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Form 5471 Basics

Everything you need to know about foreign corporation reporting to avoid problems.

The Top Form 5471 Reporting Mistakes to Avoid

There are many common errors in foreign corporation reporting that can be avoided.

Correcting Common Form 5471 Errors

The US government has 5 solutions to correct Form 5471 errors.

When to Engage Legal Counsel

Sometimes legal counsel is not necessary to correct Form 5471 errors. In some cases, legal counsel is strongly recommended.

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Parag is very knowledgeable and professional. He responded quickly to questions and for scheduling appointments. We have had documents prepared for our business as well as estate planning for our family. I highly recommend his services, his guidance was very beneficial to our family both legally and financially.
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Meet Mr. Patel

Mr. Patel’s expertise is in all stages of tax controversies including international tax law, foreign bank accounts and disclosures, tax audit defense, and tax appeals. Mr. Patel has counseled over 1000 voluntary tax matters for assets before the US Internal Revenue Service.

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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Latest Blog Posts

Details of the Streamlined Foreign Offshore Procedures (SFOP)


Many U.S taxpayers are unfortunately surprised to discover that they have a U.S. tax reporting obligation on financial accounts or assets held overseas. Once they discover their tax and reporting obligation, there are a number of programs through which they can become compliant. One option, if the taxpayers meet the requirements, is to file under…

Details of the Streamlined Domestic Offshore Procedures


Many U.S taxpayers are unfortunately surprised to discover that they have a U.S. tax reporting obligation on financial accounts or assets held overseas. Once they discover their tax and reporting obligation, there are a number of programs through which they can become compliant. One option, if the taxpayers meet the requirements, is to file under…

The IRS is Hiring: Expect New Enforcement


I recently returned from the American Bar Association’s Taxation conference in Washington, D.C., which is the largest gathering of tax lawyers in the country. At the conference, I attended a speech given by the new IRS Commissioner Chuck Rettig where he mentioned a few intriguing areas of concern. Despite budget cuts, Commissioner Rettig stated that the…

The New IRS Voluntary Disclosure Practice: Not a Good Deal for Noncompliant Taxpayers


For all voluntary disclosures received after September 28, 2018, the IRS has a new program called the Voluntary Disclosure Practice (VDP), which is for both domestic and international noncompliance. Unlike the old Offshore Voluntary Disclosure Program (OVDP), taxpayers do not receive automatic protection against criminal/civil penalties and the IRS has wide discretion to impose penalties based…
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