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,

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

New Form Updates for Foreign Accounts

- By : P. Patel

The government has made a few recent form updates regarding the filing requirements for the following forms:  FinCEN Form 114 (Report of Foreign Bank and Financial Accounts) – automatic extension granted  Form 8938 (Statement of Specified Foreign Financial