IRS collects over $5 billion in its its offshore voluntary disclosure programs

- By : Parag Patel

…avoid criminal prosecutions and civil audit examinations. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists…

FATCA Enforcement Softens

- By : Parag Patel

…to come forward 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…

Opting-out or Opting-in of OVDI

- By : Parag Patel

…to opt out. The first taxpayer mistakenly failed to report foreign income on his tax return but, because of foreign tax credits, had no tax deficiency relating to that income….

Benefits and consequences of entering or failing to enter the Offshore Voluntary Disclosure Initiative program

- By : Parag Patel

…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. We welcome…

Government Report Advises IRS to Increase Awareness of Offshore Account Rules to Help Immigrants

- By : Parag Patel

…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…

Top 10 factors to consider before deciding to opt out of OVDI or OVDP

- By : Parag Patel

…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 customer Josephine Bhasin Criminal Sentencing Very Light

- By : Parag Patel

…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….

Another Local New Jersey client of HSBC India Pleads Guilty

- By : Parag Patel

…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….

To Opt Out or Not Opt Out: That is the Question

- By : Parag Patel

…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….

India Signs FATCA Model Intergovernmental Agreement to Share Account Information with the US

- By : Parag Patel

…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….

Uncertainty About The Future Of The Gift And Estate Tax Laws Will Continue

- By : Parag Patel

…For The Possibility Of Estate Tax: The first “non-tax” recommendation is not to ignore the tax laws completely. Given the recent fluctuations in the estate tax exemption, it is wise…

What I learned at the 2022 National Institute on Criminal Tax Fraud and Tax Controversy in Las Vegas

- By : Parag Patel

I just returned from the American Bar Association Section of Taxation’s annual National Institute on Criminal Tax Fraud and Tax Controversy in Las Vegas, which is the largest gathering of…

Common Issues for US-India Tax Reporting

- By : Parag Patel

…into some sort of offshore disclosure program. Are you a US person living in India? In India, resident taxpayers are taxed on their worldwide income. However, non-resident taxpayers are taxed…

New Jersey Tax Amnesty program

- By : Parag Patel

…(Set-Off of Individual Liability) debts from agencies other than the Division of Taxation; local property taxes; fees assessed by the Division of Revenue; Motor Carriers Road Use Taxes; payroll taxes…

Maryland Retail Store Owner Guilty of Tax Fraud and Tax Evasion

- By : Parag Patel

…salary at Company 1, resulting in a tax loss of $70,000 to the IRS. Chawla and Saurabh discussed and agreed on the amounts that Chawla would list on his tax

Tax Strategies to Explore Now

- By : Parag Patel

…the current estate tax exemption amount (“ETEA”). Some tax strategies that we recommend including gifting through a SLAT and residency planning: 1. The feared estate tax increase has likely been…

US Tax Implications of Foreign Life Insurance

- By : Parag Patel

The U.S. tax code contains excellent tax benefits for U.S. (domestic) life insurance companies, and the owners of their life insurance policies. However, for U.S. citizens and U.S. residents to…

Client Case Study: Tax Savings Now

- By : Parag Patel

Joe Biden is the President-elect, and the House and Senate are Democratic. There could be massive tax increases on the wealthy, including estate taxes. Clients that did not complete planning…

Upcoming live video webinar: “FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets”

- By : Parag Patel

…landscape of offshore reporting may occur at any time, so tax counsel should make client taxpayers aware of the potential tax and penalty savings from disclosure. Listen as our experienced panel reviews…

IRS announces an update to its Voluntary Disclosure Practice Preclearance Request and Application

- By : Parag Patel

tax and reporting obligations. The IRS encourages taxpayers to consult with professional tax or legal advisors in determining which option is the most appropriate. A taxpayer’s voluntary disclosure must be…

McCain & Obama’s Estate Tax Plans

- By : Parag Patel

…“retains the estate tax for the top 0.3% of estates in order to restore fairness to the tax system, helping to pay for a tax cut for 95% of workers…

Six Estate Planning Myths

- By : Parag Patel

…Jersey imposes an Estate Tax on assets which exceed the New Jersey “Applicable Exclusion Amount”. New Jersey Estate Tax can be due even where no Federal Estate Tax is due….

PRESIDENT BUSH SIGNS THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008 WITH TAX BENEFITS AND TRAPS FOR THE UNWARY

- By : Parag Patel

…if your total tax liability is zero, you can file to get a refund. Therefore, people who normally don’t have to file tax returns will need to start filing tax

 2020 New Year’s Tax Planning Resolutions: Resolve To Plan Better

- By : Parag Patel

tax uncertainties. It is important to review tax plans and estate plans with all advisors before the upcoming 2020 election. If Democrats win, it is probable that taxes will increase….

New Jersey to repeal estate tax

- By : Parag Patel

tax will be repealed altogether. For non-residents, the proposal eliminates a provision that imposed estate tax on the New Jersey property of non-resident decedents. But inheritance tax remains As well…

Secret Swiss Bank Accounts are No Longer Secret

- By : Parag Patel

Over the past few years, the Tax Division of the United States Department of Justice has been aggressively investigating tax evasion by U.S. taxpayers via offshore bank accounts in countries…

How To Limit An Executor’s Personal Liability For A Decedent’s Unpaid Taxes

- By : Parag Patel

tax pursuant to Code §§ 2204(a) (estate) and 6905(a) (income and gift). Executors can apply for discharge from all three taxes by completing Form 5495. For income and gift taxes,…

NJ Contractor Charged with Criminal Tax Evasion for Unreported Checks

- By : Parag Patel

…four counts of corporate tax evasion, two counts of filing false corporate tax returns, and two counts of failing to file corporate tax returns. According to documents filed in this…

Details of the Delinquent International Information Return Submission Procedures (DIIRSP)

- By : Parag Patel

The Delinquent International Information Return Submission Procedures are one of the four methods for taxpayers with unreported offshore accounts to become compliant. Taxpayers who have failed to file certain international-related…

Internal Revenue Service announces new International Data Exchange Service: The Beginning of Information Sharing

- By : Parag Patel

The Internal Revenue Service announced this week the opening of the International Data Exchange Service (IDES) for enrollment. Financial institutions and host country tax authorities will use IDES to securely…