Rare Supreme Court Ruling Favors Taxpayers!
...their passports. Congress added another set of forms starting in 2011 with the Foreign Account Tax Compliance Act. The case is a rare win for taxpayers with foreign accounts. However,...
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Demystifying IRS Agents
...taxpayers. In my decades of experience as a tax attorney defending taxpayers on complex tax examinations (e.g., audits), I found IRS Agents to be normal people just like you and...
New Rules: New Jersey Finally Follow Federal S Elections
...for any taxable year at any time during the preceding taxable year or at any time on or before the due date or extended due date of the corporation’s tax return....
Top 5 tax fraud recoveries in 2022
Tax fraud can take many different forms. Below are the top federal tax fraud cases last year. Crypto Seizures: more than $7 billion. In February, 2022, it was announced that...
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...
New FATCA / CRS reporting penalties in India
The new 2023 Tax Budget in India has many new proposals. However, the most important proposal for investors, especially non-resident Indians, is a new penalty for providing inaccurate information for...
65 Day Election on March 6, 2023
...a distribution made within the first 65 days of a new tax year as having been made in the previous tax year. The 65-day deadline applicable to the 2022 tax...
High Penalties for failure to file an FBAR: Not Really Enforced (yet)?
...you have properly reported the income from the accounts on your U.S. tax returns and have not yet been contacted by the IRS. Larger account values or multiple accounts could...
IRS Audits of Millionaires Remain Very Low
...tax returns and wealthy tax evaders and a legislative push for increased funding for the agency, the likelihood of a millionaire being audited in 2022 was just 1.1%. Instead, data...
IRS Listens, and Postpones Increased Form 1099 Reporting for PayPal and Venmo
As a result of taxpayer confusion, lack of guidance, concerns about the existing backlog, and impact on the upcoming filing season, tax professionals urged the IRS to postpone the implementation...
Accountant-Client vs Attorney-Client Confidentiality
...practice before the IRS. Furthermore, the confidentiality does not apply to criminal proceedings, documents needed to prepare a tax return, or communications regarding tax shelters. For example, if you are...
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...