Top 5 tax fraud recoveries in 2022
...IRS Criminal Investigations Cyber Crime Unit led the seizure and recovery of Bitcoin valued at $4.5 billion that had been stolen during a 2016 hack of the Bitfinex virtual currency...
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Estate Planning: List of To-Do Items
...for your children If you have minor or otherwise legally incapacitated children, a will is the appropriate document in which to designate guardian(s) for your children. It is good practice...
Welcome news from IRS for late Form 3520 penalties
...by submitting a written protest and engaging with an Appeals officer. Though many taxpayers have been able to successfully obtain penalty relief at this level, it can take well over...
New Webinar: An Introduction to the Taxation of Passive Foreign Investment Companies
...by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. Taxpayers are often shocked to see the degree of complexity and punitive tax rates which can arise...
New Webinar: Resolving International Tax Compliance Disputes: FBAR Controversy, Penalties, Appeals, Form 3520/3520-A, Form 5471
...the webinar is below. Our office has 5 FREE registrations. Please email us to receive one! To pay and register click this link for more information: https://www.sp-04.com/r.php?products/tlixfdhgra This CLE/CPE course...
IRS Releases New IRS 2022 FBAR Fact Sheet
...account statements in Japanese yen. Filers would figure the greatest value of the account in yen and then convert it into U.S. dollars. The Financial Crimes Enforcement Network (FinCEN) website...
IRS announces an update to its Voluntary Disclosure Practice Preclearance Request and Application
...situations head-on, before facing IRS enforcement action,” said Doug O’Donnell, Deputy Commissioner Services and Enforcement. “The revised form includes a number of updates, and we encourage people to review the...
How to Avoid Criminal Prosecution Through Voluntary Disclosure
...and the Taxpayer must then cooperate with the examiner in all aspects of providing documents and information. To learn more about the updated Voluntary Disclosure Program go to: https://patellawoffices.com/blog/planning-for-tax-minimization/irs-updated-voluntary-disclosure-practice-is-a-game-changer/ ...
All the Many FBAR Late Filing Procedures
The FBAR or Foreign Bank and Financial Account Reporting or FinCen Form 114 is a form which many U.S. taxpayers are unaware and unfamiliar with and thus many of them...
Expect new aggressive IRS targeted enforcement next year.
...loss of tax revenue. It appears that is about to change. President Biden is about to announce a major new increase in IRS tax enforcement funding to tackle the tax...
Tax Strategies to Explore Now
...be a viable alternative to lower the overall tax burden faced. In changing domicile care must be cautiously taken as each state has its own intent driven indicators such as...
The IRS has woken up.
...filed within each grouping has grown over the same time period. (Internal Revenue Service Data Book, 2019; Table 17a; https://www.irs.gov/pub/irs-pdf/p55b.pdf). The IRS has also embarked on a separate initiative to contact...