U.S. Tax Court: What to Expect
...the IRS made and include a brief description of why you believe these are errors. The Petition must also be signed and include the taxpayers’ name, address and phone number....
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The Misunderstood Extension of time to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
...not be extended unless the taxpayer files an extension request with respect to the underlying tax return. This includes IRS Form 8938 (Statement of Specified Foreign Financial Assets), IRS Form...
India issues FATCA Self-certifications and KYC Warnings
...Foreign Account Tax Compliance Act (FATCA). FATCA is part of the U.S.’s answer to tracking money hidden in offshore accounts so it can be brought into the US tax net....
IRS Issues Reminders for FBARs and other International Requirements
...to taxpayers who hold interests in either of two popular Canadian retirement plans. This was part of an IRS change announced in October 2014 making it easier for taxpayers with...
How To Limit An Executor’s Personal Liability For A Decedent’s Unpaid Taxes
...the IRS forms he or she should file, when he or she knows or suspects the decedent has unpaid taxes. EXECUTOR LIABILITY FOR DECEDENT’S UNPAID TAXES Pursuant to Code §...
Using the 65-day rule as an opportunity for income tax savings for estate
One of the tax planning tools available to executors of estates is the 663(b) election, also known as the “65-day rule.” Simply put, a 663(b) election allows distributions made to...
New Jersey Department of Revenue publishes “Manual of Audit Procedures”
...nexus, and various subjects related to specific tax types (e.g., sales and use tax and corporation business tax). The Division explains that it will update this manual periodically to reflect...
2016 US Dept of Justice (DOJ) Tax Division: FBAR penalty collection cases
...penalty amount for which DOJ Tax will spend significant resources to pursue penalty collection. In light of the increased penalty collection enforcement, taxpayers may wish to further explore IRS voluntary...
Individuals with disabilities can create their own self-settled trusts
...individual lacks the mental capacity to handle this aspect of their financial affairs. This has resulted in unnecessary delays and legal and court costs for individuals who wish to establish...
IRS Announces new OVDP Declines-Withdrawals Campaign
...the IRS Offshore Voluntary Disclosure Program. Entitled, “OVDP Declines-Withdrawals Campaign,” this area of focus involves taxpayers who have applied for the offshore voluntary disclosure program through the pre-clearance process, but...
Avoiding and Defining Willfulness
...To take advantage of these new procedures, individuals must demonstrate to the satisfaction of the IRS that their conduct was not “willful.” At the heart of the streamlined procedures, taxpayers...
Common Issues for US-India Tax Reporting
...into some sort of offshore disclosure program. Are you a US person living in India? In India, resident taxpayers are taxed on their worldwide income. However, non-resident taxpayers are taxed...