Attorneys, Lawyers, CPA’s *FBAR Experts* Foreign Bank Accounts Reporting – Requirements, Guidance, Compliance

by Fresh Start Tax | Jun 24, 2014 | Tax Help

We are a full service tax firm that specializes in for financial bank account reporting.

We are comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents, managers and tax instructors.

Contact us today for a free initial tax consultation and we can review for you the latest filing, compliance and guidance for foreign financial account reporting.

Foreign Financial Accounts Reporting Requirements

Please note:

Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, is obsolete. IRS.gov. After June 30, 2013, the FBAR must be filed electronically with FinCEN.

With the globalization of the economy, more and more people in the U.S. have foreign financial accounts.

While there are many legitimate reasons to own foreign financial accounts, there are also responsibilities that go along with owning such accounts.

Foreign account owners must remember that they may have to report their accounts to the government, even if the accounts do not generate any taxable income.

Who is required to report their foreign accounts to the government, and how do they do so?

The Bank Secrecy Act requires U.S. persons who own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account to file a Form TD F 90-22.1, Report of Foreign Bank and Financial Authority (FBAR), if:

• The person has financial interest in, signature authority, or other authority over one or more accounts in a foreign country, and

• The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.

A U.S. person is:

• A citizen or resident of the United States, or

• Any domestic legal entity such as a partnership, corporation, estate or trust.

A foreign country

A foreign country includes all geographical areas outside the United States, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States (including Guam, American Samoa, and the United States Virgin Islands).

An account in an institution known as a United States “military banking facility” is not considered to be an account in a foreign country.

The FBAR is not an income tax return and should not be mailed with any income tax returns.

Unlike with federal income tax returns, requests for an extension of time to file an FBAR are not granted.

A person having signature or other authority over, but no financial interest in, a foreign financial account may be excepted from filing an FBAR if they are an officer or employee of a federally-regulated bank or a federally-regulated publicly traded corporation.

Why is it important to file the FBAR?

First of all you must file.

The FBAR is required because foreign financial institutions that do not conduct business in the United States may not be subject to the same reporting requirements that domestic financial institutions are subject to (such as the requirement to file a Form 1099 to report interest paid to an account holder).

Although there are legitimate purposes for having a foreign account, the FBAR is a tool to help the U.S. government identify persons who may be using foreign financial accounts to circumvent U.S. law.

Such individuals may be participating in economic crimes such as income tax evasion or embezzlement, or they may be trying to fund other illegal activity like drug trafficking or even terrorist activities.

Also, there are serious consequences for foreign account holders who choose not to honor their FBAR filing requirements.

Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties or both.

For an FBAR violation occurring after Oct. 22, 2004, the maximum civil penalty for a willful violation of the FBAR reporting and record keeping requirements is the greater of $100,000 or 50% of the balance in the account at the time of the violation.

Non-willful violations can result in a penalty as high as $10,000 for each violation. Criminal violations of the FBAR rules can result in a fine and/or five years in prison.

Contact us for an initial consultation and we can walk you through the process of all the requirements, guidance and compliance.

Attorneys, Lawyers, FBAR Experts –  Foreign Bank Accounts Reporting – Requirements, Guidance, Compliance

Federal Tax Lien Releases if you owe Under $25,000 – Former IRS, Fresh Start Tax LLC

by Fresh Start Tax | Jun 24, 2014 | Tax Help

If you owe under $25,000 to the Internal Revenue Service and you are current on all your tax filings it is very possible that you can get your federal tax lien released.

Federal Tax Lien Withdrawals

The IRS has modified there procedures that will make it easier for taxpayers to obtain lien withdrawals.

The Different Ways for FTL Releases

Federal Tax Liens will now be withdrawn once full payment of taxes is made if the taxpayer requests it.

The IRS has determined that this approach is in the best interest of the government.

In order to speed the withdrawal process, the IRS will also streamline its internal procedures to allow collection personnel to withdraw the liens.

Direct Debit Installment Agreements and Liens

The IRS is making other fundamental changes to liens in cases where taxpayers enter into a Direct Debit Installment Agreement (DDIA).

For taxpayers with unpaid assessments of $25,000 or less, the IRS will now allow lien withdrawals under several scenarios:

• Lien withdrawals for taxpayers entering into a Direct Debit Installment Agreement.

• The IRS will withdraw a lien if a taxpayer on a regular Installment Agreement converts to a Direct Debit Installment Agreement.

• The IRS will also withdraw liens on existing Direct Debit Installment agreements upon taxpayer request.

Liens will be withdrawn after a probationary period demonstrating that direct debit payments will be honored.

In addition, this lowers user fees and saves the government money from mailing monthly payment notices.

Federal Tax Lien Releases if you owe Under $25,000 – Former IRS, Fresh Start Tax LLC

IRS Back Tax Debt Relief, File Back Tax Returns, Settle Taxes *Affordable* Hartford, Manchester, Meriden, Norwich

by Fresh Start Tax | Jun 24, 2014 | Tax Help

We can resolve any IRS or state tax problem. We are the affordable choice.

We are affordable experts in our field.

Our firm has 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 offices of the Internal Revenue Service.

FST is A+ rated by the Better Business Bureau and have been in practice since 1982.

All our work is done in-house by true tax professionals.

You can contact us today for a free initial tax consultation and speak directly to a true IRS and state tax expert.

Solving and IRS back tax debt relief issue

If you have back IRS tax debt there are three general solutions to remedy your case with the Internal Revenue Service.

The IRS will require a current financial statement on form 433F or 433A to deal with your back IRS tax debt relief issue.

Payment agreements can be made online by using one of the tools provided by Internal Revenue Service.

In most cases taxpayers who owe back tax debt will be required to turn in a verified financial statement for IRS to review and make a determination.

These financial statements will need to be completely verified by the Internal Revenue Service and the IRS will use national and local standards to analyze your financial statement.

As a general rule IRS will use one of these three exit strategies to close your case.

IRS may determine that you are a:

1 . Current tax hardship and place your case in the currently uncollectible file,

2. IRS may insist on a monthly installment agreement and/or.

3. Internal Revenue Service after reviewing your financial statement may say you are a suitable candidate for an offer in compromise or a tax debt settlement.

Contact us today  and we will walk through your various options and review your current financial statement.

We can also file all your back tax returns and settle your case SAME time.

Contact us for a free initial tax consultation.

We are the affordable tax experts who could solve any IRS or state tax problem.

IRS Back Tax Debt Relief, File Back Tax Returns, Settle Taxes *Affordable*  Hartford, Manchester, Meriden, Norwich

Tax – Income, Business, Corporate Tax Returns Preparation, Tax Filing, Tax Planning – Christian Tax Company

by Fresh Start Tax | Jun 24, 2014 | Tax Help

We are professional Christian tax firm that specializes in Income, Business and Corporate Tax Filings.

We are a full service Christian tax firm with all work done in-house.

We also give good godly tax planning advice.

Our firm can go ahead and prepare tax returns, deal with IRS or state tax problems, provide excellent Christian tax representation and we provide free tax consultations for anyone going through any tax situation.

We have an excellent professional Christian staff including tax attorneys, tax lawyers, certified public accountants, enrolled agents and former IRS agents, managers and tax instructors.

Fresh Start Tax LLC completely faith-based and all our counsel is given out using solid biblical principles.

We have been in practice since 1982 in our A+ rated by the Better Business Bureau.

If you have any tax needs whatsoever please feel free to contact us for free initial tax consultation.

You can speak directly to a true Christian tax expert.

How do you discern godly counsel?

Psalm 37:30 The godly offer good counsel, they know what is right from wrong.

Proverbs 18:2  Fools have no interest in understanding; they only want to offer their own opinions.

 Areas of Professional Tax Representation

• On staff are Christian Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
• Full Service Accounting Tax Firm,
• 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” Plus
• 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 Net Radio.com – Monthly Radio Show-Business Weekly

Areas of Professional Tax Practice:

• Same Day IRS & State Tax Representation
• Offers in Compromise / IRS Tax Debt Settlements
• Immediate Release of IRS Bank Levies or IRS Wage Garnishments
• Tax Relief from a IRS Bill, Letter or Notice of “Intent to Levy”
• IRS Tax Audits IRS Hardships Cases or Unable to Pay
• Payment Plans, Installment Agreements, Structured agreements
• Abatement of Penalties and Interest
• State Sales Tax Cases
• Payroll / Trust Fund Penalty Cases / 6672
• Filing Late, Back, Unfiled Tax Returns
• Tax Return Reconstruction
• FBAR/FATCA

Tax – Income, Business, Corporate Tax Returns Preparation, Tax Filing, Tax Planning – Christian Tax Company <><