by Fresh Start Tax | Nov 18, 2014 | Tax Help
We are a Affordable full service tax firm that specializes in IRS tax help.
We are a team of tax attorneys, CPAs and former IRS agents who know the system inside and out.
Our former IRS agents have over 60 years of working directly for the Internal Revenue Service.
As a result of or 60 years of experience in the local district and regional offices of IRS understand all the procedures, settlement theories and understand the easiest and simplest way to close any case in dealing with any IRS issue.
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Some quick tax facts:
- the IRS, sends out close to 2 million love each and every year
- the IRS audits less than 1% of all taxpayers,
- the IRS accepts 38% of all offers in compromise files,
- over 16 million taxpayers do not file current tax returns.
Call us today for free initial tax consultation and speak directly to a true IRS tax expert.
by Fresh Start Tax | Nov 18, 2014 | Tax Help
We are Affordable Tax Experts for all IRS Problems.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
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We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
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How the Internal Revenue Service deals with taxpayers who owe back tax debt.
I am a former IRS agent and Teaching Instructor.
The Internal Revenue Service has a variety of ways that they deal with taxpayers who have not filed their back tax returns and owe back tax debt.
As a general rule they will want a current financial statement completely documented to determine how they were close a case off off there enforcement computers.
As a general rule, the Internal Revenue Service will place people into a currently not collectible file or asked them to make monthly payments.
Some taxpayers are eligible for the new offer compromise program under the fresh start initiative.
All tax returns will need to be filed, current and up-to-date before the Internal Revenue Service will close any case off there system.
Feel free to call us today for an initial tax consultation and we can go over the various solutions to go ahead and settle your tax debt and file your back tax returns all at one time.
We are a full service tax firm that specializes in IRS taxes and IRS tax debt.
IRS Taxes – Owe Back Tax Debt, File Back Tax Returns, Settle Tax, Affordable Experts = Pittsfield, Northampton, Westfield, Fitchburg, Medford
by Fresh Start Tax | Nov 18, 2014 | Tax Help
Tips for Year-End Gifts to Charity
There are several tax rules that you should know about before you give.
Here are six tips from the IRS that you should keep in mind:
1. Qualified charities.
You can only deduct gifts you give to qualified charities. Use the IRS Select Check tool to see if the group you give to is qualified. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies. This is true even if Select Check does not list them in its database.
2. Monetary donations.
Gifts of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. You must have a bank record or a written statement from the charity to deduct any gift of money on your tax return.
This is true regardless of the amount of the gift. The statement must show the name of the charity and the date and amount of the contribution. Bank records include canceled checks, or bank, credit union and credit card statements.
If you give by payroll deductions, you should retain a pay stub, a Form W-2 wage statement or other document from your employer.
It must show the total amount withheld for charity, along with the pledge card showing the name of the charity.
3. Household goods.
Household items include furniture, furnishings, electronics, appliances and linens. If you donate clothing and household items to charity they generally must be in at least good used condition to claim a tax deduction.
If you claim a deduction of over $500 for an item it doesn’t have to meet this standard if you include a qualified appraisal of the item with your tax return.
4. Records required.
You must get an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. Additional rules apply to the statement for gifts of that amount.
This statement is in addition to the records required for deducting cash gifts. However, one statement with all of the required information may meet both requirements.
5. Year-end gifts.
You can deduct contributions in the year you make them. If you charge your gift to a credit card before the end of the year it will count for 2014.
This is true even if you don’t pay the credit card bill until 2015. Also, a check will count for 2014 as long as you mail it in 2014.
IRS Tips for Giving to Charities – Fresh Start Tax LLC
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.
We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the internal revenue service.
We were former IRS tax instructors and know the system well.
We are comprised of tax attorneys, tax lawyers, CPAs and former IRS agents who know their job inside and out.
Call us today for a free initial tax consultation and hear the truth about the IRS as a relates to offshore accounts and regulations thereof.
All calls can be covered under attorney-client privilege if necessary.
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.
Tax Help for IRS Offshore Accounts, FBAR, Tax Filings, Tax Settlements = Attorney, Lawyer, Former IRS = THAILAND – BANGKOK, CHIANG MAI
by Fresh Start Tax | Nov 17, 2014 | Tax Help
We are a full service professional tax firm that specialize in offshore banking, international tax law, FBAR, FATCA & tax representation.
We have been serving taxpayers since 1982 and our A+ rated by the Better Business Bureau.
On staff are tax attorneys, tax lawyers, certified public accountants, and former IRS agents, managers and taxes structures.
Because of our years of experience at the Internal Revenue Service we know the system and the tax law as it pertains to offshore banking and international tax the requirements thereof.
You may contact us or Skype us today for a free initial tax consultation.
The conversation can b covered under attorney-client privilege if requested.
We have successfully represented thousands of clients since 1982
Changes to Offshore Programs; Revisions Ease Burden and Help More Taxpayers Come into Compliance
The Internal Revenue Service has made major changes in its offshore voluntary compliance programs, providing new options to help both taxpayers residing overseas and those residing in the United States.
The changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations.
The tax changes include an expansion of the streamlined filing compliance procedures announced in 2012 and important modifications to the 2012 Offshore Voluntary Disclosure Program (OVDP).
The expanded streamlined procedures are intended for U.S. taxpayers whose failure to disclose their offshore assets was non-willful.
Balanced against the modified programs is the government’s ongoing effort to combat the misuse of offshore assets.
You should know that the IRS, working closely with the U.S. Department of Justice, continues to investigate foreign financial institutions that may have assisted U.S. taxpayers in avoiding their tax filing and payment obligations.
In addition, on July 1, the new information reporting regime resulting from the Foreign Account Tax Compliance Act (FATCA) will go into effect.
Thousands of foreign financial institutions will begin to report to the IRS the foreign accounts held by U.S. persons.They mean business!
The current Offshore Voluntary Disclosure Program was launched in 2012 and is the successor to prior voluntary programs offered in 2011 and 2009.
Since the launch of the first program, more than 45,000 taxpayers have come into compliance voluntarily, paying about $6.5 billion in taxes, interest and penalties.
The expansion of the streamlined procedures and modifications to OVDP reflect the thoughtful input of the tax community given the growing awareness among U.S. taxpayers of their offshore tax obligations.
Streamlined Procedures Expanded
The changes announced today make key expansions in the streamlined procedures to accommodate a wider group of U.S. taxpayers who have unreported foreign financial accounts.
The original streamlined procedures announced in 2012 were available only to non-resident, non-filers. Taxpayer submissions were subject to different degrees of review based on the amount of the tax due and the taxpayer’s response to a “risk” questionnaire.
The expanded streamlined procedures are available to a wider population of U.S. taxpayers living outside the country and, for the first time, to certain U.S. taxpayers residing in the United States.
The changes include:
Eliminating a requirement that the taxpayer have $1,500 or less of unpaid tax per year;
Eliminating the required risk questionnaire;
Requiring the taxpayer to certify that previous failures to comply were due to non-willful conduct.
For eligible U.S. taxpayers residing outside the United States, all penalties will be waived.
For eligible U.S. taxpayers residing in the United States, the only penalty will be a miscellaneous offshore penalty equal to 5 percent of the foreign financial assets that gave rise to the tax compliance issue.
Offshore Voluntary Disclosure Program (OVDP) Modified
The changes also make important modifications to the OVDP.
The changes include:
Requiring additional information from taxpayers applying to the program;
- Eliminating the existing reduced penalty percentage for certain non-willful taxpayers in light of the expansion of the streamlined procedures;
- Requiring taxpayers to submit all account statements and pay the offshore penalty at the time of the OVDP application;
- Enabling taxpayers to submit voluminous records electronically rather than on paper;
- Increasing the offshore penalty percentage (from 27.5% to 50%) if, before the taxpayer’s OVDP pre-clearance request is submitted, it becomes public that a financial institution where the taxpayer holds an account or another party facilitating the taxpayer’s offshore arrangement is under investigation by the IRS or Department of Justice.
US Tax Lawyer, Attorney = Offshore Banking, International Tax Law, FATCA, FBAR Representation = THAILAND – BANGKOK, CHIANG MAI
