Search Results for: international tax
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…
Trinidad and Tobago and the United States sign new agreement to exchange of information under FATCA
…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…
New IRS Subpoenae and IRS Data Mining Expected
…asset 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…
2011 Offshore Voluntary Disclosure Initiative (OVDI)
…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 Resources regarding 2011…
How to Defend Against FBAR Penalties
…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 Key Milestone in FATCA Implementation; U.S. Begins Reciprocal Automatic Exchange of Tax Information under Intergovernmental Agreements
…taxpayer data while facilitating reciprocal automatic exchange of tax information with certain foreign jurisdiction tax administrators as specified under the intergovernmental agreements (IGAs) implementing FATCA. “Meeting the Sept. 30 deadline…
How to Avoid Jail and Clean Up Tax Problems
…penalties and possible jail time for criminal tax evasion. Few tax professionals are aware of an Internal Revenue Service program that can help taxpayers clean up past troublesome tax issues…
Important Provisions of the American Taxpayer Relief Act of 2012
…$425,000 taxable income, and single filers with $400,000 of taxable income. The existing tax brackets for lower income thresholds were not changed. Long Term Capital Gains. Although the long term…
Top myths of US tax compliance for Foreign Accountholders
…tax dodgers. The most well-known part of this effort is FATCA, the Foreign Account Tax Compliance Act. Under FATCA, US taxpayers are required to report the value of foreign financial…
Sales Tax for Home Improvements
…pay sales tax to the material suppliers and also pay on any taxable services. Should a contractor purchase materials tax-free or at a reduced tax rate in another state for…
President-elect Obama’s tax plan
Tax-Plan Highlights Here are some of the details of President-elect Obama’s tax plan. INCOME TAX Maintain current tax rates of 10% to 28% for most Americans. Reinstate top tax rates…
Quarantine Tips for Tax Savings
…childcare expenses. Not taxable to worker: no payroll taxes, no withholding, etc. No $ limit. No plan document required. Consider recommending/making Section 127 tax-free deductible (a rare combo) payments up…
Estate tax future unclear
…the future tax burden will be. Among the questions that my clients face are how much life insurance to buy to help pay the tax and how to arrange policy…
Traveling? Resolve Tax Debt Before Getting Your Passport
…of their seriously delinquent tax debt. They include the following: Paying the tax debt in full, Paying the tax debt timely under an approved installment agreement, Paying the tax debt…
Parag Patel Esq. speaks at NJCPA Seminar ” Federal Tax Update and Latest Tax Controversy Hot Topics”
…Hot Topics“. Seminar descriptions is below: Federal Tax Update and Latest Tax Controversy Hot Topics With new funding, the IRS has ramped up enforcement, and tax professionals must be familiar…
Democratic Win Means Estate Tax Law Changes
…plans have been fully revived. As such, we anticipate tax changes impacting estate planning: Decrease in Federal Estate Tax Exemption: Perhaps the most significant change proposed under Biden’s estate tax…
Watered-Down Build Back Better (BBB) For High-Income Taxpayers
…highest individual income tax rate to 39.6% Removed Capital gains tax rate Raise long-term capital gains tax rate to 25% Removed Net investment income tax (NIIT) Apply the 3.8% NIIT…
IRS Revises Delinquent International Information Return Submission Procedure (DIIRSP)
…which gave automatic penalty relief, but was only available to taxpayers who were fully tax compliant. The Delinquent International Information Return Submission Procedures clarify how taxpayers may file delinquent international…
IRS Warning Letter Warns Foreign Business Owners About Section 965 Transition Tax Enforcement
…last taxable year of the SFC beginning before January 1, 2018, and report this amount on their returns for the taxable year in which or with which their SFC’s taxable…
Parag Patel Esq. Speaks at NJCPA Seminar on”Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves”
…tax issues. We will discuss solutions for non-compliant taxpayers. Experienced tax attorney Parag Patel has handled hundreds of complex tax matters for clients. The New Jersey Society of Certified Public…
Estate Planning: Not Only for the Rich
…assets to make their heirs liable for estate taxes. In the United States, estate taxes are the highest and most progressive of the government’s tax rates where the highest estate…
Short Lived Planning Opportunities for the Rest of 2012
…person has the ability to gift or dispose of assets at death of up to $5,120,000 without the imposition of a gift tax, estate tax or a generation-skipping transfer tax….
IRS Letters and Notices Offering an Appeal Opportunity
…with the Office of Appeals. Letter 531 – Notice of Deficiency You will get this letter if you owe additional tax or other amounts for the tax year(s) listed in…
Expect new aggressive IRS targeted enforcement next year.
…with increased tax enforcement. In fact, I recommend taxpayers get independent tax legal counsel to review complex tax returns (beyond the regular tax preparer). To schedule a free tax planning strategy…
US passport and green-card has lost its glamour
…children, or relatives. Those doing so may further complicate their situation since the US has an elaborate gift tax regime, which taxes most gifts. To minimize US tax, green-card holders…
New Tax Planning Opportunities for High Income Individuals
…surtax purposes, taxable distributions from qualified plans and IRAs will be includible and increase a taxpayer’s modified adjusted gross income for Medicare surtax purposes in the years taxable distributions are…
Off the Cliff Commentary About the New 2013 Tax Law
…the economy no longer needs such stimulus. Extension of various tax extenders, including Child Tax Credit, Earned Income Tax Credit, American Opportunity Tax Credit, and renewable energy incentives. Stay tuned!…
How to Respond to an IRS CP3219N Notice of Deficiency (90-day letter)
…tax and actions to collect it. Whether you are handling the case yourself or you hire a tax lawyer, the U.S. Tax Court cannot hear your case if you miss…
Tax Planning Opportunities for Business Owners
Unless Congress acts quickly, taxes are going up! Although major tax law changes are set to take place in 2013, there are some planning opportunities for business owners: Tax Provisions…
Foreign bank account reports (FBARs) and the 2011 Offshore Voluntary Disclosure Initiative (2011 OVDI)
…rather than the reduced 25% penalty under the 2011 OVDI. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems….