Tax and Estate Planning Law Center [rev_slider_vc alias=”homeslider2″] [attorney_practice_area_shortcode main_title=”PRACTICE AREAS ” practice_one_title=”Tax Law Services” practice_one_description=”We are an experienced tax law firm serving clients nationwide.” practice_one_link=”https://www.patellawoffices.com/blog/tax-law-services/” practice_two_image=”353″ practice_two_title=”Foreign Asset Planning”...
...for a total of 23.8%, which is favorable compared to the top ordinary federal income tax rate of 39.6%. Capital gains in PFICs, however, are effectively taxed at the highest...
The most common FBAR reporting mistake is simply failing to file. Some U.S. persons continue to deliberately conceal assets in secret offshore bank accounts in the hope of evading U.S....
...being filed pursuant to the “IRS’s Delinquent FBAR Submission Procedures.” 3. File Pursuant to the IRS’s Streamlined Filing Compliance Procedures The IRS’s Streamlined Filing Compliance Procedures (commonly referred to as...
...for several years to create a more logical flow of information and help taxpayers and tax professionals in filing timely and accurate tax returns. The new law harmonizes the FBAR...
...Specified Foreign Financial Assets Foreign Trusts Reporting Forms Form 3520-A Annual Information Return of Foreign Trust With a U.S. Owner Form 3520 Annual Return to Report Transactions With Foreign Trusts...
...under investigation by IRS and Department of Justice G. 110 clients turned over to IRS by Swisspartners If you have risk of discovery of tax non-compliance, you must seek the...
...the preparer confirm possibly erroneous advice? — Did the taxpayer use an accountant or paid return preparer to prepare the tax returns? If so, was the taxpayer given a tax...
...improvement in mutual cooperation to combat offshore tax evasion and will benefit both the countries. “I am confident working together we can detect, deter and discourage offshore tax evasion, increase...
India is expected to sign an inter-governmental agreement (IGA) for the US tax compliance law Foreign Account Tax Compliance Act (FATCA) tomorrow. FATCA is aimed at combating possible tax evasion...
...whose gross receipts for a taxable year are $20 million or less. Taxpayers should review their previously filed returns and consult with their tax advisors as necessary to determine whether...
...foreign banks and other offshore accounts by US taxpayers. These locations are often touted as “safe havens” from US taxing authorities. The law went into effect on July 1, 2014,...
