures for Non-Resident U.S. Taxpayers that taxpayers presenting “low compliance risk” should file delinquent tax returns, including delinquent information returns, for…
IRS Announces Increased 2023 Gift Tax Annual Exclusion, Gift, and Estate Tax Exemptions
The Internal Revenue Service recently released the annual inflation adjustments for tax year 2023, which include welcome increases for wealth transfer tax planning. The gift tax annual exclusion will increase…
Our Best Net Investment Income Tax (NIIT) Tax Minimization Planning Strategies
…MAGI. Of course, every taxpayer’s situation is different, and planning for the NIIT requires a very personalized strategy. Talk to your tax advisor or tax attorney to implement these strategies….
Year-End Checklist for 2009
…tax system will be extended for at least one year. However, it is possible that no legislation will be passed and that there will be no estate and GST tax…
Tax preparer sentenced to prison for fraudulent deductions on federal income tax returns
Nearly $3.5 million estimated tax loss over four years A tax preparer was recently sentenced in U.S. District Court in Seattle, to a year and a day in prison for…
Parag Patel Esq. speaks at New Jersey Society of Certified Public Accountants (NJCPA) Webinar “What Tax Professionals Should Know About Trusts and Estates: Estate Tax Reform and the 2021 Planning Window”.
…Estates: Estate Tax Reform and the 2021 Planning Window”. Mr. Patel will discuss the new tax changes expected this year, including the possible lower estate tax exemption, increased tax rates,…
Beware of Overlooked Common Overseas Tax Forms
…of an expat-American tax return. Common Overseas Tax Forms Form 2555 & 2555- EZ: These forms are for calculating your Foreign Earned Income Exclusion (FEIE) and to calculate your Foreign…
New Tax Changes are Blowing in the Wind
…a trade or business (e.g., from a partnership) for taxpayers with taxable income above $400,000 (for single filers) or $500,000 (for joint filers). Under this proposal, all income of taxpayers…
How to Fix an Erroneous Filed Tax Return without Penalties
…examination (audit) of the tax return at issue; IRS contact with any person regarding a tax shelter examination under IRC section 6700 for a tax shelter in which the taxpayer…
Smart Planning for Expected Capital Gains Tax Increases
…the possible drastic change in rates, our smartest clients are planning ahead for future capital gains. Unconventional Tax Planning Conventional tax planning usually defers taxable sales into future tax years…
Parag Patel Esq. speaks at New Jersey Society of Certified Public Accountants (NJCPA) Annual Tax Seminar: “2022 Federal Tax Update and Latest Tax Controversy Hot Topics”.
…tax controversy. We will explore tax collection developments, penalty developments, new voluntary disclosure programs, the latest IRS audit campaign initiatives, and other hot topics in tax controversy. The New Jersey…
No More Delays for FATCA: Get Ready for Disclosure
…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 Rules for FBAR Penalties
…with hundreds of clients regarding their FBAR compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our…
U.S. Signs FATCA Pacts with Malta, Netherlands, Bermuda, Jersey, Guernsey and Isle of Man
…Deputy Assistant Secretary for International Tax Affairs Robert B. Stack in a statement Thursday. “This large number of signings in one week alone sends a strong signal to tax evaders…