by Fresh Start Tax | Jul 31, 2012 | FBAR, Tax Lawyer
There is nothing wrong with having Offshore Bank Accounts. However the reporting of the Offshore Bank Accounts has changed. It is very important that everyone take note of the new changes as well as keep up with the ever changing tax laws in the area of tax compliance and tax reporting for Offshore Bank Accounts.
We can provide to our clients, Board Certified Tax Attorneys, CPA’s and Former IRS agents to give you guidance in the field of FBAR reporting and IRS tax representation. We have over 206 years of professional tax experience and over 60 years with the IRS. We can get you immediate tax relief and give you the IRS Tax Help you need. Free tax consults. 1-866-700-1040
So, who Must File an FBAR
Listen up, all United States persons are required to file an FBAR if:
1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and,
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person means United States citizens;United States residents;entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
We are not trying to scare anybody here however the Feds are cracking the whip on illegal and unreported Offshore Bank Accounts. Recently Wolfgang Ressel was convicted for failing to disclose.
See the report source IRS.gov modified for blog.
Wolfgang Ressel of Ft. Lauderdale, Fla., pleaded guilty today in the U.S. District Court in the Southern District of Florida to filing a false tax return for 2007, the Justice Department and Internal Revenue Service.
According to the court documents, Ressel, a U.S. citizen, maintained bank accounts at UBS AG in Switzerland, which he failed to report on his 2002 through 2007 personal income tax returns.
Ressel also failed to file a Report of Foreign Bank and Financial Accounts (FBAR) for these same years.
What happened.
In 2002, Ressel opened a UBS numbered investment account in the nominee name of a foreign entity, Neptune Trust, with an opening balance of approximately $4–5 million. In around 2004, this account and sub accounts were transferred into the nominee name of another foreign entity, Cyan United, and traded in U.S. and foreign securities. The defendant met with a Swiss banker periodically to discuss the performance of his accounts.
Court Records.
Court records also established that, dating back to the 1980s and up through the late 2000s, Ressel held accounts at different times at Bank Wegelin and another Swiss bank (Bank A) into which he deposited foreign proceeds from his business, yet which he neither reported on his tax returns nor on the required FBARs.
In the early 2000s, the foreign account at Bank A was put into the nominee name of Cyan United. A Swiss money manager made investments on Ressel’s behalf and met with the defendant periodically to discuss the performance of the account. In 2008 and 2009, during which period the defendant was aware of the government’s grand jury investigation into his foreign UBS accounts, the defendant disclosed only the existence of the UBS accounts on his tax returns for those years and did not report the other Swiss account.
Plea Agreement
The plea agreement includes a tax loss of $312,802.95 for 2002 through 2007, and an FBAR penalty owing to the U.S. Treasury of $5,750,933.99, which is 50 percent of the 2007 unreported foreign bank accounts year-end balance of over $11 million.
Possible sentence
Ressel faces a potential maximum prison term of three years and a fine of up to $250,000. A sentencing date has not been set.
Should you be in this situation and need immediate tax help call us today.
All information can be under attorney client privilege.
Offshore Bank Accounts – IRS Tax Help – Former IRS, Attorneys – Offshore Specialists – South Florida Tax Consultants
by Fresh Start Tax | Jul 29, 2012 | FBAR, Tax Help, Tax Lawyer
You can call us today for a no cost professional tax consultation 1-866-700-1040 and speak directly to Tax Attorneys, CPA’s and Former IRS agents who are tax specialists for IRS Offshore Tax Issues and Voluntary Disclosures.
We have over 206 years of professional tax experience and over 60 years of working directly for the IRS.
We taught Tax Law at the IRS.
The Offshore Voluntary Disclosure Program is offered to those taxpayers with Offshore Bank Accounts or Assets Offshore.
New Offshore Program – The IRS penalty framework
The IRS penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts, entities or value of foreign assets during the eight full tax years prior to the disclosure,up from 25 percent in the 2011 program.
Some taxpayers MAY be eligible for 5 or 12.5 percent penalties; these remain the same in the new program as in 2011. Call us for more details.
Persons must file all original and amended tax returns and include payment for back-taxes and interest for up to eight years as well as paying accuracy-related and/or delinquency penalties. Some of these penalties can be abated or reduced.
Persons face a 27.5 percent penalty, but taxpayers in limited situations can qualify for a 5 percent penalty.
Smaller offshore accounts will face a 12.5 percent penalty. Once again it is possible to reduce penalties.=
Persons whose offshore accounts or assets did not surpass $75,000 in any calendar year covered by the new OVDP will qualify for this lower rate.
As under the prior IRS Offshore Programs, taxpayers who feel that the penalty is disproportionate may opt instead to be examined. Sometimes you can reduce the penalties and interest.
The IRS recognizes that its success in offshore enforcement and in the disclosure programs has raised awareness related to tax filing obligations. This includes awareness by dual citizens and others who may be delinquent in filing, but owe no U.S. tax.
The IRS is currently developing procedures by which these taxpayers may come into compliance with U.S. tax law. The IRS is also committed to educating all taxpayers so that they understand their U.S. tax responsibilities.
Pre-Clearance Phase of Voluntary Disclosure:
Faxed requests are made to the IRS Criminal Investigation Lead Development Center at (267) 941-1115.
IRS will need the taxpayers:
1. Name,
2. Date of birth,
3. Social security number and
4. Address
The IRS Criminal Investigation ( CI ) will then notify taxpayers or their representatives via fax whether or not they have been cleared to make a voluntary disclosure using the Offshore Voluntary Disclosures Letter.
It should be emphasized that the Pre-clearance process does not guarantee a taxpayer acceptance into the Offshore Voluntary Disclosure Program.
The Issuance of the Offshore Voluntary Disclosure Letter
If the taxpayer chooses to submit a pre-clearance request, after the taxpayer receives a pre-clearance notification, the taxpayer will have 30 days from receipt of the fax notification to complete the Offshore Voluntary Disclosures Letter. It is always best to have a tax professional have your power of attorney so you never have to speak with the IRS.
If the taxpayer chooses to bypass the pre-clearance process, the taxpayer must mail the Offshore Voluntary Disclosures Letter to the following address:
Internal Revenue Service
Criminal Investigation
ATTN: Offshore Voluntary Disclosure Coordinator
Philadelphia Lead Development Center
1-D04-100
2970 Market Street
Philadelphia, PA 19104
The IRS will review the offshore Voluntary Disclosures Letters and notify the taxpayer or representative by mail whether the voluntary disclosure has been preliminarily accepted or declined.
Complete Voluntary Disclosure Package
Once the voluntary disclosure has been preliminarily accepted, the taxpayer should send the full voluntary disclosure package to:
Internal Revenue Service
3651 S. I H 35 Stop 4301 AUSC
Austin, TX 78741
ATTN: 2011 Offshore Voluntary Disclosure Initiative
Opt Out Procedures – for Voluntary Disclosures
Taxpayers may request to opt out of the civil settlement structure of the 2009 Offshore Voluntary Disclosure Program or 2011 Offshore Voluntary Disclosure Initiative.
Taxpayers wishing to make a domestic voluntary disclosure that is not covered under this offshore initiative should contact their local IRS Criminal Investigation (CI) office to speak with a criminal investigator. Remember to do this by yourself is a big mistake.
IRS, Offshore – Voluntary Disclosure – IRS Tax Attorneys, Tax Lawyers, Former IRS Agents – Free Consultation – 1-866-700-1040
by Fresh Start Tax | Jul 29, 2012 | FBAR, Tax Lawyer, Tax Returns, Tax Settlements
We specialize in FBAR tax issues. We are experts in IRS FBAR.
By calling us you could avoid criminal prosecution and could potentially save millions of dollars. We can take the fear and worry out of your FBAR tax issue.
Call today and speak directly to a Tax Attorney, Tax Lawyer, CPA or Former IRS Agents.
1-866-700-1040. In Germany Skype is available.
We can file all tax returns necessary for full compliance and negotiate a tax settlement on your case.
We know the tax laws and the tax system. We taught Tax Law at the IRS. We have over 60 years of direct work experience at the local, district and regional office of the IRS.
Call us directly for filing dates and a privileged conversation.
Tax Settlements on FBAR Cases.
How cases are settled for FBAR.
The IRS voluntary disclosure examiners do not have discretion to settle cases for amounts less than what is properly due and owing. That is for security and consistency purposes.
Because the 25 percent offshore penalty is a proxy for the FBAR penalty, other penalties imposed under the Internal Revenue Code, and potential liabilities for years prior to 2003, there may be cases where a taxpayer making a voluntary disclosure would owe less if the special offshore initiative did not exist. We can perform work ups on all cases.
Under no circumstances will taxpayers be required to pay a penalty greater than what they would otherwise be liable for under the maximum penalties imposed under existing statutes. This is finally some good news but no bargain.
IRS tax examiners will compare the amount due under this offshore initiative to the tax, interest, and applicable penalties at their maximum levels and without regard to issues relating to reasonable cause, willfulness, mitigation factors, or other circumstances that may reduce liability for all open years that a taxpayer would owe in the absence of the 2011 OVDI penalty regime.
The taxpayer will pay the lesser amount. If the taxpayer disagrees with the result, the taxpayer may request that the case be referred for an examination of all relevant years and issues .
Remember each case is different than the next, call us to hear the truth from true tax experts.
FBAR – Germany – FBAR IRS Tax Experts – File, Settle – Attorneys, Lawyers, Former IRS – FBAR, Expats
by Fresh Start Tax | Jul 28, 2012 | FBAR, Tax Lawyer, Tax Returns
Click Link for FBAR Form.
www.irs.gov/pub/irs-pdf/f90221.pdf
Call 1-866-700-1040 for a no cost professional tax consult and speak directly to Tax Attorneys, Tax Lawyers, CPA’s or Former IRS Agents.
We have over 206 years of professional tax experience and over 60 years working directly for the IRS.
We are FBAR Filing Experts!
Who has to file for FBAR? Make sure you know your rights.
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.
Make sure you file before the IRS contacts you first.
Civil and Criminal Tax Representation available. All calls confidential and free. 1-866-700-1040.
FBAR FORM , Tax Attorney, Former IRS, F Bar Tax Help, Former IRS, Criminal, Civil Representation
by Fresh Start Tax | Jul 28, 2012 | FBAR, Tax Lawyer
We are a professional tax firm that specializes in FBAR tax issues and Overseas Reporting. 1-866-700-1040.
We are comprised of Tax Attorneys, Lawyers, CPA’s and Former IRS Agents and Managers.
We have over 60 years work experience at the IRS.
We taught Tax Law at the IRS and know the tax systems, tax procedures and settlement techniques.
Our experience can save your time, money and possible criminal prosecution.
With Switzerland being the hub for FBAR, it is one of the main targets for the Internal Revenue Service.
Since the UBS blowout on the exposing of Foreign Bank accounts both the Department of Justice and the IRS have had a field day.
With the threat of criminal and civil penalties over 33,000 persons have come forward and the IRS have collected over $5.5 Billion.
IRS is in committee and they are developing new software in there CADE 2 system to hook up with other countries to find tax cheats.
Next year you can expect much pres and print coming from the IRS as they are letting loose hundreds of new agents to work FBAR non reporting and criminal issues.
Remember find IRS before they find you. A tax fine and paying tax is far better than prosecution.
Just for the record.
An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1 (PDF).
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
How a foreign country is defined. A “foreign country” includes all geographical areas outside the United States, the commonwealth of Puerto Rico, the commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States (including Guam, American Samoa, and the United States Virgin Islands).
News as a result of a non FBAR filing Switzerland Bank UBS AG
A South Florida man has been sentenced to four months in federal prison after pleading guilty to failing to report accounts ( FBAR ) at Swiss Bank UBS AG.
Miami judge imposed the sentence on 62-year-old Luis Quintero of Miami Beach, Florida
Luis Quintero also must pay a $2 million Civil Penalty and was fined by the courts for an additional $20,000.
A review of the Court Documents finds Luis Quintero formed companies in the British Virgin Islands and Panama that were used to open the Switzerland UBS accounts.
The Switz bank accounts had more than $4 million big ones in them.
The prosecution is one of many in the U.S. following an agreement in which UBS Switzerland turned over identities of some of its U.S. customers.
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FBAR – SWITZERLAND – TAX ATTORNEYS – IRS FBAR EXPERTS – FORMER IRS – CIVIL, CRIMINAL TAX REPRESENTATION
