Comments on IRS Form 3520 to Report Foreign Gifts
...the chilling effect on compliance and reporting as taxpayers will not be fearful of penalties being assessed for multiple years when trying to come into compliance for the first time....
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REPORTING FOREIGN ASSETS & ACTIVITIES: REQUIREMENTS AND CHALLENGES: Complimentary CPE Presentation
...FBAR penalties Summary of most common international tax reporting forms RSVP: https://www.wgcpas.com/reporting-foreign-assets-activities-requirements-and-challenges/ CPE: 1.5 NJ credits WHEN: Monday, April 24th, 2023 Networking & Snacks: 6:00-6:30 PM CPE Seminar: 6:30-8:00 PM...
Foreign Gift Received: Form 3520 Penalties Eliminated in New Court Case
The US DOJ Tax Division recently conceded penalties assessed against a police officer for failing to file informational returns on for a foreign gift. Krzysztof Wrzesinski, a Polish-American citizen, had...
Sales Tax for Home Improvements
...a leaky roof or faulty plumbing, also fall into the nonexempt category, because they merely maintain the existing value of the property, as opposed to increasing its total value. How...
IRS Listens, and Postpones Increased Form 1099 Reporting for PayPal and Venmo
...lowering the threshold for Form 1099-K reporting by a year. The $20,000 and 200 transactions thresholds remain in place through December 31, 2023. The rules for reporting income are not...
Estate Planning: List of To-Do Items
The idea of a visit to an attorney for your estate planning can be unsettling and daunting for many people. As a result, people often procrastinate. To help facilitate the...
New Portability Election Extension Prevents Lost Estate Tax Exemption
...obtaining the extension as detailed in Rev. Proc. 2022-32, including a statement that the return is being “Filed Pursuant to Rev. Proc. 2022-32 to Elect Portability under Section 2010(c)(5)(A).” This...
IRS Announces Increased 2023 Gift Tax Annual Exclusion, Gift, and Estate Tax Exemptions
...make gifts in an amount up to $17,000, in total, on an annual basis to any recipient without making a taxable gift, and married couples who elect to gift-split may...
Wash Sale Benefits for Cryto Investors
...loss benefits. WHAT IS A WASH SALE? The wash sale rule prohibits selling securities at a loss and reacquiring them within 30 days. A wash sale occurs when you sell...
What is the U.S. tax on Inheritances from a Non-U.S. Person to U.S. Person?
...this article, the IRS has a keen interest in learning about U.S. taxpayers receiving foreign assets and the continued reporting of income from these non-U.S. assets. The initial reporting of...
From Hong Kong With Love…
...Received During the Current Tax Year from Foreign Persons”. Part IV of Form 3520 asks you to list certain gifts or bequests received during the tax year from foreign persons....
Forms 3520, 5471 and 5472 Penalty Relief
...from tax practitioners indicates that these requests are routinely being denied. Following a denial from the service center, taxpayers may appeal the decision by submitting a written protest and engaging...