by Fresh Start Tax | Dec 1, 2014 | Tax Help
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by Fresh Start Tax | Nov 17, 2014 | Tax Help
We area Affordable full service tax firm that offers professional tax help for IRS offshore accounts, Fbar, tax compliance and tax settlements for taxpayers with filing compliance issues.
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The New Stream Line Procedures
The streamlined filing compliance procedures describe below are available to taxpayers certifying that their failure to report foreign financial assets and pay all tax due in respect of those assets did not result from willful conduct on their part.
The streamlined procedures are designed to provide to taxpayers in such situations with:
- a streamlined procedure for fling amended or delinquent returns, and
- terms for resolving their tax and penalty procedure for filing amended or delinquent returns, and
- terms for resolving their tax and penalty obligations.
As reflected below, the streamlined filing procedures that were first offered on September 1, 2012 have been expanded and modified to accommodate a broader group of U.S. taxpayers.
Major changes to the streamlined procedures include:
- Extension of eligibility to U.S. taxpayers residing in the United States
- Elimination of the $1,500 tax threshold, and
- Elimination of the risk assessment process associated with the streamlined filing compliance procedure announced in 2012.
Eligibility criteria for the streamlined procedures
The modified streamlined filing compliance procedures are designed only for individual taxpayers, including estates of individual taxpayers.
The streamlined procedures are available to both U.S. individual taxpayers residing outside the United States and U.S. individual taxpayers residing in the United States. Descriptions of the specific eligibility requirements for the streamlined procedures for both non-U.S. residents (the “Streamlined Foreign Offshore Procedures”) and U.S. residents (“Streamlined Domestic Offshore Procedures”) are set forth below.
Taxpayers must certify that conduct was not willful.
Taxpayers using either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures, will be required to certify, in accordance with the specific instructions set forth below, that the failure to report all income, pay all tax and submit all required information returns, including FBARs (FinCEN Form 114, previously Form TD F 90-22,1) was due to non-willful conduct.
IRS has initiated a civil examination of taxpayer’s returns for any taxable year.
If the IRS has initiated a civil examination of taxpayer’s returns for any taxable year, regardless of whether the examination relates to undisclosed foreign financial assets, the taxpayer will not be eligible to use the streamlined procedures.
Taxpayers under examination may consult with their agent.
A taxpayer under criminal investigation by IRS Criminal Investigation is also ineligible to use the streamlined procedures.
Taxpayers eligible to use streamlined procedures who have previously filed delinquent or amended returns must pay previous penalty assessments.
Taxpayers eligible to use the streamlined procedures who have previously filed delinquent or amended returns in a attempt to address U.S. tax and information reporting obligations with respect to foreign financial assets (so-called “quiet disclosures” made outside of the Offshore Voluntary Disclosure Program (OVDP) or its predecessor programs) may still use the streamlined procedures by following the instructions set forth below.
However, any penalty assessments previously made with respect to those filing will not be abated.
Taxpayers who want to participate in the streamlined procedures need a valid Taxpayer Identification Number.
All returns submitted under the streamlined procedures must have a valid Taxpayer Identification Number.
For U.S. citizens, resident aliens, and certain other individuals, the proper TIN is a valid Social Security Number (SSN).
For individuals who are not eligible for an SSN or ITIN will not be processed under the streamlined procedures.
However, for taxpayers who are ineligible for an SSN but do not have an ITIN, a submission my be made under the streamlined procedures if accompanied by a complete ITIN application.
OVDP or streamlined procedures
Taxpayers who are concerned that their failure to report income, pay tax, and submit required information returns was due to willful conduct and who therefore seek assurance that they will not be subject to criminal liability and/or substantial monetary penalties should consider participating the Offshore Voluntary Disclosure Program and should consult with their professional or legal advisers.
General treatment under the streamlined procedures
Tax returns submitted under either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures will be processed like any other return submitted to the IRS.
Receipt of the returns will not be acknowledged by the IRS and the streamlined filing process will not culminate in the signing of a closing agreement with the IRS.
Returns submitted under either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures will not be subject to IRS audit automatically, but they may be selected for audit under the existing audit selection processes applicable to any U. S. tax return and may also be subject to verification procedures in that the accuracy and completeness of submissions may be checked against information received from banks, financial advisors, and other sources.
Returns submitted under the streamlined procedures may be subject to IRS examination, additional civil penalties, and even criminal liability, if appropriate.
Taxpayers who are concerned that their failure to report income, pay tax, and submit required information returns was due to willful conduct and who therefore seek assurances that they will not be subject to criminal liability and/or substantial monetary penalties should consider participating in the Offshore Voluntary Disclosure Program and should consult with their tax professional or legal advisers.
After a taxpayer has completed the streamlined filing compliance procedures, he or shewill be expected to comply with U.S. law for all future years and file returns according to regular filing procedures.
Coordination between streamlined procedures and OVDP
Once a taxpayer makes a submission under either the Streamlined Foreign Offshore Procedures or the Streamlined Domestic Offshore Procedures, the taxpayer may not participate in OVDP. Similarly, a taxpayer who submits to an OVDP voluntary disclosure letter pursuant to OVDP FAQ 24 on or after July 1, 2014, is not eligible to participate in the streamlined procedures.
A taxpayer eligible for treatment under the streamlined procedures who submits, or who has submitted, a voluntary disclosure letter under the OVDP (or any predecessor offshore voluntary disclosure program) prior to July 1, 2014, but who does not yet have a fully executed OVDP closing agreement, may request treatment under the applicable penalty terms available under the streamlined procedures.
Please NOTE:
A taxpayer seeking such treatment does not need to opt out of the OVDP but will be required to certify, in accordance with the instructions set forth below, that the failure to report all income, pay all tax, and submit all information returns, including FBARs, was due to non-willful conduct.
As part of the OVDP process, the IRS will consider this request in light of all the facts and circumstances of the taxpayer’s case and will determine whether or not to incorporate the streamlined penalty terms in the OVDP closing agreement.
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by Fresh Start Tax | Mar 25, 2013 | Tax Help
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Questions and answers often asked.
Who is required to file Form 2290 and pay Heavy Highway Vehicle Use Tax?
Anyone who registers a heavy highway motor vehicle in their name with a gross weight of 55,000 pounds or more must file Form 2290 and pay the tax.
Typically, owners of vans, pickup trucks, panel trucks and similar trucks are not required to file Form 2290 or pay tax on these smaller trucks.
Trucks that are used for 5,000 miles or less (7,500 for farm trucks) are also excluded from this tax.
Who is required to e-file Form 2290?
We encourage all 2290 filers to e-file. If you are reporting 25 or more heavy highway motor vehicles for any taxable period, you are required to e-file through an IRS-approved software provider.
Although you will have to pay a small service fee to your software provider or e-file transmitter, e-file offers many advantages. Electronic filing improves tax processing and saves you personal resources, including time and postage.
Why do I need an Employer Identification Number to e-file?
We need to have a system for protecting your privacy and making sure we know the identity of our filers. We use a combination of your EIN and your name as a unique identifier for each taxpayer.
My return was rejected by the Internal Revenue Service because the name control is not valid. What is my name control?
Your name control is assigned at the time the IRS approves your application for an Employer Identification Number. The name control consists of up to four alpha or numeric characters. Before the IRS can validate your electronically filed return, you must provide your name control and it must match what the IRS has in their records.
How do I determine my name control?
When you applied for your EIN you provided the name of your business, which is used to assign your name control and will remain so unless you request a name change. If you did not use a business name and instead used your individual name, your name control will be the first four letters of your last name.
If you applied for your EIN using a business name, the name control is assigned from the first four characters of your business name. There are some special rules. The ampersand (&) and hyphen (-) are the only special characters allowed in the name control. The name control can have fewer, but no more than four characters.
Spaces or blanks are not part of a name control. For example, the name control for Joe Doe Trucking is JOED. The word ”The” at the beginning of your business name is not used in your name control.
For example, The Jane Doe Trucking Company would have a name control of JANE. Blanks may be present only at the end of the name control. Do not include “dba” as part of the name control.
To help determine the name control for Hispanic, Asian and other ethnic surnames, see the Exhibits at the end of Publication 4164, Modernized e-File (MeF) Guide for Software Developers and Transmitters (PDF).
Can I still file my return electronically if I just received my EIN?
Yes, you may file your return electronically. However, you should wait two weeks from the date your EIN was assigned to allow your name control to be established in the IRS computer system.
Your return will be rejected if you try to file your return electronically before your EIN is fully established.
Where can I find an approved e-file provider?
You can find an approved provider for Form 2290 on the 2290 e-file partner’s page. We list approved providers for Form 8849, claim for Refund of Excise Taxes on the 8849 e-file partner’s page. Note: We do not endorse any particular providers and cannot make recommendations.
All listed transmitters and software providers are approved to submit returns to the IRS electronically. Expect transmitters and software providers to charge a small service fee for e-filing your return.
When are my Form 2290 taxes due?
Generally, the annual taxable period begins on July 1 of the current year and ends on June 30 of the following year. For vehicles that are in use at the beginning of the tax period, your 2290 filing deadline is August 31.
Taxes on the full tax period must be filed and paid in advance.
The due date for a partial period return depends on the month you first use your vehicle. If you place an additional taxable truck on the road during any month other than July, you are liable for 2290 taxes on it, but only for the months during which it was in service. You must file Form 2290 for these trucks by the last day of the month following the month the vehicle was first used on public highways.
You can find out when Forms 2290 are supposed to be filed in the table below, When Your Taxes Are Due.
These due date rules apply whether you are paying the tax or reporting the suspension of tax. It is important to file and pay all your 2290 taxes on time to avoid paying interest and penalties.
