Complicated Form 5471 filing requirements simplified for dormant foreign corporations

- By : P. Patel

  The reporting requirements for IRS Form 5471 are complex, including ‘category of filer’ and required schedules.  However, very few taxpayers know that there are special simplified filing rules for a foreign dormant corporation. IRS Revenue Procedure 92-70, specifies specific,

India issues FATCA Self-certifications and KYC Warnings

- By : P. Patel

The Government of India continues to crackdown on self-certifications and know your customer (KYC) compliance for financial accountholders. Earlier this month the government said that the account holders of any financial institutions need to provide self-certification of compliance under US

IRS Issues Reminders for FBARs and other International Requirements

- By : P. Patel

The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, the agency advised anyone with a foreign

New Jersey Department of Revenue publishes “Manual of Audit Procedures”

- By : P. Patel

On March 7th, the New Jersey Department of Revenue released its “Manual of Audit Procedures” to the public, which is intended to provide a comprehensive overview of the procedures and guidelines available to it for completing all types of audits,

Individuals with disabilities can create their own self-settled trusts

- By : P. Patel

The Special Needs Trust Fairness Act provides that individuals with disabilities can now create their own special needs trusts instead of having to rely on others. The Act was included as Section 5007 of the 21st Century Cures Act which was signed into law