...federal income taxes. Federal tax law requires U.S. taxpayers to pay taxes on all income earned worldwide. U.S. taxpayers must also report foreign financial accounts if the total value of...
... Despite the significant risks of not coming forward through one of IRS’s offshore programs, some taxpayers decide to do nothing and remain noncompliant. Other taxpayers have attempted to disclose...
...Offices has consulted with dozens of HSBC clients regarding their offshore asset compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax,...
...income tax return. The general rule is that taxpayers are stuck with a position once they take it on a tax return filed the IRS. However, there is one obscure...
...his gain from the offense, together with the costs of prosecution. Gupta agreed to file true and accurate tax returns and to pay to the IRS all taxes and penalties...
Following the IRS’ successful 2009 and 2011 offshore voluntary compliance initiatives, tax professionals should expect an increase in IRS examination activity of taxpayers who did not enter into these compliance...
...crackdown on offshore tax evasion since 2008, the U.S. Justice Department has charged dozens of U.S. taxpayers as well as more than two dozen offshore bankers, lawyers and advisers. Ahuja...
...the credit is first applied to the taxpayer’s New Jersey Gross Income Tax liability. Any excess is refunded. For corporate business investors, if the tax credit amount exceeds the taxpayer’s...
...has consulted with hundreds of clients regarding tax fraud issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems....
...of clients regarding offshore voluntary compliance issues. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists...
The IRS recently increased the annual gift tax exclusion from $13k to $14K in 2013. The annual gift tax exclusion is the amount you and your spouse can each gift...
The 2012 National Taxpayer Advocate (NTA) Annual Report to Congress criticized current IRS practices in the Offshore Voluntary Disclosure Program (OVDP) that hinder voluntary compliance by penalizing taxpayers who are...
