by Fresh Start Tax | Aug 25, 2012 | FBAR, Tax Lawyer, Tax Returns
FBAR filings are the hot topic around IRS.
The reason is simple, after 3 years the IRS collected a whopping $5.5 Billion from FBAR reporting and filing of tax returns, what a staggering number.
Our guess, that number will triple as prosecutions rise. Without question you will see many more taxpayers with criminal cases due to the upgrading of the CADE2 computer system of the IRS and the current exchange program going on between the US and foreign financial institution. ( all thanks to UBS )
There are generally two type of clients that retain our firm.
99% of most of our clients were simply unaware of the FBAR requirements. Filing and getting them back into the system is relatively simple. There are that 1% that need criminal representation.
For those of you who want to file FBAR your self, please click on or paste the link below
.www.irs.gov/pub/irs-pdf/f90221.pdf
Should you need help from well qualified and experienced Attorneys and Lawyers call us today for a no cost professional consultation. All calls are confidential. 1-866-700-1040.
General Information about FBAR
If you have a financial interest in and or have signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or any other type of foreign financial account, the US 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). See form above, PDF.
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 evade or defeat United States laws.
You can File FBAR on a New E-Filing Option
Finally, there is now an online filing option for FBAR that require only one signature.
The online form and instructions provide for a more immediate means by which to ensure that the FBAR is received by the June 30 deadline. Since only one signature can be submitted on the electronic form, the e-filing process IS NOT an option for joint filers.
For filers of FBAR not using the e-filing option, the FBAR filings are sent to:
U.S. Department of Treasury,
P.O. Box 32621,
Detroit, MI, 48232-0621.
Commercial delivery is:
IRS Enterprise Computing Center,
Attn: CTR Operations Mail room, 4th Floor,
985 Michigan Avenue, Detroit, MI, 48226,
by Fresh Start Tax | Aug 24, 2012 | Tax Settlements
Fresh Start Tax L.L.C. is one of the best tax rated tax settlement companies in the tax resolution industry today. 1-866-700-1040.
Check our BBB ratings and you will find absolutely NO COMPLAINTS.
You should know that there is no one industry rating system in the tax settlement vertical . Companies that claim to rate companies many times are owned by certain tax resolution companies that will drive traffic to themselves.
So when we say we are the best rated, a better terminology would be, “we are one of the best rated tax settlement company because of our outstanding track record”.
The pure truth, there are many excellent best rated tax settlement companies. You must search to find them.
The discerning factors of tax settlement companies.
To grade a Tax Settlement Company there are 6 factors to use, each is equally important.
Note – I have earned the right to understand companies because I have worked for the IRS for over 10 years, was a former instructor with the IRS and I hear the IRS employee gossip about different companies. Also be aware I have worked over 15,000 case over my 38 years in the industry.
1. Check out the Better Business Bureau rating of the company.
With that said a company who has been in business for a long time may have one or two complaints, it is only human nature. Today most clients of tax settlement companies actively hit the BBB to complain. This is great source of creditability.
2. Check out the professional profiles of the tax firm.
Typically, you will want to find Tax Attorneys, CPA’s and Former IRS Agents on staff. You want to make sure they have a well rounded staff to handle any and all problems that may arise on your case.
3. Find out who you be working your case.
Many tax resolutions companies will hand the case off to staff in the office. A solid professional tax resolution firm will have the tax professional handle all the work related to your case .
4. Fees.
Most tax settlement companies will give you a flat fee. There is usually no mystery on how long these cases will take from a time point of view. Flat fees are very common. Ranges can be anywhere from $2500 – $5000 depending on the complexity of the case.
5. Guarantees.
If a tax settlement company tells you up front what the results can be without reviewing all the paperwork, you should report them to the IRS.
6. Tax Settlement companies use closers and not professional to sign your up. They make commissions on your case.
This is the biggest CAUTION. The scary fact about tax resolution companies is the simple fact that many use closers to sign you up and collect your money. What is unfortunate, these closers have no idea what a tax lien vs a tax levy. They will promise you the moon just to get you signed up.
Remember, check the company out!! Call us today for a no cost consult and speak directly to a tax professional. 1-866-700-1040.
by Fresh Start Tax | Aug 24, 2012 | Christian IRS Tax Relief, Representation, Tax Lawyer
Christian Tax Attorney – IRS and State Tax Representation – Christian Tax Firm – Tax Experts 1-866-700-1040. Free tax consults.
We are a Christian Tax Firm <>< who have been practicing IRS and State Tax Representation since 1982.
On staff are Tax Attorneys, Tax Lawyers, CPAs and Former IRS Agents, yes all Christian!
With over 205 years of professional tax experience and over 60 years of direct IRS work experience we are one of the most experienced Christian Tax Firms dealing with IRS and State tax problems.
Each case is handled from a Christ-Centered Biblical perspective. Part of the work involved in IRS and State Tax Representation is to restore the taxpayer /client into the fullness of obedience and be set free from this bondage.
As a result, the bondage, worry and stress of the situation are many times relieved. The goal in dealing with these tax situation is simple, make sure the client is current doing all the right thing the law currently requires and then approach the prior or back situation with options so the client can live worry free and stress free.
We have found this bondage cripples believers. They want to deal with the situation but are unable to.
One of our goals at Fresh Start Tax LLC is to deal with the problem as Christ would and provide to the client an exit strategy.
Exit Strategies.
The most common question asked from our clients is this, ” How will my case be resolved?”
The answer is a simple one. Almost all cases are closed in one of the following three ways. The IRS or the State will either:
1. Place your case in administrative HARDSHIP for a period of time,
2. Ask for a payment agreement,
3. Ask for a settlement proposal.
Call us today to hear your options and speak directly to a Christian tax professional. 1-866-7001040.
by Fresh Start Tax | Aug 24, 2012 | FBAR, Tax Lawyer
If you live in Singapore and you need to file a FBAR report call us to hear the truth about IRS and FBAR. 1-866-700-1040.
We are Worldwide IRS Tax Experts.
Stop the worry today. There are many false notions that exists about FBAR and after you speak to one of our tax attorneys or tax lawyers you will be relieved to hear the truth.
We will provide a game plan as well as an exit strategy for you.
We can file FBAR reports and settle and close your tax case.
We are made up of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents.
The future of IRS and FBAR
The IRS CADE2 computer system is currently being upgraded with sophisticated software to track foreign taxpayers. With the recent help from Foreign Banks and Financial Institutions as a result of the breakthrough of UBS cases, the Internal Revenue Service has hired teams of Agents for find the money.
If you are current on all filing, you have absolutely nothing to worry about. The goal for all non filers is simple, find IRS before they find you and you avoid all problems.
Common questions.
There are some common questions that come up all the time in speaking to our clients. Since we are a International Firm we have a significant number of cases right now in Singapore.
These are some of our frequently asked questions.
How does a FBAR filer amend a previously filed FBAR so they will not have a problem with the IRS ?
FBAR filers can amend a previously filed FBAR by checking the amended box in the upper right-hand corner of the first page of the form.
Then you can
1. Making the needed additions or corrections;
2. Stapling it to a copy of the original FBAR; and
3. Attaching a statement explaining the additions or corrections.
What happens if an account holder is required to file an FBAR and fails to do so?
Failure to file an FBAR when required to do so may potentially result in civil penalties, criminal penalties or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late. IRS will consider penalty abatement’s for reasonable cause.
No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause.
Can cumulative FBAR penalties exceed the amount in a taxpayer’s foreign accounts?
Yes, under the penalty provisions found in 31 U.S.C. 5314(a)(5), it is possible to assert civil penalties for FBAR violations in amounts that exceed the balance in the foreign financial account.
How long should account holders retain records of the foreign bank accounts?
Records of accounts required to be reported on an FBAR must be retained for a period of five years. Failure to maintain required records may result in civil penalties, criminal penalties or both.
Call us today and stop the worry. 1-866-700-1040. SKYPE available.
by Fresh Start Tax | Aug 23, 2012 | FBAR, Tax Help, Tax Lawyer
FBAR – London England – Tax Attorneys, Former IRS – FBAR Tax Help Criminal, Civil Representation.
Stop the worry, call us today to hear the truth. 1-866-700-1040.
As former IRS Agents, Managers and instructors, we know all the IRS will do and how they will handle your case.
We a professional tax firm specializing in FBAR and Expatriate Tax Help.
We are staffed with Tax Attorneys, Lawyers, CPA’s and Former IRS Agents.
We taught tax law at the IRS and are Experts in FBAR tax law.
Call us for a no cost professional tax consultation. 1-866-700-1040.
Attorney-client privileged offered for potential criminal cases. We have a number of clients we are now servicing in London, England. Video Skype is available.
The Internal Revenue Service is receiving over $500 million dollars to ramp up there overseas funding, non-filer programs and the computer systems just to name a few programs to help run down taxpayers who have compliance and non filer issues.
Many taxpayers are unaware a problem may even exist. If you should have a situation that needs to be addressed, call us for a no cost consult and speak directly to a tax professional. 1-866-700-1040.
FRAR requirements as prescribed by the Internal Revenue Service.
FBAR – Foreign Bank and Financial Accounts (FBAR)
Some basic facts about FBAR:
American citizens and residents who have a financial interest or authority over a foreign bank account, brokerage account, mutual fund, unit trust and/or other financial account(s), with an aggregate value in excess of $10,000 at any time during the year, must file a report of those account(s), even though the account(s) produce(s) no taxable income.
Where to report the FBAR information
The FBAR information should be shown by checking box 7a and b on Form 1040, Schedule B, as well as filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
Important note to filers: The FBAR is not to be attached to your Federal income tax return. it will get lost and the IRS may penalize you for failure to file.
There is no extension available for filing the FBAR and it must be received in Detroit, Michigan by June 30th to be considered timely filed. No if and’s, or buts
Mailing FBAR Instructions
Mail directly to:
U.S. Department of the Treasury
P.O. Box 32621
Detroit, Michigan 48232-0621 U.S.A.
Courier Delivery :
IRS Enterprise Computing Center
ATTN: CTR Operations Mail room, 4th Floor
985 Michigan Avenue
Detroit, Michigan 48226 U.S.A.
Telephone: [+1] (313) 234-1062
Feel free to call us for the next update on the latest for tax amnesty programs.
FBAR , London England, Tax Attorneys, Lawyers, Former IRS, FBAR Tax Help, Criminal, Civil Tax Representation 1-866-700-1040
