by Fresh Start Tax | Jul 27, 2012 | FBAR, IRS Tax Problem, Representation, Tax Lawyer, Tax Settlements
If you need any questions answered regarding IRS and Foreign Bank Accounts because of IRS issues or IRS problems call us today for a no cost professional tax consultation, 1-866-700-1040.
You will be directly connected to Tax Attorneys, Tax Lawyers and Former IRS Agents who have a combined 206 years of professional tax experience and over 60 years with the IRS.
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New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938)
Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. IRS want to know everything.
The new IRS Form 8938 filing requirement does not replace or otherwise affect a taxpayers requirement to file FBAR. ( Foreign Bank Accounts )
Common questions asked.
Powers of Attorneys
Is a U.S. resident with power of attorney on his elderly parents’ accounts in Canada required to file an FBAR, even if the resident never exercised the power of attorney?
Yes, if the power of attorney gives the U.S. resident signature authority, or other authority comparable to signature authority, over the financial accounts.Whether or not such authority is ever exercised is irrelevant to the FBAR filing requirement.
How do FBAR filers report their accounts to the IRS?
FBAR 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. Accurately completing Form TD F 90-22.1
Q. When is the FBAR due?
A. 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.
FBAR filers cannot request an extension of the FBAR due date.
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”
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- 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
by Fresh Start Tax | Jul 27, 2012 | FBAR, Tax Lawyer, Tax Returns, Uncategorized
If you need professional tax help for the FBAR filing or FBAR Reporting on current, late or past due FBAR’s contact our office for a free tax consultation. 1-866-700-1040.
Call our team of Tax Attorneys, CPA’s and Former IRS Agents. We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We taught Tax Law at the IRS. We know all the tax techniques because we taught them at the IRS as Former IRS agents.
Do not be worried or fearful of the IRS. Hire the right Tax Firm and free yourself up from worry or undue stress.
You need to pull the trigger and take care of these matters before any IRS contact.
The IRS began an open-ended offshore voluntary disclosure program (OVDP) in January 2012 on the heels of strong interest in the 2011 and 2009 programs.
The IRS is offering people with undisclosed income from offshore accounts another opportunity to get current with their tax returns. The 2012 OVDP has a higher penalty rate than the previous program but offers clear benefits to encourage taxpayers to disclose foreign accounts now rather than risk detection by the IRS and possible criminal prosecution.
If you file your FBAR form before IRS contacts you, will have no worries. IRS wants voluntary disclosure.
Amending a Filed FBAR
The following instructions may be given to anyone who needs to file an amended FBAR. To amend a previously filed FBAR:
Write “Amended” at the top of a new form. I recommend writing it in read to draw attention to the reviewer. Make sure the writing is not blending in to the form. Make it clear and obvious.
Add/correct the information about the account.
Staple it to a copy of the original form.
Mail the amended FBAR to the filing address shown on the form
Department of the Treasury
Post Office Box 32621, Detroit, MI 48232-0621.
Need FBAR Filing Verification
Filed FBARs are entered onto the Detroit Computing Center’s Currency and Banking Retrieval System (CBRS) database.
Filing can be checked by IRS personnel with CBRS passwords.
Filers can request verification of the FBARs that they filed 60 days after the date of filing. A request for verification of FBAR filing must be made in writing and should include the filer’s name, Taxpayer Identification Number, and filing period.
There is a $5.00 fee for verifying five or fewer forms and a $1.00 fee for each additional form. If copies are needed, the additional fee is $0.15 per copy.
Checks or money orders should be made payable to the United States Treasury. The payment should be mailed to:
IRS Detroit Computing Center,
P.O. Box 32063, Detroit, MI 48232 Attn.: Verification
by Fresh Start Tax | Jul 27, 2012 | FBAR, Representation, Tax Lawyer
We are a professional tax firm located in South Florida. We have serviced the South Florida Area since 1982. We are tax experts in IRS Tax Representation.
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We are comprised of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents, Managers and Instructors.
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We handle all criminal and civil IRS cases. Once we recognize and analysis the scope of your situation your case is assigned to a tax expert in that field.
Conversation may be privileged by request. Make sure you find IRS before they find you!
Latest News on FBAR and South Florida
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.
A Miami judge imposed the sentence on 62-year-old Luis Quintero of Miami Beach.
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 UBS accounts.
The accounts had more than $4 million in them.
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 – Tax Attorneys, Tax Lawyers – FBAR Experts – Miami, Ft. Lauderdale, West Palm Beach – Criminal & Civil Tax Representation
by Fresh Start Tax | Jul 27, 2012 | FBAR, Tax Lawyer
The very last thing you want in your life is an IRS Criminal Investigation. The reality is that few persons have to go through that nightmare however, if you do not file the US Government Reports concerning FBAR, your chance will definitely go up.
We are a tax specialty firm with an expertise in all IRS matters. We handle both Criminal and Civil tax matters. Call us today for a no cost consult. 1-866-700-1040.
Let us take away your fear or worry today.
We taught TAX LAW at the IRS. You can speak directly to professionals that know the system.
While this blog is not written to scare anyone you should be advised that the IRS has just received another $500 Billion to go after tax cheats ( next year alone ) and much of that money will be focused on FBAR, Expatriates, Unfiled Tax Returns and Overseas monies not reported to the IRS.
Living in Pakistan will not shelter you from the IRS.
Over the last three years over 33,000 persons came forward and voluntarily filed FBAR’s . Many from Pakistan.
As a result of those voluntary disclosures the IRS collected $5.5 Billion. The IRS will not stop. The fear of criminal prosecution looms over taxpayers if FBARs are not filed.
The IRS is currently training many new Revenue Agents and are pouring more money into their CADE computer system to run down tax criminals.
While many persons living overseas have nothing to worry about many persons do. The IRS will catch up eventually. Find the IRS before they find you.
We are here to offer a free tax consultation to keep you out of jail and avoid paying as much tax as possible. We can reduce your tax debt by knowing the Law.
Call us today for a no cost tax consult. We are an International Tax Firm. If you live in Pakistan feel free to SKYPE us.
You will speak directly to tax attorneys, tax lawyers or Former IRS agents.
Call, 1-866-700-1040
by Fresh Start Tax | Jul 26, 2012 | FBAR, Tax Lawyer
Tax Resolution Service Company – A+ BBB Rating, Tax Resolution Firm, Former IRS 1-866-700-1040
We are comprised to Tax Attorneys, Tax Lawyers and Former IRS agents who specialize in FBAR.
We have over 206 years of professional tax experience and over 60 years with the IRS. We are true FBAR tax experts. Call us for a no cost consult. 1-866-700-1040.
We can take the stress and worry out of this FBAR process. Our Tax Attorneys and Tax Lawyers of some of the best.
What is FBAR?
F BAR is the new tool of the United States Government to collect billions of dollars from taxpayers with monies overseas.
F BAR reporting will be well scrutinized by the IRS starting 2013. Since the crack down of FBAR reporting three year ago the IRS announced two amnesty programs resulting in 33,000 persons submitting to voluntary filing. IRS collected over $5.5 Billion from this FBAR Program. More is coming.
It is very important to file before IRS contacts you. By doing this, you can avoid criminal prosecution if there is no willful intent.
Should the IRS contact you before you file contact us immediately.
Link to download F BAR Report Form – http://www.irs.gov/pub/irs-pdf/f90221.pdf
Who Should File an FBAR?
United States persons, taxpayers, are required to file an FBAR if:
- 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
- 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.
Exceptions to the Reporting FBAR Requirement
There are FBAR filing exceptions for the following United States persons or foreign financial accounts:
- Certain foreign financial accounts jointly owned by spouses;
- United States persons included in a consolidated FBAR;
- Correspondent/nostro accounts;
- Foreign financial accounts owned by a governmental entity;
- Foreign financial accounts owned by an international financial institution;
- IRA owners and beneficiaries;
- Participants in and beneficiaries of tax-qualified retirement plans;
- Certain individuals with signature authority over but no financial interest in a foreign financial account;
- Trust beneficiaries; and
- Foreign financial accounts maintained on a United States military banking facility.
FBAR Reporting and Filing Information
A person who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
By checking the appropriate block on F BAR-related federal tax return or information return questions (for example, on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder’s reporting obligation.
The FBAR is not filed with the filer’s federal income tax return.
Remember, the granting, by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR.
Call us if you have any questions, 1-866-700-1040. you can speak directly to Tax Attorneys and Former IRS agents.
F BAR Reporting – F BAR Experts – Stop the Worry with an Affordable Tax Expert
