IRS reminds those with foreign assets about U.S. tax obligations

- By : P. Patel

The IRS again reminded taxpayers yesterday about their reporting obligations for foreign assets and income. The reminder again represents the IRS’ targeted enforcement of tax laws for reporting obligations for foreign assets and income. Taxpayers should take notice and become compliant. The

FBAR statute of limitations court case ruling

- By : P. Patel

In its first decision of 2018, the US Tax Court considered whether the six-year statute of limitations in Code Section 6501(e)(1)(A)(ii) applied to a taxpayer who failed to file Foreign Bank Account Reporting, or FBAR forms from 2006 through 2008.

IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017

- By : P. Patel

The Internal Revenue Service advised tax professionals  today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The new tax law signed last week in Washington prohibited the deduction of prepaid

New 2018 Tax Law’s Business Tax Changes

- By : P. Patel

President Donald Trump signed the new 2018 tax law “Tax Cuts & Jobs Act” (TCJA) last week.  The new TCJA law is a sweeping overhaul of the tax code. Generally, the provisions in the TCJA take effect on January 1,

New 2018 Tax Law’s Individual Tax Changes: New Tax Brackets, Credits and Deductions

- By : P. Patel

President Donald Trump signed the new 2018 tax law “Tax Cuts & Jobs Act” (TCJA) last week.  The new TCJA law is a sweeping overhaul of the tax code. Generally, the provisions in the TCJA take effect on January 1,

4 tax strategies before Jan. 1 to lower your tax bill under the new tax law

- By : P. Patel

  Give more to charity in 2017. Have you been meaning to donate? If so, get it done by year’s end. It helps reduce your income this year when tax rates are higher. Plus, you might not end up itemizing

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

Avoiding and Defining Willfulness

- By : P. Patel

U.S. taxpayers with unreported foreign accounts or assets are in a challenging position. The IRS has repeatedly announced that it is devoting resources to finding and penalizing taxpayers who do not disclose such offshore accounts and assets. In addition, many U.S. taxpayers,

Common Issues for US-India Tax Reporting

- By : P. Patel

US-India Cooperation: In 2015, India and the US signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA) that will facilitate exchange of information between the two countries starting on October 1, 2015. Under the  agreement, Indian financial