by Fresh Start Tax | Jul 25, 2012 | Christian IRS Tax Relief, Expatriate Tax, FBAR, Tax Lawyer, Tax Settlements
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We taught Tax Law at the IRS. We know the tax policies and tax procedures because we taught them at the IRS.
We are Biblical Based Christian Tax Firm in all our dealings so expect to hear the truth about your case.
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We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents, Managers and Instructors.
We have over 206 years of professional tax experience and over 60 years with the Internal Revenue Service.
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Proverbs 18:2 Fools have no interest in understanding; they only want to offer their own opinions.
FBAR and Expatriates
With the Federal Government finding over $5.5 billion dollars in Offshore Programs in the last two years, the Fed came out and said it will spend over $500,000 million in new revenue to help catch tax cheats and tax crimes.
What is the FBAR Voluntary Disclosure Practice
It is currently the practice of the IRS that a voluntary disclosure will be considered along with all other factors in the investigation in determining whether criminal prosecution will be recommended.
This voluntary disclosure practice creates no substantive or procedural rights for taxpayers, but rather is a matter of internal IRS practice, provided solely for guidance to IRS personnel. It is best to contact us directly because each case is based on its own merits.
A voluntary disclosure ( VD ) will not automatically guarantee immunity from prosecution; however, a voluntary disclosure may result in prosecution not being recommended. This practice does not apply to taxpayers with illegal source income.This is where we come in. The general rule, contact IRS before they contact you.
A voluntary disclosure occurs when the communication is truthful, timely, complete, and when:
1. the taxpayer shows a willingness to cooperate and does in fact cooperate with the IRS agent in determining his or her correct tax liability,
2. when the taxpayer makes a good faith arrangements with the IRS to pay in full, the tax, interest, and any penalties determined by the IRS to be applicable. Remember it is possible to abate penalties and interest. Honesty goes along way!
3. A full disclosure is timely if it is received before:
a. the IRS has initiated a civil examination or criminal investigation of the taxpayer, or has notified the taxpayer that it intends to commence such an examination or investigation;
b. the IRS has received information from a third party (e.g., informant, other governmental agency, or the media) alerting the IRS to the specific taxpayer’s noncompliance;
c. the IRS has initiated a civil examination or criminal investigation which is directly related to the specific liability of the taxpayer; or
d. the IRS has acquired information directly related to the specific liability of the taxpayer from a criminal enforcement action.
4. Any taxpayer who contacts the IRS in person or through a representative regarding voluntary disclosure will be directed to Criminal Investigation for evaluation of the disclosure.
Call today for a no cost Christian Tax Consult 1-866-700-1040.
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by Fresh Start Tax | Jul 25, 2012 | FBAR, IRS Tax Problem, Tax Help, Tax Lawyer, Tax Settlements
Have Former IRS Agents and Tax Attorneys who taught Tax Law help with any FBAR issues you may have.
We know the IRS tax policies and settlement procedures.
India – FBAR Tax issues, resolutions and negotiations. We handle all criminal and civil cases. Let us take away your fear, anxiety or worry today.
Let our years at the IRS ease any discomfort about this issue. We taught Tax Law at the IRS and know the system.
Call us for a no cost professional tax consultation and speak directly to Expert FBAR Tax Attorneys, Lawyers, CPAs or Former IRS agents. 1-866-700-1040.
We are FBAR tax experts and provide Worldwide tax help for anyone seeking FBAR tax relief.
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If you are living an India and have any potential issues or the IRS has already contacted you call us today.
FBAR Filing Criteria as defined by the Internal Revenue Service.
In order to determine whether or not the FBAR is required, ALL of the following must apply:
1. The filer is a United States person;
2. The U.S. person has a financial account(s);
3. The financial account is in a foreign country ( India );
4. The U.S. person has a financial interest in the account or signature or other authority over the foreign financial account; and,
The aggregate amount(s) in the account(s) valued in dollars exceed $10,000 at any time during the calendar year. most individuals forget about the aggregate amount and this can lead to problems.
What is defined as a Financial Account by the IRS.
1. Bank accounts, such as a savings, demand, checking, deposit, time deposit, or any other account maintained with a financial institution or other person engaged in the business of a financial institution.
2.A bank account set up to secure a credit card account is an example of a financial account. An insurance policy having a cash surrender value is an example of a financial account.
3.Securities, securities derivatives, or other financial instruments account are also financial accounts.
4.Individual bonds, notes, or stock certificates held by the filer are not a financial account.
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by Fresh Start Tax | Jul 25, 2012 | FBAR, Tax Lawyer
We are Tax Experts in FBAR. We can take the fear and worry out of FBAR.
Call today and speak directly to Tax Attorneys, Former IRS Agents and hear the truth about FBAR Amnesty . 1-866-700-1040.
We have over 206 years of total IRS tax experience and over 60 years of direct IRS tax work experience in the local, district and regional offices of the IRS.
IRS has different amnesty programs and will announce them at different times when the top brass believe it is in the best interest of the government.
It is best to check with us on your individual situation to find out the different tax options open to you depending on the current climate of the IRS.
The last thing you want to experience is a criminal investigation from the IRS. Besides prison time, the fines and penalties will drain the very life out of you.
Should you have any questions, call us today for a no cost professional consult and hear the truth about FBAR Amnesty and your case.
Things you should know about FBAR.
1.Who must file an FBAR?
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.
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2. What constitutes signature or other authority over an account?
A person has signature authority over an account if such person can control the disposition of money or other property in it by delivery of a document containing his or her signature (or his or her signature and that of one or more other persons) to the bank or other person with whom the account is maintained.
3. Who has authority over a Bank Account
Other authority exists in a person who can exercise power that is comparable to signature authority over an account by direct communication to the bank or other person with whom the account is maintained, either orally or by some other means.
What are some of the criminal charges I might face if I don’t come in under voluntary disclosure and the IRS finds me?
4. What are Criminal Charges that can be invoked by the IRS?
Possible criminal charges related to tax returns include tax evasion (26 U.S.C.§ 7201), filing a false return (26 U.S.C. § 7206(1)) and failure to file an income tax return (26 U.S.C. § 7203).
The failure to file an FBAR and the filing of a false FBAR are both violations that are subject to criminal penalties under 31 U.S.C. § 5322.
Tax Evasion.
A person convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000.
False Tax Return.
Filing a false return subjects a person to a prison term of up to three years and a fine of up to $250,000.
Failure to File.
A person who fails to file a tax return is subject to a prison term of up to one year and a fine of up to $100,000.
Failing to file an FBAR subjects a person to a prison term of up to ten years and criminal penalties of up to $500,000.
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by Fresh Start Tax | Jul 24, 2012 | Abatements, FBAR, IRS Penalties, Tax Lawyer, Tax Settlements
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We are a IRS tax specialty firm. We tax experts in IRS matters including FBAR.
Let our experience work for you. We taught IRS tax Law.
We have a combined 205 years of professional tax experience and over 60 years of direct IRS tax experience in the local, district and regional offices of the Internal Revenue Service.
We have been practicing Tax Law since 1982 and we are “A” rated by the BBB.
On staff are Former IRS Appeals Agents and Tax Attorneys who are tax experts in matters of Penalty abatement and removal.
We have been settling cases with the IRS since 1982. We know all the tax policies and tax procedures because we taught Tax Law at the IRS.
Call us for a no cost consult and hear your options, 1-866-700-1040.
FBAR Penalties, procedures and applications.
The IRS has been delegated authority to assess FBAR civil penalties. There are civil penalties for negligence, pattern of negligence, non-willful, and willful violations. Each case is different and the results vary from cases to case.
IRS penalties are be asserted only to promote compliance with the FBAR reporting and record keeping requirements.
In exercising IRS discretion, tax examiners consider whether the issuance of a warning letter and the securing of delinquent FBARs, rather than the assertion of a penalty, will achieve the desired result of improving compliance in the future. We hope!
FBAR civil penalties have varying upper limits, but no floor.
The IRS audit examiner discretion is necessary because the total amount of penalties that can be applied under the statute can greatly exceed an amount that would be appropriate in view of the violation. You must hope the tax examiner is fair and uses good judgement.
IRS tax examiners are expected to exercise discretion, taking into account the facts and circumstances of each case, in determining whether penalties should be asserted and the total amount of penalties to be asserted.
Because FBAR penalties do not have a set amount, IRS has developed penalty mitigation guidelines to assist examiners in the exercise of their discretion in applying these penalties.
The FBAR mitigation guidelines are only intended as an aid for the examiner in determining an appropriate penalty amount.
The IRS tax examiner must still consider whether a warning letter or a penalty amount that is less than what would be called for under the mitigation guidelines would be more appropriate given the facts and circumstances of a particular case.
FBAR penalties are determined per account, not per unfiled FBAR, for each person required to file.
IRS penalties apply for each year of each violation.
As noted above, however, examiners are expected to exercise discretion, taking into account the facts and circumstances of each case, in determining whether penalties should be asserted and the total amount of penalties to be asserted.
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by Fresh Start Tax | Jul 24, 2012 | FBAR, Tax Lawyer
We are a a professional tax firm that specializes in all IRS tax matters and FBAR case matters.
You may contact us for a free consultation and speak directly to a Tax Lawyer that is an expert in FBAR. 1-866-700-1040.
We are fair, honest and will tell you the truth about your FBAR matter. We can take away the worry and fear from any anxiety you may be feeling. You will never have to speak to the Internal Revenue Service. Our Tax Lawyers are excellent.
Do not feel threatened by the IRS, let our years of IRS tax experience work for you.
We have over 206 years of professional tax experience and over 60 years of working directly for the IRS in the local, regional and district offices including teaching tax law at the IRS.
Voluntary Disclosure for FBAR
Two of the most asked questions are found below. Should you have any questions please call us regarding these questions or others you may have.
Why should I make a voluntary disclosure?
Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution.
Making a voluntary disclosure also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues.
Taxpayers who do not submit a voluntary disclosure run the risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution.
What is the IRS’s Voluntary Disclosure Practice?
The Voluntary Disclosure Practice is a longstanding practice of IRS Criminal Investigation of taking timely, accurate, and complete voluntary disclosures into account in deciding whether to recommend to the Department of Justice that a taxpayer be criminally prosecuted. IRS is just beginning to ramp up future enforcement and has a budget of $500 Million additional set for this year alone.
It enables non-compliant taxpayers to resolve their tax liabilities and minimize their chances of criminal prosecution.
When a taxpayer truthfully, timely, and completely complies with all provisions of the voluntary disclosure practice, the IRS will usually not recommend criminal prosecution to the Department of Justice.
Call us to walk you thru this process. 1-866-700-1040.
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