by Fresh Start Tax | May 9, 2013 | FBAR
FBAR Help – Singapore, Virgin Islands, Cayman Islands, Cook Islands – FBAR Experts 1-866-700-1040
If you are having FBAR issues and need help from a professional tax firm contact us today for free initial consultation because the IRS is on the warpath to combat offshore tax evasion. See release below.
With the federal government collecting over 5 1/2 billion dollars from the first three years of Fbar they have no plans of stopping and the government is launching a full-scale attack on all those taxpayers who are not coming forward and declaring their income.
For every one dollar that IRS spends on FBAR it collects six. This is a true revenue and moneymaker for the Internal Revenue Service and you do not want to be caught up in the middle of this Fbar machine because simply put prison time will be an option.
We are comprised of tax attorneys, tax lawyers, certified public accountants and former IRS agents and managers who 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 office of the Internal Revenue Service.
Contact us today for free initial tax consultation and see how we can make this a seamless and easy process for you to get back into the system.
What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1 (PDF).
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.
Latest IRS Release to Combat Offshore Tax Evasion
The tax administrations from the United States, Australia and the United Kingdom announced a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.
The three nations have each acquired a substantial amount of data revealing extensive use of such entities organized in a number of jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands. The data contains both the identities of the individual owners of these entities, as well as the advisors who assisted in establishing the entity structure.
The IRS, Australian Tax Office and HM Revenue & Customs have been working together to analyze this data and have uncovered information that may be relevant to tax administrations of other jurisdictions. Thus, they have developed a plan for sharing the data, as well as their preliminary analysis, if requested by those other tax administrations.
“This is part of a wider effort by the IRS and other tax administrations to pursue international tax evasion,” said IRS Acting Commissioner Steven T. Miller. “Our cooperative work with the United Kingdom and Australia reflects a bigger goal of leaving no safe haven for people trying to illegally evade taxes.”
There is nothing illegal about holding assets through offshore entities; however, such offshore arrangements are often used to avoid or evade tax liabilities on income represented by the principal or on the income generated by the underlying assets. In addition, advisors may be subject to civil penalties or criminal prosecution for promoting such arrangements as a means to avoid or evade tax liability or circumvent information reporting requirements.
It is expected that this multilateral cooperation and coordinated effort will allow many countries to efficiently process this information and effectively enforce any laws that may have been broken. Increasingly, tax administrations are working together in this way to assist one another in identifying non-compliance with the tax laws.
U.S. taxpayers holding assets through offshore entities are encouraged to review their tax obligations with respect to these holdings, seek professional advice if necessary, and to participate in the IRS Offshore Voluntary Disclosure Program where appropriate.
Failure to do so may result in significant penalties and possibly criminal prosecution.
FBAR Help – Singapore, Virgin Islands, Cayman Islands, Cook Islands – FBAR Experts, Attorneys, CPA’s, Former IRS
by Fresh Start Tax | May 9, 2013 | Tax Help
How to Make Payments to the IRS – Installment/Payment Plans – Former IRS Agents 1-866-700-1040
If you want to know how to make payments to the Internal Revenue Service contact us today and we can go over all your tax options to make this IRS situation go away immediately and permanently.
If you owe the Internal Revenue Service and need an IRS payment plan or installment agreement the Internal Revenue Service has finally launched new IRS policies within the new fresh start program for back taxes.
They have finally made it easier for taxpayers to resolve their IRS cases by making equal monthly payments.
By calling us for free initial tax consultation we can explain to you how to make payments to the Internal Revenue Service and also explained to you that you may be eligible for an IRS tax settlement called the offer in compromise.
Our staff is comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents and managers.
Our former IRS agents worked in positions such as revenue agents, revenue officers, IRS audit managers and IRS appellate agents. While at the Internal Revenue Service we taught tax law.
We have over 206 years of professional IRS 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 are true IRS tax experts and how to make payments/installment to the IRS, how to put your case into an economic tax hardship if you qualify and also settling your IRS tax bill if you are a true candidate through the offer in compromise.
New IRS policy for back taxes
You can finally make monthly payments through an installment agreement (Payment Plan – Installment Plans) if you’re not financially able to pay your tax debt immediately.
However, you will reduce or eliminate the amount of penalties and interest you pay and avoid the fee associated with setting up an installment agreement if you pay your tax bill in full.
You may want to talk to us on how to eliminate or reduce sure IRS penalties and interest if reasonable cause exists. You can look at our website and look for abatement of penalties and interest and see if you qualify for the removal of IRS penalties and interest.
Do you have a Business – In-Business Payment/Installment Agreements
Small businesses who currently have employees can qualify for an In-Business Trust Fund Express Installment Agreement.
These installment/payment agreements generally do not require a financial statement or financial verification as part of the application process. Remember that each case is unique in IRS has different options on how they wish to work your case.
You owe $25,000 or less
If you owe $25,000 or less at the time the agreement is established.
If you owe more than $25,000, you may pay down the liability before entering into the agreement in order to qualify.
The IRS tax debt must be full paid within 24-months or prior to the Collection Statute Expiration Date, whichever is earlier.
You must enroll in a Direct Debit installment agreement (Payment Plans )
You must enroll in a Direct Debit installment agreement (DDIA) if the amount you owe is between $10,000 and $25,000 you must be compliant with all filing and payment requirements.
For Individuals – Streamlined Installment/Payment Agreements
The Fresh Start provisions also mean that more taxpayers will have the ability to use streamlined installment agreements to catch up on back taxes.
Under the Fresh Start initiative, the maximum dollar criteria for streamlined installment agreements has been raised from $25,000 to $50,000 and the maximum term has been raised from 60 months to 72 months.
These installment agreements generally do not require a financial statement, but a limited amount of financial information may be required in the application process.
The Streamlined Installment Agreement criteria is divided into two categories, balance due of $25,000 or less, and balance due $25,001 to $50,000.
The criteria to qualify for streamlined installment agreements with a balance due of $25,00 or less are:
You owe $25,000 or less, at the time the agreement is established.
If you owe more than $25,000, you may pay down the liability before entering into the agreement in order to qualify.
a. The debt must be full paid within 72-months or prior to the Collection Statute Expiration Date, whichever is earlier.
b. You must be compliant with all filing and payment requirements.
c. Individuals who owe any type of tax (Form 1040, Trust Fund Recovery Penalty, etc.).
Defunct businesses, including any type of entity and any type tax (Form 940, 941, 943, etc.).
d.Operating businesses are limited to income tax liabilities only (Form 1120).
The criteria to qualify for streamlined installment agreements with a balance due of $25,001 to $50,000 are:
You owe $25,001 to $50,000, at the time the agreement is established.
If you owe more than $50,000, you may pay down the liability before entering into the agreement in order to qualify.
The IRS federal tax debt must be full paid within 72-months or prior to the Collection Statute Expiration Date, whichever is earlier.
You also must be compliant with all filing and payment requirements.
Individuals who owe any type of tax (Form 1040, Trust Fund Recovery Penalty, etc.).
Businesses are limited to defunct sole proprietors who owe any type of tax (Form 940, 941, 943, etc.).
You must enroll in a Direct Debit Installment Agreement.
A limited amount of financial information may be required during the application process.
Taxpayers seeking installment agreements exceeding $50,000 will still need to supply the IRS with a Collection Information Statement (Form 433-A (PDF) or Form 433-F (PDF).
How to Make Payments to the IRS – Installment/Payment Plans – Former IRS Agents
by Fresh Start Tax | May 9, 2013 | Tax Help
Owe IRS Need Payment Plan – New IRS Policies for Back Taxes 1-866-700-1040
Finally,the IRS heard the voice of taxpayers.
If you owe the Internal Revenue Service and need an IRS payment plan the Internal Revenue Service has finally launched new IRS policies for back taxes and for once they have done something to help struggling taxpayers.
If you owe the IRS and need a payment plan contact us today and hear your different tax options to settle your IRS tax debt.
We can find a program that matches your finances that will not stretch you or cause fear or pain in your life.
Our staff is comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents and managers.
We have over 206 years of professional IRS 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 are tax experts in owing and settling back IRS tax bills.
New IRS policy for back taxes
You can finally make monthly payments through an installment agreement (Payment Plan ) if you’re not financially able to pay your tax debt immediately.
However, you will reduce or eliminate the amount of penalties and interest you pay and avoid the fee associated with setting up an installment agreement if you pay your tax bill in full.
Do you have a Business – In-Business Trust Fund Express Installment (Payment Plans )Agreements
Small businesses who currently have employees can qualify for an In-Business Trust Fund Express Installment Agreement (IBTF-Express IA).
These installment agreements generally do not require a financial statement or financial verification as part of the application process.
The criteria to qualify for an IBTF-Express IA are:
You owe $25,000 or less at the time the agreement is established. If you owe more than $25,000, you may pay down the liability before entering into the agreement in order to qualify.
The IRS tax debt must be full paid within 24-months or prior to the Collection Statute Expiration Date (CSED), whichever is earlier.
You must enroll in a Direct Debit installment agreement (Payment Plans )
You must enroll in a Direct Debit installment agreement (DDIA) if the amount you owe is between $10,000 and $25,000 you must be compliant with all filing and payment requirements.
For Individuals – Streamlined Installment Agreements
The Fresh Start provisions also mean that more taxpayers will have the ability to use streamlined installment agreements to catch up on back taxes.
Under the Fresh Start initiative, the maximum dollar criteria for streamlined installment agreements has been raised from $25,000 to $50,000 and the maximum term has been raised from 60 months to 72 months.
These installment agreements generally do not require a financial statement, but a limited amount of financial information may be required in the application process.
The Streamlined Installment Agreement criteria is divided into two categories, balance due of $25,000 or less, and balance due $25,001 to $50,000.
The criteria to qualify for streamlined installment agreements with a balance due of $25,00 or less are:
You owe $25,000 or less, at the time the agreement is established.
If you owe more than $25,000, you may pay down the liability before entering into the agreement in order to qualify.
Also:
a. The debt must be full paid within 72-months or prior to the Collection Statute Expiration Date, whichever is earlier.
b. You must be compliant with all filing and payment requirements.
c. Individuals who owe any type of tax (Form 1040, Trust Fund Recovery Penalty, etc.).
Defunct businesses, including any type of entity and any type tax (Form 940, 941, 943, etc.).
d.Operating businesses are limited to income tax liabilities only (Form 1120).
The criteria to qualify for streamlined installment agreements with a balance due of $25,001 to $50,000 are:
You owe $25,001 to $50,000, at the time the agreement is established.
If you owe more than $50,000, you may pay down the liability before entering into the agreement in order to qualify.
The debt must be full paid within 72-months or prior to the Collection Statute Expiration Date, whichever is earlier.
You must be compliant with all filing and payment requirements.
Individuals who owe any type of tax (Form 1040, Trust Fund Recovery Penalty, etc.).
Businesses are limited to defunct sole proprietors who owe any type of tax (Form 940, 941, 943, etc.).
You must enroll in a Direct Debit Installment Agreement.
A limited amount of financial information may be required during the application process.
Taxpayers seeking installment agreements exceeding $50,000 will still need to supply the IRS with a Collection Information Statement (Form 433-A (PDF) or Form 433-F (PDF).
You can find all these forms on our website.
Owe IRS – Need Payment Plan – New IRS Policies for Back Taxes, Former IRS
by Fresh Start Tax | May 9, 2013 | Tax Help
IRS Problems – Received IRS Final Notice Tax Bill – Stop the IRS Today 1-866-700-1040
With one telephone call we can stop the IRS today.Being former IRS agents we know the exact process on how to immediately remedy your situation.
If you have IRS problems and just received an IRS notice or tax bill contact us today and we can immediately stop the Internal Revenue Service. Do not let a IRS final bill or notice take the joy out of your life. This situation can be easily remedied.
We are comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents, managers and tax instructors who have over 206 years of professional tax industry within the tax resolution business.
We are IRS problem experts that can resolve and affordably settle your case.
Since we have worked for the Internal Revenue Service for over 60 years we are familiar with the procedures, all the protocols, and all the tax settlement procedures to go ahead and get your life back in order.
How your IRS case will be resolved.
IRS resolves all cases by securing a current financial statement from the taxpayer.
That financial statement will be found on a form 433-F. IRS will do an analysis of assets, income and expenses. After that analysis IRS will place you in one of three categories.
The IRS may elect to put you into a tax hardship in which your case will be suspended for two or three years, IRS may elect to put you on a monthly installment payment based on the ratio of your income to expenses or the Internal Revenue Service may indicate you would be in IRS settlement candidate.
Contact us today and find out how we can solve your IRS problem and remedy the IRS problem of you receiving your IRS final notice or tax bill.
Answers to Common Questions when you received a IRS Final Tax Bill Notice
What is the notice telling me?
This notice is telling you that the IRS intends to issue a levy against your state tax refund because you still have a balance due on one of your tax accounts.
You must pay this amount immediately to avoid this. It is also telling you that the IRS will begin searching for other assets on which to issue a levy.
IRS may also file a Federal Tax Lien, if we have not already done so.
How much time do I have?
You must pay your balance due by the due date shown on your notice or contact the IRS telling them you cannot pay or you would like to settle your final notice tax bill.
What happens if I don’t contact the IRS?
If you don’t pay the amount due, the IRS may seize (“levy”) any state tax refund to which you’re entitled. This is your notice of intent to levy as required by Internal Revenue Code section 6331(d).
If you still have an outstanding balance after the IRS can seize (“levy”) your state tax refund, we may send you a notice giving you a right to a hearing before the IRS Office of Appeals, if you have not already received such a notice.
IRS may then seize (“levy”) or take possession of your other property or your rights to property.
IRS can seize – Property may include:
a.Wages, real estate commissions, and other income
b.Bank accounts
c.Business assets
d.Personal assets (including your car and home)
e.Social Security benefits
If you don’t pay the amount due or call us to make payment arrangements, IRS can file a Notice of Federal Tax Lien on your property at any time, if they haven’t already done so.
If the tax lien is in place, you may find it difficult to sell or borrow against your property.
The tax lien would also appear on your credit report which may harm your credit rating and your creditors would also be publicly notified that the IRS has priority to seize your property.
It is always best to take an assertive position when dealing with IRS problems. If you have received an IRS final notice tax bill contact us today. By making one phone call to the Internal Revenue Service we can stop the IRS.
by Fresh Start Tax | May 8, 2013 | Offer in Compromise
Offer in Compromise – How to Settle with the IRS a Tax Bill 1-866-700-1040
The Internal Revenue Service receives 58,000 offers in compromise last year alone.
They settle approximately 25% of their cases for an average of $.14 on a dollar. The average time that they are an offer in compromise status is approximately 6 to 9 months depending on the complexity and the agent who is working your case.
The offer compromise is more complex than many taxpayers think. The IRS spends anywhere from 10 to 30 hours processing in accepted offer in compromise.
The offer in compromise is not a simple process or program.
You have to work hundreds of offers in compromise to be a true tax expert in this matter. Being a former IRS agent I have witnessed hundreds of offers being filed by taxpayers and professionals who do not have a clue what it takes to get your settlement approved. It is critical to hire a true tax expert in this matter because you will not only save a lot of money you’ll probably settle for a lot cheaper.
Being a former IRS agent and teaching instructor I am always asked ” how can I settle my IRS tax debt for cheap?”
After working 10 years for the Internal Revenue Service and being an offer in compromise specialist the only way that you can settle your tax debt for cheap is to file for IRS tax settlement called the offer in compromise.You can find those forms on our website.
The offer in compromise has changed throughout the years and there is no better time to try to settle with the Internal Revenue Service than now and that is all because of the new fresh start program with a fresh start initiative offered by the Internal Revenue Service.
It should also be noted that most of the offers that are accepted by the Internal Revenue Service are sent in by professional tax firm .
To have your best chance of an offer in compromise being accepted it is needless to say that you should have a former IRS agent and manager with work to system both file your offer in compromise.
The pre-qualifier tool for Offers in Compromise
Before you file an offer in compromise you should use the pre-qualifier tool that you will find on our website. You should not pay any tax firm any money for offering compromise unless you’re a true candidate.
With the IRS pre-qualifier tool you can find out if you are an eligible candidate to file an offer in compromise. The form is simple and will not only tell you whether you are a qualified candidate it will also let you know how much of an offer you must make to the IRS to get your settlement approved.
Contact us today for free initial consultation and you can speak directly to either an IRS tax attorney, tax lawyer, certified public accountant or former IRS agent or teaching instructor.
What is an Offer in Compromise
The IRS Offer in Compromise
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
The Internal Revenue Service will consider your unique set of facts and circumstances. They will check things like your:
a. Ability to pay;
b. Income;
c. Expenses; and
d. Asset equity.
IRS will approve an offer in compromise when the amount offered represents the most the the IRS can expect to collect within a reasonable period of time.
The Offer in Compromise program is not for everyone.
If you hire a tax professional to help you file an offer, be sure to check his or her qualifications.
Submitting your offer in compromise
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). You can find this form on our website.
Your completed offer package must include the following:
1. Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
2. Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
3.$150 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Select a payment option that fits you best for your offer in compromise
Your initial payment will vary based on your offer and the payment option you choose:
Lump Sum Cash.
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
Periodic Payment.
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.
If accepted, continue to pay monthly until it is paid in full. IRS will release all federal tax liens that are filed upon completion in payment of your offer in compromise.
Low Income Certification guidelines
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the offer in compromise process
While your offer is being evaluated be aware of the following:
- Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
- A Notice of Federal Tax Lien may be filed;
- Other collection activities are suspended;
- The legal assessment and collection period is extended;
- Make all required payments associated with your offer;
- You are not required to make payments on an existing installment agreement; and
- Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Before you file for a offer in compromise to settle your IRS tax bill contact true tax experts. Call us today for free initial consultation and hear the truth about the offer in compromise program.
We have over 206 years of professional tax experience in over 60 years of working directly for the Internal Revenue Service. We are A+ rated by the Better Business Bureau.
Offer in Compromise – How to Settle a IRS a Tax Bill – Affordable Professionals
