BENEFITS
Earn 4 CPE credits in Taxation.
HIGHLIGHTS
Navigating Foreign Waters: FATCA and the Complex U.S. Laws for Foreign Accounts Compliance
Parag Patel, Esq.
With FATCA, the United States is aggressively targeting US persons with unreported offshore accounts. All tax professionals must know benefits and pitfalls of complex US laws for offshore accounts. We will review the US rules of foreign account disclosure, FBARs: who needs to file, what to file, accounts that must be reported, and the potential liability of the taxpayer and tax advisor. We will identify best practices for compliance and discuss the benefits and pitfalls of the US disclosure programs for noncompliant taxpayers.
How to Represent a Cash Business in Federal and State Tax Audits and Investigations
Frank Agostino, Esq.
The IRS and the New Jersey Division of Taxation continue to focus their efforts on cash-intensive businesses. When representing a cash business in federal and state (NJ) tax audits, it is important to understand that the NJ Division of Taxation has broad authority to determine tax from any information available, and that the IRS is authorized to use any method that clearly reflects income in order to determine a taxpayer’s liability. Understanding how revenue agents conduct their examination by examining the scope of their authority, what methods they use, and the limits to their powers are essential when rebutting the presumed accuracy of their assessment and reducing the potential assessment in order to yield the optimal audit results for the taxpayer.
COURSE LEVEL
Intermediate
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
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