Cost of Compliance Rises under OVDP
...amnesty even for willful acts. But for those with the right facts, the IRS Streamlined program is simpler and less costly. US taxpayers considering an OVDP disclosure need to take...
Search Results for: sfop/planning-for-tax-minimization/irs-streamlines-its-streamlined-offshore-procedures-with-more-user-friendly-forms
Delinquent or unfiled IRS Form 5471
...Procedures: The Internal Revenue Service has recently updated the certification forms required to be filed by taxpayers seeking to avail themselves of the Streamlined Filing Compliance Procedures with with 0%...
New Jersey to repeal estate tax
...as the estate tax, New Jersey has an inheritance tax that applies to non-lineal heirs (i.e. not a spouse, children, grandchildren, or remoter issue). The exemption for inheritance tax is...
Substantially Completed Form 5471 is Required to be Filed
...properly complete the forms and schedules can have significant penalty and perhaps other income tax ramifications for taxpayers in years ahead, not the least of which is the statute of...
Resolving IRS disputes through audit reconsideration
...the taxpayer, perhaps because the taxpayer moved and the IRS does not have the taxpayer’s current address; The taxpayer did not appear for an audit, even if the taxpayer decided...
New FATCA Enforcement Expected
...necessarily mean paying tax to the IRS. While the U.S. government does not absolve Americans living abroad from filing tax returns, it does have some beneficial tax rules that often...
Trinidad and Tobago and the United States sign new agreement to exchange of information under FATCA
...unexpected (and the worst) in their tax treatment and disclosure of offshore assets. Patel Law Offices has consulted with hundreds of clients regarding their offshore asset compliance issues. Patel Law...
Taxation of Employment-related Discrimination Claims
Proceeds from a settlement involving an employment-related discrimination case may be taxable to the employee under some circumstances and not taxable in others. Non-taxable settlement amounts: Medical expenses associated...
Planning strategies for small settlements
MYTH: Where a settlement is small (less than $50,000.00), the client should not use a Special Needs Trust or other planning technique, but should simply allow himself (herself) to become...
Article Discusses Termination of Offshore Voluntary Disclosure Program (OVDP) and the Streamlined Filing Compliance Procedures (SFCP)
...US residents (Streamlined Domestic Offshore Procedures or “SDOP”) and one for non-US residents (Streamlined Foreign Offshore Procedures or “SFOP”). Each program has its own set of tailored procedures and eligibility...
NY Art Consultant Indicted for Filing False Tax Returns and Failing to File FBARs
...our partners at the IRS, will follow our investigations of U.S. tax law violations wherever they lead.” The United States IRS also announced “The use of offshore bank accounts to...
Income Taxation of FMLA Claims
...how settlement money should be reported and how it is taxed. FMLA Lawsuit Taxation The only type of lawsuit settlements that are tax-free are payments you receive to compensate you...