Tax Planning Opportunities for Business Owners
Unless Congress acts quickly, taxes are going up! Although major tax law changes are set to take place in 2013, there are some planning opportunities for business owners: Tax Provisions...
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New Tax Planning Opportunities for High Income Individuals
...Provisions Which May Impact Planning Opportunities ■ Marginal ordinary income tax rates rising. ■ Medicare surtax. ■ Federal estate tax exemption decreasing and rates rising. ■ Federal gift tax exemption...
Upcoming 2013 Tax Provisions Which Will Impact Planning Opportunities
...1, 2013, and the estate tax rate will rise from 35% up to a highest marginal tax rate of 55% for taxable estates greater than $3 million, 60% for taxable...
2012 Offshore Account Criminal Tax Cases
...offshore assets. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their...
IRS Notices for OVDI Program
When the IRS receives payment with amended tax returns for taxes, interest and penalties, the IRS may misapply the payment. This results in IRS notices. Reminiscent of the mistakes of...
Top 10 factors to consider before deciding to opt out of OVDI or OVDP
...the IRS agent assigned to a submission made under OVDI or OVDP, the IRS will be in a position to gauge the strength of the taxpayer’s reasonable cause argument, which...
Foreign Account Tax Compliance Act (FATCA): More Information Sharing Agreements Expected
...Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax problems. Our firm assists (and defends) clients and their advisors to legally...
Short Lived Planning Opportunities for the Rest of 2012
...is a good time to turn that loan into a tax-exempt gift. However, taxpayers who choose this tactic should be careful; the IRS has imposed taxes on forgiven loans in...
2 recent IRS developments that will impact Indian Americans
...last few years, the US Internal Revenue Service (IRS) has been focusing heavily on tracking offshore accounts of its residents and citizens. Today, there are several forms to be filed...
New EZPASS OVDP Without Any Penalties for Non-Resident U.S. Taxpayers
Yesterday, as expected, the IRS announced its new New Filing Compliance Procedures for Non-Resident U.S. Taxpayers that taxpayers presenting “low compliance risk” should file delinquent tax returns, including delinquent information...
Instructions for New Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers
The IRS has announced its new New Filing Compliance Procedures for Non-Resident U.S. Taxpayers that taxpayers presenting “low compliance risk” should file delinquent tax returns, including delinquent information returns, for...
Another foreign bank customer found guilty of foreign income under-reporting and FBAR violations.
...France. Ahuja failed to file an FBAR for 2009 to report his offshore accounts to the IRS. Ahuja’s accountant testified that he never disclosed the existence of his offshore accounts...