Comparison of House and Senate Versions of Tax Cuts and Jobs Act

  On December 2, 2017, the Senate passed its version of H.R. 1, the Tax Cuts and Jobs Act.  While the bill must now go to conference committee to reconcile the differences between the House and Senate versions, the following chart summarizes the major provisions of the bill and where […] Read more »

International Reporting Failures Create Penalty and Statute of Limitations Problems

An ever-growing number of businesses and individuals are going global. Familiarity with the U.S. tax forms that are necessary to properly disclose foreign assets and interests is thus paramount. Four critical forms – Foreign Bank Accounting Re-port (FBAR), 8938, 8621, and 3520 – are summarized, including applicable penalties. K&D associate, Patrick […] Read more »

A Whiff of Fraud?

  The New Jersey Tax Court recently addressed, for the first time, the State’s civil fraud tax penalty. The New Jersey Division of Taxation may impose a civil fraud penalty if any part of a state tax assessment is due to the taxpayer’s fraud. The penalty is 50% of the […] Read more »