by steve | Aug 9, 2011 | IRS Tax Advice, Tax News
IRS Deadline for Voluntary Disclosure Initiative of Offshore Accounts
Just like ever the IRS has a deadline for Voluntary Disclosure for Offshore Accounts
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We are comprised of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents.
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U.S. taxpayers hiding income or not disclosing in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service.
The IRS today reminded taxpayers that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire on Aug. 31, 2011. Taxpayers who come forward voluntarily get a better deal than those who wait for the IRS to find their undisclosed accounts and income.
New foreign account reporting requirements are being phased in over the next few years, making it ever tougher to hide income offshore. As importantly, the IRS continues its focus on banks and bankers worldwide that assist U.S. taxpayers with hiding assets overseas.
From the mouth of the IRS commissioner regarding Voluntary Disclosure.
“The time has come to get back into compliance with the U.S. tax system, because the risks of hiding money offshore keeps going up,” said IRS Commissioner Doug Shulman. “Our goal is to get people back into the system. The second voluntary initiative gives people a fair way to resolve their tax problems.”
The 2011 OVDI was announced on Feb. 8, 2011, and follows the 2009 Offshore Disclosure Program (OVDP). The 2011 initiative offers clear benefits to encourage taxpayers to come forward rather than risk detection by the IRS. Taxpayers hiding assets offshore who do not come forward will face far higher penalties along with potential criminal charges.
Penalty Framework
For the 2011 initiative, there is a new penalty framework that requires individuals to pay a penalty of 25 percent of the amount in the foreign bank accounts in the year with the highest aggregate account balance covering the 2003 to 2010 time period. Some taxpayers will be eligible for 5 or 12.5 percent penalties in certain narrow circumstances.
Participants also must pay back-taxes and interest for up to eight years as well as paying accuracy-related and/or delinquency penalties. All original and amended tax returns must be filed by the deadline.
The IRS has made available the 2011 OVDI information in eight foreign languages for those taxpayers with undisclosed offshore accounts.
FBAR Languages
The agency took this step to reach taxpayers whose primary language may not be English. These translations include the following languages: Chinese (Traditional and Simplified), Farsi, German, Hindi, Korean, Russian, Spanish and Vietnamese.
The IRS decision to open a second special disclosure initiative was based on the success of the first program and many more taxpayers coming forward after the program closed on Oct. 15, 2009.
The first special disclosure initiative program closed with about 15,000 voluntary disclosures regarding accounts at banks in more than 60 countries. Many taxpayers came in after the first program closed. These taxpayers were deemed eligible to take advantage of the special provisions of the second initiative.
IRS Deadline for Voluntary Disclosure Initiative of Offshore Accounts – Tax Experts
by steve | Aug 9, 2011 | Christian IRS Tax Relief, IRS Tax Advice
Fresh Start Tax LLC 1-866-700-1040 Since 1982 IRS Tax Experts A Professional Tax Firm “A” Rated by the Better Bushiness Bureau
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents, Managers and Instructors. We have over 205 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district and regional IRS offices.
We taught Tax Law at the Regional Training Center in Atlanta Georgia. We know all the tax policies and settlement procedures.
Call us for a no cost professional tax consult. We are affordable and give personalized service.
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Areas of Tax Practice:
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Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
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See our Home Page for more details Thank you
by steve | Aug 9, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax L.L.C. Since 1982 IRS Tax Experts A Professional Tax Firm 1-866-700-1040
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We also taught Tax Law at the Regional Training Center in Atlanta Georgia. We are both affordable and can bring a quick resolution to your IRS Problems.
Let our 205 years of professional tax experience help you to get you the tax relief you need.
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include the following:
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
See our Home Page for more details Thank you
by steve | Aug 9, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax L.L.C. 1-866-700-1040 IRS Tax Experts A Professional Tax Firm “A” Rated by the Better Business Bureau
We taught Tax Law at the Regional Training Center in Atlanta Georgia. We know all the tax settlement strategies.
Have Former IRS Agents, Managers and Instructors who have over 60 years of direct work experience in the local, district and regional offices of the IRS resolve any tax issue or problem you may have.
You will either speak to a Board Certified Tax Attorney, CPA, of Former IRS Agents.
We have over 205 years of professional tax experience and have saved of clients millions of dollars since 1982.
Call us for a no cost professional consult.
Fresh Start Tax is one of the premier Christian tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include the following:
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
See our Home Page for more details Thank you
by steve | Aug 9, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax L.L.C. Since 1982 A Professional Tax Firm IRS Tax Experts “A” Rated by the Better Business Bureau
Hire Former IRS Agents who know the system. We get it done- Fast and Affordable!
We can get you immediate and permanent tax relief from IRS Wage and Bank Levies. We know all the settlement policies and tax strategies of IRS because we taught in the IRS system.
We have over 205 years of professional tax experience and over 60 years of working directly for the IRS in the local, district and regional tax offices of the IRS.
We also taught Tax Law at the Regional Training Center of the IRS in Atlanta Georgia.
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include the following:
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on GRACE 90.3 FM Monthly Radio Show-Business Weekly
How we immediately get Notices of Bank Levy and Bank Garnishment Released.
As former IRS Agents, Managers and Instructors we have issued thousands of IRS Wage/Garnishment and Bank Levies. We know exactly how to quickly get them released. We have what it takes.
1. We immediately send a power of attorney to the IRS letting them know we are now your representative. You will never have to speak to them.
2. We will make sure all your tax returns are filed and current. If your tax returns are not up to date, the IRS will refuse to work your case. This is leverage that they use to get you compliant. We can pull tax transcripts, file and prepare your tax returns within days, even if you have lost your tax records.
3. The IRS requires a current financial statement. We will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement. The IRS will require a closing settlement method for each case.
4. We review with our clients how they want to settle their case. We get them an agreement based on their current financial needs.
Settlement agreements can be in different forms:
a. Hardship Settlements. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because you do not have the income coming in to meet your current expenses. The IRS will use the National Standards Program to assess hardship.
b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS. We will review the different programs the IRS uses for the lowest possible amount required.
c. Offer in Compromise. There are three types of OICs:
The IRS may accept an Offer in Compromise based on three grounds:
1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include:
(1) the examiner made a mistake interpreting the law,
(2) the examiner failed to consider the taxpayer’s evidence or
(3) the taxpayer has new evidence.
3. Effective Tax Administration/ Exceptional Circumstances – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
