Navigating the Puzzle: Understanding Form 8938 Audit Triggers
...the account. Foreign banks, therefore, play a crucial role in providing the IRS with data on U.S. taxpayers’ offshore assets. This information is a primary source for the IRS to...
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Navigating Inheritance: The Step-Up in Basis and Recognizing Implied Life Estates After Death
...that can significantly benefit those inheriting assets. This adjustment can lead to substantial tax savings for heirs/recipients. Foreign Inherited Property and Step-Up Basis Many U.S. taxpayers inherit foreign property...
Parag Patel Esq. is a featured speaker at the National Association of Enrolled Agents (NAEA) Basic Foreign Certificate Program
...taxation for tax professionals. Mr. Patel will discuss the tax laws affecting the tax issues surrounding foreign tax topics for US residents with foreign income. Mr. Patel will present courses...
Navigating IRS Form 3520 Part IV for Audit Scrutiny for Foreign Gifts and Inheritances
...a critical part of responsible tax planning. Possible Audit Triggers for Form 3520 Part IV: Non-Filing Above Thresholds: The most direct trigger, even if rare, is the failure to file...
The Impact of DOGE Cuts on IRS Tax Audits and Investigations
...concerns about the IRS’s ability to manage tax audits and investigations effectively. The IRS has struggled to overcome staffing shortages for decades, and DOGE’s goal to shave down the federal...
Beware the Hawala Network: Tax and Legal Risks
...tax risks, particularly under U.S. anti-money laundering (AML) and tax reporting laws. The Bank Secrecy Act (BSA) and USA PATRIOT Act require money service businesses (MSBs) to register and report...
Dangers of Using Cash to Pay Wages
The IRS closely monitors businesses paying wages in cash for potential employment tax violations. Under IRC § 3402, employers must withhold and remit payroll taxes, and failure to do so...
Conservation Easements: A Dangerous Tax Deduction
The IRS is aggressively targeting conservation easements, calling them abusive tax shelters and pursuing audits, penalties, and even criminal charges. Taxpayers who claimed deductions could face full disallowance, massive fraud...
New Offshore Tax Evasion Investigation: Trident Trust
The John Doe summons remains one of the IRS’s most formidable tools for uncovering tax noncompliance among individuals who seek to evade U.S. tax obligations through offshore activities. Unlike a...
Parag Patel Esq. speaker at the National Association of Enrolled Agents (NAEA) Seminar “Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves”
...on January 23, 2025. Seminar description is below: “Criminal Tax: What Tax Professionals Need to Know to Help Clients and Themselves” . The IRS is devoting significant new resources to...
New Seminar “Federal Tax Update: What to Expect for the Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves”
...Unexpecting: What Tax Professionals Need to Know to Help Clients & Themselves” on January 17, 2025. The seminar was 2 hours long and covered numerous important topics including IRS tax...
John Doe Summons: A potent investigative tool used by the IRS
The John Doe summons is a powerful investigative tool employed by the IRS to uncover the identities of taxpayers suspected of noncompliance with federal tax laws. Unlike traditional summonses, this...