...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...
...identify noncompliance and new tax targets. In addition, the data analytics will be used to minimize erroneous IRS notices, which were common in recent years. In summary, the new $45...
Parag Patel Esq. was a featured speaker at the National Association of Enrolled Agents (NAEA) International Tax Certificate Program event from December 12-16, 2022. The five-day educational event focused on...
...2020 that are filed on or before September 30, 2022. Post Sep 30, 2022 Options Taxpayers who missed the September 30 filing deadline for returns covered by Notice 2022-36 should immediately engage...
...Update ” on November 18, 2022. Seminar Summary: The IRS is aggressively targeting taxpayers with unreported foreign accounts and income. Tax professionals must identify the pitfalls of the new world...
...used their entire combined exemption at the end of tax year 2022, such individuals may transfer, as gifts, an additional $860,000 tax-free as of January 1, 2023. A married couple...
...on November 18, 2022. Seminar Summary: With the pandemic fading and new funding, the IRS has ramped up enforcement and tax professionals must be familiar with the latest developments in...
...the IRS to implement a comprehensive remedy including penalty abatements. To its credit, the IRS announced a broad late filing administrative penalty relief program on August 25, 2022, and has...
Parag Patel Esq. was a featured speaker at the National Association of Enrolled Agents (NAEA) LEARN event in Pittsburgh, PA from September 25–27, 2022. The two-day educational event focused on...
A recent court decision from the United States Court of Federal Claims shows the impact of a poorly advised Streamlined Filing Compliance Procedures (Streamlined Program or SFCP) submission. See Flint...
...Required While this penalty relief is welcome, the requirements to file the impacted returns by September 30, 2022, may create a significant challenge. Thus, immediate action may be required for...
...then file missing forms by September 30, 2022. Notice 2022-36 applies only to the forms and penalties specifically noted in Notice 2022-36. Relief is not granted for any other penalties,...
