American Bar Association Publishes Article Entitled “Tax Law” in the October/November 2006 issue of American Bar Association’s GPSOLO magazine

- By : Parag Patel

…local tax areas, federal tax, and international tax. Within each jurisdiction, there are many subspecialties. Tax attorneys can be found in many employment settings, in both the public and private…

ABA COMMENTS ON THE 2014 OFFSHORE VOLUNTARY DISCLOSURE PROGRAM AND THE STREAMLINED PROGRAMS

- By : Parag Patel

…file amended tax returns and pay taxes for eight previous years. This requires taxpayers to pay taxes for years in which the statute of limitations has already expired. Despite being…

The Tax Issues of Expatriation

- By : Parag Patel

…expatriation is a viable solution to getting out of the onerous US tax system. Unfortunately, US tax law prevents US taxpayers avoiding US tax liability by renouncing their US citizenship…

Full Analysis of Updated 2012 OVDP Program

- By : Parag Patel

taxable income to come forward voluntarily and resolve their tax matters, taxpayers who reported and paid tax on all of their taxable income, but did not file FBARs, should not…

2008 Year End Estate and Trust Taxes and Planning: Before It’s Too Late!

- By : Parag Patel

Although year-end tax planning generally focuses on income taxes, a thorough year-end tax assessment should include reviewing your estate plan and estate tax situation as well. In 2008, the highest…

IRS Passport Revocation or Denial for Unpaid Taxes

- By : Parag Patel

…passports of taxpayers with seriously delinquent tax debts. The IRS plans to start using this penalty in January 2018. Specifically, if you have a so called “seriously delinquent tax debt”,…

Beware: IRS Reminds Taxpayers of FBAR Deadline

- By : Parag Patel

tax credit, that substantially reduce or eliminate their U.S. tax liability. These tax benefits are not automatic and are only available if an eligible taxpayer files a U.S. income tax

India and the US have agreed to collaborate on offshore tax evasion

- By : Parag Patel

…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 disclose (and…

A limited opportunity for generous gift tax exclusions

- By : Parag Patel

…in lower income tax brackets, the gifting program may produce income tax savings. In addition, the gifted assets will avoid New Jersey estate tax because there is no gift tax

INHERITANCE TAXES IN NEW JERSEY RATES

- By : Parag Patel

…intangible personal property wherever located. A tax return must be filed whenever any tax is due. The tax is a lien on all property for 15 years, unless paid sooner…

Internal Revenue Service again issues annual reminder to US persons to report foreign accounts and foreign income

- By : Parag Patel

…preparers. International taxpayers will find the online IRS Tax Map and the International Tax Topic Index to be valuable sources of answers. The IRS also has videos to assist international

IRS Announces New Investigative Units

- By : Parag Patel

…to maximize the Division’s resources in light of budgetary concerns. International Tax Enforcement Group The International Tax Enforcement Group (“ITEG”) is dedicated to developing significant international tax investigations, building on…

Introduction to Estate Planning

- By : Parag Patel

…gift (“donor”) who is taxed, not the donee. 2. Estate Tax The federal estate tax is a tax levied on the property owned by the decedent at death. The tax

Fifth HSBC India Customer indicted for tax evasion this year

- By : Parag Patel

…held at HSBC, to come forward before the government contacts them. Patel Law Offices is a law firm dedicated to helping clients resolve complicated tax, criminal tax, and international tax

2009 Year-End Estate Planning News

- By : Parag Patel

…the estate tax and GST tax are to return, with a top rate for each of 55%. While the estate tax and GST tax are scheduled to be repealed under…

IRS Announces New international campaigns

- By : Parag Patel

Tax Credit (“FTC”) Campaign and Individual Foreign Tax Credit (Form 1116) Campaign focus on the foreign tax credit. The corporate FTC campaign specifically relates to taxpayers claiming an FTC under…

A solution in a tough tax season: the IRS Streamlined Offshore Procedures

- By : Parag Patel

…and income compliance issues. 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…

More Tax Complexity: New Form 8938

- By : Parag Patel

tax treatment and disclosure of 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…

Analysis of the new 2012 Offshore Voluntary Disclosure Program (OVDP)

- By : Parag Patel

…benefits. 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 advisors…

New 2018 Tax Law’s Business Tax Changes

- By : Parag 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,…

Another foreign bank customer found guilty of foreign income under-reporting and FBAR violations.

- By : Parag Patel

…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 disclose (and legitimize)…

IRS posts its “wins” involving offshore accounts

- By : Parag Patel

http://www.irs.gov/uac/Offshore-Tax-Avoidance-and-IRS-Compliance-Efforts Offshore Tax-Avoidance and IRS Compliance Efforts The IRS continues to uncover abusive tax-avoidance schemes involving offshore activity. Find information here pertaining to Union Bank of Switzerland (UBS). Aug. 19,…

Taxpayer Tips: Best Practices for U. S. Tax Court

- By : Parag Patel

…to the United States Tax Court (Tax Court). Here are some Tax Court practice tips for taxpayers: Know What Tax Court Is Congress created the Tax Court as an independent…

IRS list of “dirty dozen” tax scams

- By : Parag Patel

tax, deductions for personal expenses and reduced estate or gift taxes. Such trusts rarely deliver the tax benefits promised and are used primarily as a means to avoid income tax

The IRS publishes new proposed regulations for tax on transfers from covered expatriates

- By : Parag Patel

taxable gifts by a covered expatriate and for taxable estates of a covered expatriate, i.e., property that is otherwise subject to U.S. gift or estate tax by the covered expatriate…

The IRS has woken up.

- By : Parag Patel

…$50,000 in tax while close to 2,000 taxpayers owe more than $1 million. In addition to the taxes, delinquent taxpayers will be subject to late payment and late filing penalties….

NJ Inheritance Tax

- By : Parag Patel

…is not considered to be as important as income tax. Inheritance Tax in the United States In the United States, two things are taken into consideration when imposing inheritance tax

Global Enforcement of FATCA: Something to Worry About

- By : Parag Patel

…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 disclose (and legitimize) foreign accounts….

New IRS guidance Announced for IRS Streamlined Offshore Procedures.

- By : Parag 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 advisors to legally…

Beware IRS Forms W-8

- By : Parag Patel

…from dividends paid by US corporations. W-8BEN Tax Form W-8ECI Tax Form W-8EXP Tax Form W-8IMY Tax Form W-8CE Tax Form   There are many different types of W-8 forms….