IRS Announces New international campaigns
...Tax Credit (“FTC”) Campaign and Individual Foreign Tax Credit (Form 1116) Campaign focus on the foreign tax credit. The corporate FTC campaign specifically relates to taxpayers claiming an FTC under...
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IRS Notice CP 503: IRS Second Notice of Balance Due: What to Do
An IRS CP 503 notice is a letter that the IRS sends out to individuals as a reminder and a means to collect on a tax debt balance. This letter...
IRS Announces New Investigative Units
...see” mentality when it comes to non-disclosure of offshore financial assets, or tax non-compliance more generally, is too risky. The days of hiding offshore assets are over. Taxpayers confronting these...
Taxpayer Tips: Best Practices for U. S. Tax Court
...to the United States Tax Court (Tax Court). Here are some Tax Court practice tips for taxpayers: Know What Tax Court Is Congress created the Tax Court as an independent...
Beware IRS Forms W-8
...from dividends paid by US corporations. W-8BEN Tax Form W-8ECI Tax Form W-8EXP Tax Form W-8IMY Tax Form W-8CE Tax Form There are many different types of W-8 forms....
Powerful Post-death Planning Strategies for Trusts and Estates
...to Manage Distributions to Minimize Tax Estate and trust income taxes reach the highest tax bracket of 35% at $11,650 of taxable income for 2012. If residual beneficiaries are in...
New Court Case Limits the Reasonable cause exception to FBAR penalties
...File FBAR Forms? The United States Tax Code requires U.S. citizens and taxpayers with interest in foreign bank accounts or other financial accounts to file an annual report of those...
IRS Releases New IRS Form W8-BEN: U.S. persons beware of completing such form at the request of a third party
...US corporations. W-8 forms are not the simple tax form the average taxpayer can easily navigate. If you’re one of the few taxpayers required by the IRS to fill out...
New IRS practice unit: “Substantial compliance” doctrine, international information return penalties
...and give insight to taxpayers as to how the IRS will evaluate certain tax situations. The unit specifically deals with penalties associated with Internal Revenue Code § 6038, which assess...
U.S. Taxpayers at New Risk of Audit from OVDP Declines and Withdrawals Campaign
...taxpayer receives a soft letter, the IRS will list a number of options to resolve the taxpayer’s non-compliance, requiring a response from the taxpayer. Examination (audit) by the IRS for...
FATCA Noncompliant Accounts may be Frozen or Blocked
...shared with the IRS. If the US account holder has not properly reported the existence of the account and income earned on the account on US tax returns then significant...
Complicated Form 5471 filing requirements simplified for dormant foreign corporations
...with hundreds of clients regarding their offshore compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our...