Maryland Retail Store Owner Guilty of Tax Fraud and Tax Evasion
...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...
Search Results for: sfop/planning-for-tax-minimization/irs-streamlines-its-streamlined-offshore-procedures-with-more-user-friendly-forms
Specific Steps for Applying to the IRS Streamlined Foreign Offshore Procedures
...each and every tax return and informational return being submitted under the streamlined procedures. As the next step in the streamlined procedures, the taxpayer must submit payment of all tax...
Welcome news from IRS for late Form 3520 penalties
...campaign has been retired, the IRS will continue asserting penalties for late, incomplete or inaccurate Forms 3520-A and Forms 3520 as provided in its penalty assessment procedures. Taxpayers should therefore remain...
The IRS’s 2022 Dirty Dozen tax scams
...tax avoidance strategies. The IRS warned taxpayers to watch out for promoters peddling these schemes. As part of its mission, the IRS is focused on high-income taxpayers who engage in...
Tax preparer sentenced to prison for fraudulent deductions on federal income tax returns
Nearly $3.5 million estimated tax loss over four years A tax preparer was recently sentenced in U.S. District Court in Seattle, to a year and a day in prison for...
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
...complicated rules and regulations. The IRS is increasingly more effective at identifying noncompliant taxpayers. Possessing an in-depth understanding of international tax rules and regulations will assist counsel and tax advisers...
How to Benefit from Tax Treaties
...met (for example, the taxpayer has entered into an insurance excise tax closing agreement with the IRS); That a treaty exempts from tax or reduces the rate of tax on...
FBAR compared to Form 8938: Differences, Which to File, When to File, etc.
...submit Form 8938 and/or FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) to the IRS. These forms are used by the IRS to keep track of your foreign...
An exception to PFICs in Foreign Pension Plan Accounts
...become US persons while owning such interests). Typically, foreign mutual funds are deemed PFICs, which lead to onerous tax reporting. The Treasury and IRS recently released regulations that provide guidance...
Passive Foreign Investment Company Tax & Mark-to-Market (MTM) election
...provide simple instructions when preparing the form or how to calculate any PFIC tax. MTM Elections There are certain “elections” a taxpayer can make to try to limit tax. One...
IRS Releases New IRS 2022 FBAR Fact Sheet
...FBAR, taxpayers file Form 8938 with their federal income tax returns. Depending on a taxpayer’s situation, they may need to file Form 8938 or the FBAR or both, and may...