The IRS Needs Help
The IRS is a malfunctioning mess. A recent report from the National Taxpayer Advocate, states that the IRS has failed to answer taxpayers’ requests for assistance. I have been a...
Search Results for: sfop/planning-for-tax-minimization/irs-streamlines-its-streamlined-offshore-procedures-with-more-user-friendly-forms
Parag Patel Esq. presents new tax law changes at Broward Chapter of The Florida Society of Enrolled Agents (FSEABC) Webinar
...to Expect”. Mr. Patel will discuss the new tax changes expected this year, including upcoming income taxation changes affecting individuals and small business owners and planning opportunities and traps to...
New IRS procedures for Streamlined Filing Compliance Procedures for 2017 transition tax filers
...August 1, 2021, Taxpayer makes a submission to the Streamlined Foreign Offshore Procedures (SFO). Taxpayer A’s SFO submission includes a Form 14653 and delinquent income tax returns for tax years,...
Unfiled FBAR Penalties Survive Death
...filed U.S. income tax returns for 2005 through 2010. He also did not file an FBAR to report that he had signature authority, control or authority over, or an interest...
FBAR Deadline Automatic Extension
...account disclosures that must now be made on a taxpayer’s annual income U.S. income tax return (e.g. Form 1040, Schedule B; and Form 8938 -“FATCA” disclosure). Beginning for the 2016...
Solution: Streamlined Domestic Offshore Procedures
...file under the Streamlined Domestic Offshore Procedures (SDOP) or the Streamlined Foreign Offshore Procedures (SFOP). Our firm has recently received many inquiries regarding these new IRS Streamlined Offshore Procedures. These...
Dormant foreign corporations not subject to complicated Form 5471 filing requirements
...firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally disclose (and legitimize) foreign assets....
Happy Birthday Streamlined Filing Compliance Procedure
...the disclosure of foreign assets. SFCP has two sub-programs: one for US residents (Streamlined Domestic Offshore Procedures or “SDOP”) and one for non-US residents (Streamlined Foreign Offshore Procedures or “SFOP”)....
What is a SLAT?
...your estate and minimize your potential estate tax, including the SLAT. It is best to talk to an estate tax planning attorney and determine if a SLAT is a good...
New Form 3520 Penalties
...Taxpayer who receives a foreign gift or inheritance totaling over $100,000 (in cash or any assets) in a calendar year. Under the new IRS change, taxpayers who file late are...
Malta pension plans listed on “Dirty Dozen” list of “tax scams”
Last week, the Internal Revenue Service (IRS) placed certain Malta-based pension plan arrangements on its annual “Dirty Dozen” list of “tax scams.” In its recent news release, the IRS warns...
Consequences of Filing False Streamlined Filings
...three years in prison. These cases show that taxpayers should be very careful in making a complete and correct Streamlined disclosure to the IRS. Advisors counseling taxpayers on Streamlined Procedures...