Differing Laws of New Jersey and Florida
New Jersey has one of the highest income taxes in the nation. New Jersey’s income tax rate can range from 1.4% to 8.97% on state income. The state of Florida has no state income tax.Ensuring your move meets legal criteria
If you are planning a move, or you currently spend time in both states but are unsure which state is your legal residency, you need an experienced lawyer from both jurisdictions to make certain you take the right steps to legally change your domicile.Evidence of Intent to Establish New Domicile
There are several steps that you should take in order to legally establish a new domicile.Top reasons to become a Florida resident
There are many benefits to becoming a Florida resident.Meet Mr. Patel
Mr. Patel’s expertise is in all stages of tax controversies including international tax
law, foreign bank account
Mr. Patel is a graduate of Georgetown (J.D.) and New York University (LL.M tax) law schools, which are the top 2 tax law schools in the United States. Mr. Patel is a Board Certified Tax Law Attorney, Board Certified Estate Planning Law Specialist, Board Certified Elder Law Attorney, and frequent speaker on legal issues affecting tax, offshore tax planning, and estate planning.
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About Us
Patel Law Offices’ goal is to achieve our clients’ objectives in the most creative, responsive, and cost-effective manner.
Our International Tax Attorney team represents clients nationwide and globally in IRS offshore and voluntary disclosure solutions. We have counseled clients in over 1000 voluntary disclosure matters and are one of the most experienced IRS offshore and voluntary disclosure law firms.
Each case is led by Mr. Patel, who is a Board Certified Tax Law Lawyer. Our International Tax Attorney team concentrates in IRS offshore and voluntary disclosure solutions for undisclosed accounts, assets and investments including Streamlined Domestic Offshore
Reviews
Nicholas Visco ★★★★★
Extremely knowledgeable and well versed in probate matter. Mr. Patel and his team have been excellent to work with.
navnit patel ★★★★★
Parag Patel is an excellent tax lawyer. He is a very approachable and answers all questions in detail and in a way that is easy to understand. If you have any offshore tax issues he is the guy you want to talk to. Highly recommended by me and my family.Latest Blog Posts
Automatic Form 5471 and 5472 Penalties in Spotlight by 2020 National Taxpayer Advocate Report
IRS National Taxpayer Advocate yesterday released her 2020 annual report to Congress yesterday. Federal law requires the Annual Report to Congress to identify the “most serious problems” encountered by taxpayers and to make administrative and legislative recommendations to mitigate those problems. Among the “most serious problems” addressed is the IRS’s trea…
Client Case Study: Tax Savings Now
Joe Biden is the President-elect, and the House and Senate are Democratic. There could be massive tax increases on the wealthy, including estate taxes. Clients that did not complete planning in 2020 should be advised to use their gift exemptions before they may be changed. There are many gifting strategies consider no…
Democratic Win Means Estate Tax Law Changes
The results of the Georgia Senate election are in and Democrats have secured a Senate majority. As a result, we expect tax changes. President-elect Joe Biden’s tax plans were laid out during his campaign last year. However, we did not expect Biden to be able to implement much of his agenda becaus…
Canceled Debt: Taxable or Not
During the pandemic many clients’ businesses have adversely impacted by lockdowns and many negotiations between borrowers and lenders have occurred or will occur in 2021. There will be many loan modifications, bankruptcies, and foreclosures. In order to properly analyze the tax consequences, advisors should be well versed in Section 108, exclus…
Common Problems Solved
Streamlined Domestic Offshore Procedures (SDOP)
The Streamlined
Domestic Offshore Procedures is one of the two popular programs available
under the IRS
Streamlined Filing Compliance Procedures. It is for U.S. Resident Taxpayers
who originally filed income tax returns, but were non-willful
in not reporting foreign accoun
Streamlined Foreign Offshore Procedures (SFOP)
The Streamlined
Foreign Offshore Procedures is one of the two popular programs available
under the IRS
Streamlined Filing Compliance Procedures. Applicants need not have
filed original tax returns, but they must be non-willful
in not reporting foreign accoun
Delinquent International Informational Return Submission Procedures (DIIRSP)
The DIIRSP is one of the four methods for taxpayers with unreported offshore accounts to become compliant. Taxpayers who have failed to file certain international-related information returns including Forms 5471, 8938, 3520, 8865, 926, 5472, an 8858 can use the DIIRSP to cure the non-compliance. No penalties are applied if there is reasonable cause for the failure to file the information form and the IRS agrees. Reasonable Cause is a fact specific submission, which is based on each applicant's facts and circumstances.
Delinquent FBAR Submission Procedure (DFSP)
The FBAR is the FinCEN
Form 114, which is commonly misunderstood.
A delinquent or late FBAR is subject to very
high
penalties. The DFSP is one of the four methods for taxpayers with unreported
offshore accounts to become compliant. Taxpayers who have failed to an FBAR can
use the DFSP to
cure the non-compliance. While there is no DFSP penalty the DFSP has complex rigid
eligibility requirements. Our legal team mitigates foreign accoun
Form 8938 Penalties
A delinquent or late Form
8938 Statement of Foreign Financial Assets is subject to many common
mistakes and high penalties.
Our legal team cures many common Form 893
Form 5471 Penalties
U.S. owners and investors of certain foreign corporations must file a Form 5471, otherwise there are very high Form 5471 Penalties. Form 5471 is a complex form with many common mistakes. because of the expansive disclosure of corporation's assets, liabilities and equity. Our legal team can help you fix late or unfiled Form 5471 errors.