Temporary regulations have been issued under Section 6038(D) relating to the requirement that individuals attach a statement to their tax return with respect to foreign financial assets. IRS will release Form 8938 shortly which will be used to identify and report interests in foreign financial assets. It is important for taxpayers to determine whether they are subject to this new requirement because the tax law imposes significant penalties for non-compliance.
Click here to read more.
Marks Paneth & Shron LLP will be hosting a series of luncheons that will focus on the entrepreneur and startup. This series will teach the essential tools needed to operate a startup business. The classes are designed to help identify what you should know to stay focused on building your business.
Tickets are limited so sign up soon!
Marks Paneth & Shron is committed to providing our clients with professional services and to facilitating their tax, accounting and corporate financial advisory needs on a global level. This is accomplished through our independent membership in Morison International (MI), a global association of leading professional service firms.
Established in 1990, MI is a leading association of independent accounting and consulting firms, providing high quality, full service member firms worldwide with the ability to meet the cross-border needs of the most complex business models. MI is governed by an international board with four operational regions run under their own board structure. It has representation in six continents with more than 200 offices to meet the needs of international clients.
MP&S actively participates in MI and is the sole representative for the association in New York, Connecticut and Northern New Jersey.
Further details about this global association can be found on the Morison International website.