FBAR FORM – FBAR Tax Help – FBAR Attorney Experts

Mike Sullivan

 

FBAR FORM – FBAR Tax Help – FBAR Attorney Experts

You can contact our office if you professional tax help or FBAR representation. We have help thousands of taxpayers resolve their IRS issues and problems with the Internal Revenue Service.

Call us today and speak direct to a Tax Attorney, Lawyers, CPA or Former IRS Agents.

We are fast, affordable and have one of the most trusted names in the industry.

What is FBAR  Foreign Bank Account Reporting

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. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law.

Federal Tax Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.

Tax  Filers report their foreign accounts by:

1. Completing boxes 7a and 7b on Form 1040 Schedule B, box 3 on the Form 1041 “Other Information” section, box 10 on Form 1065 Schedule B, or boxes 6a and 6b on Form 1120 Schedule N and

2. Completing Form TD F 90-22.1 (PDF). You can find that form on our website, under IRS forms, home page.

Due Date for FBAR

The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold. The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR.

No extensions allowed

Tax Filers cannot request an extension of the FBAR due date. the filing of this form is not like the filing of a tax return, it has its own set of guidelines.

If you do not have all the information

If a tax filer does not have all the available information to file the return by June 30, they should file as complete a return as they can and amend the document when the additional or new information becomes available.

Important to all taxpayers thinking whether to file FBAR

You should know the FEDs are on a terror for non-filers of FBAR and they have become possessed. Keep in mind our the first to FBAR programs or initiatives the FEDS collected over $5.5 billion big ones. With this type of money lining the Foreign Bank Accounts and Financial Institutions IRS is not far behind.

You will be seeing many more prosecutions and news in the days and months to come.My advise to you, contact the IRS before they contact you.

Free tax consultation available for questions regarding your FBAR issues. 1-866-700-1040.


FBAR FORM – FBAR Tax Help – FBAR Attorney Experts

 

 

IRS Tax Issues – IRS Problems Resolved – Former IRS Agents – Miami, Ft.Lauderdale, Palm Beaches – IRS Problems Experts

Mike Sullivan

 

IRS Tax Issues – IRS Problems Resolved – Former IRS Agents – Miami, Ft.Lauderdale, Palm Beaches – IRS Problems Experts

Fully resolve your IRS Tax Issues and Tax Problems with Former IRS Agents who worked in the local South Florida district and regional offices of the Internal Revenue Services. From 1974 – 2010.

Call us today or visit our offices all initial consultations are free. 954-492-0088

We have over 205 years of total tax experience and over 60 years working directly for the IRS.

On staff are Board Certified Tax Attorneys, Tax Lawyers, CPA’s, Enrolled Agents as well as Former IRS Managers and Instructors.

IRS Tax Issues and Problems

Our firm covers the full range of all IRS Issues and Problems and all work is done in house. Work is assigned to two tax professionals so someone is always here to help you with any issue that may arise.

We handle work from simple IRS audit issues to complex tax field audits. Our other expertise is in the area of non-filing and well as IRS Collection Functions including IRS tax settlements called the Offer in Compromise.

Call us today and hear the truth about your situation.

We are friendly and affordable.

Areas of Professional Tax Practice:

  • Same Day IRS Tax Representation
  • Offers in Compromise or IRS Tax Debt Settlements
  • Immediate Release of IRS Bank Levies or IRS Wage Garnishments
  • Tax Relief from a IRS Bill, Letter or Notice of “Intent to Levy”
  • IRS Tax Audits
  • IRS Hardships Cases or Unable to Pay
  • Payment Plans, Installment Agreements, Structured agreements
  • Abatement of Penalties and Interest
  • State Sales Tax Cases
  • Payroll / Trust Fund Penalty Cases / 6672
  • Filing Late, Back, Unfiled Tax Returns
  • Tax Return Reconstruction if Tax Records are lost or destroyed

 

Our Company Resume: ( Since 1982 )

  • Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
  • On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
  • We taught Tax Law in the IRS Regional Training Center
  • Former IRS Agents, Managers and Instructors with over 60 years experience  in the local, district and regional IRS offices.
  • Highest Rating by the Better Business Bureau  “A”
  • Fast, affordable, and economical
  • Licensed and certified to practice in all 50 States
  • Nationally Recognized Veteran /Published  Former IRS Agent
  • Nationally Recognized Published EZINE Tax Expert
  • As heard on  GRACE 90.3 FM Monthly Radio Show-Business Weekly
  • FBAR and Expatriate Specialists

Income Tax Preparation – IRS Tax Audit Defense – Former IRS Agents, Managers – Broward, Dade, Palm Beach County

Mike Sullivan

 

Income Tax Preparation – IRS Tax Audit Defense – Former IRS Agents, Managers – Broward, Dade, Palm Beach County     954-492-0088

 

We are comprised of Former IRS Agents, Managers and Instructors that can prepare help audit proof your tax return.

We have over 60 years of direct work experience with the IRs in the local South Florida IRS offices. We have been Agents, Managers , Appeals Agents and Instructors.

We also taught Tax Law at the IRS. We are one of South Florida’s most experienced tax firms.

We also handle all  State Tax Matters as well. All work is done in house.

We have prepared thousands of Income, Business and Corporate Income Tax Returns. Not only have we prepared those tax returns we have also audited those tax returns as Former IRS agents and Appeals Officers.

Come by or visit our offices so you can met us. We will review all prior years returns for accuracy and offer suggestions on how to save valuable tax dollars in the future.

We set up a tax and or business tax plan with all our clients.

We are one of South Florida’s highest rated firms with a A plus rating from the Better Business Bureau with tracks business over the past 7 years.

We are Affordable, Experienced and Trustworthy

 

All work is done in-house from tax professionals

 

  • A full service tax firm including all personal and business tax returns
  • Quality review by two Tax Experts
  • Complete audit support
  • Tax  and financial planning
  • Ethical and high moral fiber
  • Face to face meeting with all clients

 

 

Our Company Resume: ( Serving South Florida 1982 )


  • Our staff has over 135 years of professional tax representation experience collectively
  • On staff, Board Certified Tax Attorney’s, Certified Public Accountants, Enrolled Agents,
  • Former IRS Managers, Instructors and Trainers
  • Highest Rating by the Better Business Bureau “A”
  • Extremely ethical and moral
  • Fast, affordable, and economical
  • Premium on client communication
  • Nationally Recognized Veteran Former IRS Agent
  • Nationally Recognized Published Tax Expert

 

When you do business with us, you’ll always have our strongest commitment to:

 

 

  • Provide you with quality work in a timely manner, no matter how large or small the task.
  • Offer you a level of service that exceeds your expectations, whether you’re looking for a copy of a single tax return or an income tax audit.
  • Value the trust you place in us, with our promise that we’ll work hard to earn your trust and your business every single day.

 

Areas of Professional Tax Practice:

 

  • Same Day IRS Tax Representation
  • Offers in Compromise or IRS Tax Debt Settlements
  • Immediate Release of IRS Bank Levies or IRS Wage Garnishments
  • Tax Relief from a IRS Bill, Letter or Notice of “Intent to Levy”
  • IRS Tax Audits
  • IRS Hardships Cases or Unable to Pay
  • Payment Plans, Installment Agreements, Structured agreements
  • Abatement of Penalties and Interest
  • State Sales Tax Cases
  • Payroll / Trust Fund Penalty Cases / 6672
  • Filing Late, Back, Unfiled Tax Returns
  • Tax Return Reconstruction if Tax Records are lost or destroyed

 

Income Tax Preparation – IRS Tax Audit Defense – Former IRS Agents, Managers – Broward, Dade, Palm Beach County

 

Tax Debt Relief Company – Tax Relief Specialists – Attorneys, Former IRS – Broward, Dade, Palm Beach County – Tax Experts

Mike Sullivan

 

Tax Debt Relief Company – Tax Relief Specialists – Attorneys, Former IRS Broward, Dade, Palm Beach County – Tax Experts   954-492-0088

Call us for a no cost professional tax consultation and stop the worry today. We have worked and resolved thousands of cases right here in South Florida since 1982.   954-492-0088

We are one of the highest rated tax debt relief firms not only in South Florida but the country. We have a A plus rating by the Better Business Bureau.

We are comprised of Tax Attorneys, Lawyers, CPA’s and Former IRS Agents.

We worked in the local South Florida IRS offices as well as the district and regional offices. We have over 60 years of combined experienced.We worked as managers , instructors and trainers as well as teaching Tax Law at the IRS.

We will go over all the different tax policies and tax procedures to completely and permanently resolve your tax debt.

Relief of IRS Tax Debt

IRS basically resolves tax debt in 3 ways.

After the IRS reviews and verifies your current financial statement and current state of affairs IRS will request all the document to verify the creditability of your information.

After that carefully review the IRS will recommend one of the three following tax relief programs:

1. Apply for a Tax Hardship Status,

2. Start making payments to the IRS via a installment plan,

3. Filing of an Offer in Compromise.

The Detailed information of a Offer in Compromise

An offer in compromise  is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed.

IRS will not accept an Offer unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential. The RCP is usually based on Assets and monthly income.

The RCP is how the IRS measures the taxpayer’s ability to pay.

The RCP includes the value that can be realized from the taxpayer’s assets, such as real property, automobiles, bank accounts, IRA’s, Pension Plans and other property that has equity.

In addition to property, the RCP also includes anticipated future income, less certain amounts allowed for basic living expenses per National Standards Charts.

The IRS may accept an OIC based on three grounds.

1. Acceptance is permitted if there is doubt as to liability. This ground is only met when genuine doubt exists that the IRS has correctly determined the amount owed.

2. Acceptance is permitted if there is doubt that the amount owed is collectible. This means that doubt exists in any case where the taxpayer’s assets and income are less than the full amount of the tax liability.

3. Acceptance is permitted based on effective tax administration. An offer may be accepted based on effective tax administration when there is no doubt that the full amount owed can be collected, but requiring payment in full would either create an economic hardship or would be unfair and inequitable because of exceptional circumstances.

Different types of payment to the IRS for tax debt settlements  – Offers

Taxpayers may choose to pay the offer amount in a lump sum or in installment payments. The tax law provides rules for “lump sum offers” and “periodic payment offers” submitted on or after July 16, 2006.

A lump sum offer is defined as an offer payable in 5 or fewer installments. If a taxpayer submits a lump sum offer, the taxpayer must include with the Form 656 a nonrefundable payment equal to 20 percent of the offer amount.

This payment to the IRS is required in addition to the $150 application fee.

The 20 percent amount is called “nonrefundable” because it cannot be returned to the taxpayer even if the offer is rejected or returned to the taxpayer without acceptance.

The 20 percent amount will be applied to the your tax liability.

The offer is called a “periodic payment offer” under the tax law if it is payable in 6 or more installments. When submitting a periodic payment offer, the taxpayer must include the first proposed installment payment along with the Form 656.

This payment is required in addition to the $150 application fee.

Non- Refundable

This amount is nonrefundable, just like the 20 percent payment required for a lump sum offer.

While you are in Offer status

While the IRS is evaluating a periodic payment offer, the taxpayer must continue to make the installment payments provided for under the terms of the offer. These amounts are also nonrefundable. These amounts are applied to the tax liabilities and the taxpayer has a right to specify the particular tax liabilities to which the periodic payments will be applied.

 

Tax Debt Relief Company – Tax Relief Specialists – Attorneys, Former IRS – Broward, Dade, Palm Beach County – Tax Experts

 

IRS Intent to Levy – Stop IRS Levy – Tax Debt – 1-866-700-1040

Mike Sullivan

 

IRS Intent to Levy – Stop IRS Tax Debt –  Essex, Morris, Bergen, Passaic, Union – New Jersey

Call us directly at 1-866-700-1040 to stop IRS tax levies, bank seizures or wage garnishments.

We are comprised of Tax Attorneys, CPA’ and Former IRS agents.

We know the system and get one day releases from tax levies once we have your information in hand.

The Legal Authority for a IRS Tax Levy

The Internal Revenue Code (IRC) authorizes levies to collect delinquent tax. See IRC6331. Any property or right to property that belongs to the taxpayer or on which there is a Federal tax lien can be levied, unless it is exempt.

IRS Notice of Levy vs. IRS Seizure

There is no legal distinction between levy and seizure.

Generally, use a notice of levy (Form 668-A/668-W) to take a taxpayer’s property held by someone else if it can be turned over by writing a check.

Notice of Levy is often used to take a taxpayer’s bank account, wages, other income, or accounts receivables.

Seizure procedures are used to take a taxpayer’s car, house, or business property.

If a taxpayer’s car is seized in a commercial parking lot, seizure procedures include giving the attendant a Form 668-A, Notice of Levy, to demand that the car be turned over.

There is no required sequence for levying. Generally, though, levy funds that are held by a third party first. This is usually less time consuming.

Appeals for Levies

Generally, taxpayers are entitled to a Collection Due Process (CDP) hearing under IRM 6330, or an equivalent hearing.
Notices of levy can also be appealed under the Collection Appeals Program (CAP) regardless of whether the taxpayer can appeal under IRC 6330. CAP was created to give taxpayers a chance for administrative review that is independent from the Collection function.

Pre-Levy Actions

Required Notices
Before property can be levied, the taxpayer must be given a

1.   Notice and demand

2.  Notice of intent to levy, and

3.   Notice of a right to a Collection Due Process (CDP) hearing

Official Notice and Demand

The notice and demand required by IRC 6331(a) must be left at the taxpayer’s home or business, or mailed to the taxpayer’s last known address.

This is normally taken care of by a master file notice mailed shortly after there is an assessment. The taxpayer has 10 days to pay the amount that is owed. If the taxpayer neglects or refuses to pay the amount due, the Federal tax lien arises.

In addition, the taxpayer must be given a notice of intent to levy at least 30 days prior to the date of the levy. The taxpayer has 30 days to pay the amount that is owed before property can be levied. See IRC 6331(d) .

This notice must be:

a.  Given in person

b. Left at the taxpayer’s home or business, or

c.  Sent to the taxpayer’s last known address by certified or registered mail

Use of Register Mail

Use registered mail only if the taxpayer is outside the United States. There is no international certified mail.

 Exception to the Rule:

If collection is in jeopardy, property can be levied immediately if the taxpayer has been provided notice and demand for immediate payment.

  There are  exceptions to the pre-levy notice requirements of IRC 6330.

When the collection of tax is in jeopardy under section 6331(a).

A levy is served on a State to collect a Federal tax liability from a State tax refund, referred to as the State Income Tax Levy Program (SITLP). A taxpayer’s state tax refund can be levied, even though the taxpayer may not have already been sent a notice or a right to a hearing

A disqualified employment tax levy is served.

A Federal Contractor Levy is served. A Federal contractor levy is any levy if the person whose property is subject to the levy (or any predecessor thereof) is a Federal contractor.

Last Known Address

Generally, the last known address is the master file address that posted from the most recently filed and properly processed return. A list of returns that are used to update this address is in Rev. Proc. 2010–16. This revenue procedure also describes how taxpayers can give a new address to the Service.

A last known address may be obtained or changed by information received from the United States Postal Service National Change of Address database (NCOA database).

As provided in Treas. Reg.§ 301.6212-2(b)(2), an address obtained from the NCOA database becomes the taxpayer’s last known address unless the taxpayer provides clear and concise notification of a change of address or the Service properly processes a taxpayer’s federal income tax return with a different address.

If a third party provides a new address for the taxpayer, this is not the taxpayer’s last known address, unless the taxpayer verifies it and requests it be used as such by the Service.

Right to a Hearing

When a Notice of Intent to Levy and Notice of Your Right to a Hearing (L1058) is mailed to the taxpayer, it must be sent to the last known address. If other addresses have been received from third parties without a change to the official last known address, send a copy of the L1058 and the enclosures to the taxpayer at these other addresses on the same date that the L1058 is sent to the last known address.

IRS Intent to Levy – Stop IRS Levy – Tax Debt