by Fresh Start Tax | Jan 15, 2013 | Income Tax Preparation
Income Tax Preparation – Former IRS Agents – Plantation, Sunrise, Davie, Weston, Coconut Creek, Ft.Lauderdale – Broward County
Why not use former IRS agents, managers, and instructors to prepare your income or business tax return today. We have been trained by the IRS and let us use our experience for you.
We had been preparing tax returns in South Florida since 1982.
We are comprised of CPAs, enrolled agents and former IRS agents, managers and instructors.
We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local South Florida IRS offices.
In working for IRS we worked as IRS auditors, IRS revenue agents, IRS office auditors, IRS managers and also former IRS appellate agents. we know IRS like the back of our hand
We can also audit proof your tax return.
Since we have prepared hundred and hundreds of tax returns both in private practice in working for the Internal Revenue Service we know all the tax laws and tax policies that can save you the most possible tax dollars. We will also review all prior years tax returns for no cost.
You can contact or visit us today for free initial consultation for tax preparation.
Our goal is to build long-lasting relationships with our clients and to be involved in their financial future. We have also on staff Tax Attorneys for those complicated issues that some clients have.
Our practice also includes IRS tax audits, tax reviews intact compilation. We are also involved in tax planning small business accounting and business evaluations.
Our goal is to give first-class service, prompt and personalized service and reasonable and affordable prices. As said before our goal is to build permanent and long-lasting relationships with all our clients
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Tax Preparation – Former IRS Agents – Plantation, Sunrise, Davie, Weston, Coconut Creek, Ft.Lauderdale – Broward County
by Fresh Start Tax | Jan 15, 2013 | IRS Tax Audit
IRS Audit – Individual, Business, Payroll – Local Former IRS Agents – Miami, Ft.Lauderdale, Palm Beaches, Key West 954-492-0088
If you were under a current tax audit or received a notice that a current tax return is under IRS Audit investigation call Fresh Start Tax LLC today. We can resolve your IRS Audit problem.
We know the system.
We are comprised of Local Tax Attorneys, CPAs, enrolled agents, and former IRS agents.
As former IRS agents we work as managers and instructors in the local South Florida IRS offices.
We have over 60 years working specifically in the South Florida area and we are aware of all the tax policies, tax codes and tax settlement formulas that can get you tax relief for an IRS tax audit. Whether you are an individual, business or you have a payroll or employment tax audit we can help.
You can call us today for a free consultation and come and visit our offices speak specifically to a tax audit specialist. 954-492-0088
We’ve been in private practice since 1982 and one we are one of the most experienced tax audit firms in South Florida.
Why the IRS audits tax returns
The IRS is committed to provide America’s taxpayers top-quality service by helping them understand and meet their tax responsibilities and enforce the law with integrity and fairness to all.
Employment Tax Audits
In Employment Tax, IRS will maintain the integrity of our current tax system while reducing the Employment Tax Gap through implementation and recommendation of legislative changes, enforcement, education, and outreach.
The tools to accomplish the task include:
a. Front-end compliance,
b. Increasing the number of Voluntary Agreements,
c. Continuation and expansion of Federal and State partnerships,
d. Adoption of an Enterprise-wide approach to resources,
e. Pursuit of automation to improve return classification systems,
f. Addressing the broad range of noncompliance,
g. Eliminating/reducing overlaps and gaps in current processes and procedures,
h. Use of research to better understand the tax gap and assess possibilities for impacting taxpayer behavior,
i. Modifying the compliance environment through legislation, regulation, or other systemic changes, and
j. Ensuring that all remuneration subject to employment tax is reported.
The voluntary compliance rate.
The percentage of total tax revenues paid on a timely basis for tax year 2006 is estimated to be 83.1 percent. The voluntary compliance rate for 2006 is statistically unchanged from the most recent prior estimate of 83.7 percent calculated for tax year 2001.
The tax gap is largely in line with the growth in total tax liabilities. Some growth in the tax gap estimate is attributed to better data and improved estimation methods.
The IRS developed a new econometric model for estimating the tax gap attributable to small corporations which was then applied to newer operational data. Also, large corporation tax gap estimates for 2006 are based on improved statistical methods and updated data.
Finally, the data related to individual income taxpayers continues to improve based on improved estimation techniques and newer data.
The tax gap can be divided into three components:
1. non-filing,
2. under reporting and
3. underpayment.
As was the case in 2001, the under reporting of income remained the biggest contributing factor to the tax gap in 2006.
Under-reporting across taxpayer categories accounted for an estimated $376 billion of the gross tax gap in 2006, up from $285 billion in 2001.
Tax non-filing accounted for $28 billion in 2006, up from $27 billion in 2001.
Underpayment of tax increased to $46 billion, up from $33 billion in the previous study.
Overall, compliance is highest where there is third-party information reporting and/or withholding.
Most wages and salaries are reported by employers to the IRS on Forms W-2 and are subject to withholding.
As a result, a net of only 1 percent of wage and salary income was misreported. But amounts subject to little or no information reporting had a 56 percent net misreporting rate in 2006.
It appears that IRS is willing to spend significant funds to go after those in this gap.
IRS will be targeting those areas such as:
1. non-filers,
2. worker classification,
3. officer compensation,
4. fringe benefits,
5. tip Income reporting, and
6. payment of amounts due.
IRS wants to encouraging Voluntary Compliance
The IRS recognizes the significant benefits that can accrue from working with taxpayers to understand problems and practices unique to a given industry. Voluntary compliance will improve if taxpayers understand their tax obligations.
Tax Compliance is achieved when a taxpayer makes a diligent effort to meet the requirements of the law.
The law requires that the taxpayer take affirmative action to meet his/her legal obligations. Sometimes the taxpayer takes sufficient action to meet the requirements of the law but, because of some unforeseen intervening event, is unable to do so.
Affirmative action recognizes that the obligation to comply with the law is ongoing and requires that the taxpayer continue to attempt to meet the requirements of the law.
IRS Audit – Individual, Business, Payroll – Local Former IRS Agents – Miami, Ft.Lauderdale, Palm Beaches, Key West
by Fresh Start Tax | Jan 15, 2013 | Owe Payroll Taxes
Owe Back Payroll Taxes – New Program for Settlements- 1-866-700-1040
We are comprised of tax attorneys, CPAs, and former IRS agents. We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in positions as agents, managers and instructors.
We taught tax law at the IRS.
If you owe back payroll taxes there are many remedies and solutions available to you that you are currently not aware of.
It would be in your best interest to contact fresh start tax for free tax consultation and hear the truth and find out the best remedy on how to settle the current case that you have. 1-866-700-1040.
We can offer fresh tax solutions to you that can keep your business open and running for years to come.
If you are not under current audit you may want to look into the voluntary classification settlement program if you have any issues and concerns about your employees that are on your current payroll.
IRS is formed special teams of agents to conduct payroll tax and employment tax audits. If this is a situation you are now in, contact us and we can discuss the situation with you and possibly avert any IRS issue.
The three most common solutions for owing back payroll taxes is for the IRS to go ahead and enter into an installment payment agreement, put you business in a current hardship if your current financial statement warrants that, or file for a IRS tax settlement called an offer in compromise.
It is in your best interest to make sure that all your tax returns are filed currently and you are making current tax deposits so you can be shown in the best light to Internal Revenue Service.
As a former IRS agent I can tell you specifically that if you are current with your current payroll tax deposits IRS will generally work a deal with you so it is in your best interest to make all timely tax deposits.
Voluntary Classification Settlement Program (VCSP)
The VCSP is a voluntary program that provides an opportunity for taxpayers to reclassify their workers as employees for employment tax purposes for future tax periods with partial relief from federal employment taxes.
Participation in the program
To participate in this voluntary program, the taxpayer must meet certain eligibility requirements and apply to participate in the VCSP by filing Form 8952, Application for Voluntary Classification Settlement Program, and enter into a closing agreement with the IRS.
The VCSP allows eligible taxpayers to obtain relief similar to that currently available through the Classification Settlement Program for taxpayers under examination.
This was done to:
a. Permit a taxpayer under IRS audit, other than an employment tax audit, to be eligible to participate in the VCSP,
b. Clarify the current eligibility requirement that a taxpayer who is a member of an affiliated group within the meaning of section 1504(a) is not eligible to participate in the VCSP if any member of the affiliated group is under employment tax audit,
c. Clarify that a taxpayer is not eligible to participate if the taxpayer is contesting in court the classification of the class or classes of workers from a previous audit by the IRS or Department of Labor and,
d. Eliminate the requirement that a taxpayer agree to extend the period of limitations on assessment of employment taxes as part of the VCSP closing agreement with the IRS.
The VCSP is available for taxpayers who want to voluntarily change the prospective classification of their workers.
This program applies to taxpayers who are currently treating their workers or a class or group of workers as independent contractors or other non employees and want to prospectively treat the workers as employees.
Consistent treatment
A taxpayer must have consistently treated the workers as independent contractors or other non employees, and must have filed all required Forms 1099 for the workers to be reclassified under the VCSP for the previous three years to participate.
You cannot be under a current tax audit
The taxpayer cannot currently be under employment tax audit by the IRS and the taxpayer cannot be currently under audit concerning the classification of the workers by the Department of Labor or by a state government agency.
If the IRS or the Department of Labor has previously audited a taxpayer concerning the classification of the workers, the taxpayer will be eligible only if the taxpayer has complied with the results of that audit and is not currently contesting the classification in court.
Exempt organizations and government entities may participate in VCSP if they meet all of the eligibility requirements.
VCSP Agreements
A taxpayer participating in the VCSP will agree to prospectively treat the class or classes of workers as employees for future tax periods.
In exchange, the taxpayer will:
Pay 10 percent of the employment tax liability that would have been due on compensation paid to the workers for the most recent tax year, determined under the reduced rates of section 3509(a) of the Internal Revenue Code.
Owe Back Payroll Taxes – New Program for Settlements – Former IRS Agents
by Fresh Start Tax | Jan 15, 2013 | Tax Help
OWE 943 Taxes – Agricultural Employees – File, Settle with IRS
We are comprised of attorneys, CPAs, and former IRS agents. We have over 206 years of professional tax experience in over 60 years of working directly with the IRS. We were former managers & instructors at IRS and can help you with any tax issue that you may have. 1-866-700-1040.
If you currently owe 943 taxes as a result of agricultural employees call us today and let us work a settlement out with IRS so your life and business can continue as normal.
All consultations are free and we can design a plan specifically that meets your financial needs.
The Form 943
Agricultural employers use Form 943 to report income tax withheld and social security and Medicare taxes on wages paid to farm workers, including household employees working in a private home on a for-profit farm.
Who Must File form 943
File Form 943 if you paid wages to one or more farm workers and the wages were subject to social security and Medicare taxes or federal income tax withholding.
For more information on farm workers and wages, see Pub. 51 (Circular A).
The $150 Test or the $2,500 Test
All cash wages that you pay to farm workers are subject to social security and Medicare taxes and federal income tax withholding for any calendar year that you meet either of
the tests listed below.
You pay an employee cash wages of $150 or more in a year for farm work.
The total (cash and non cash) wages that you pay to all farm-workers is $2,500 or more.
If the $2,500-or-more test for the group is not met, the $150-or-more test for an individual still applies.
Exceptions.
Special rules apply to certain hand-harvest laborers who receive less than $150 in
annual cash wages.
For more information, see section 4 of Pub. 51 (Circular A).
When To File
For 2012, file Form 943 by January 31, 2013. However, if you made deposits on time in full payment of the taxes due for the year, you may file the return as late as February 11, 2013.
Final Return
If you stop paying wages during the year and do not expect to pay wages again, file a final return for 2012. Be sure to mark the box above line 1 on the form indicating that you do not have to file returns in the future.
If you later become liable for any of the taxes, notify the IRS.
Employer Identification Number (EIN)
If you do not have an EIN, you may apply for one online.
Go to IRS.gov and click on the Apply for an EIN Online link under “Tools.” You may also apply for an EIN by calling 1-800-829-4933, or you can fax or mail Form SS-4, Application for Employer Identification Number, to the IRS. If you have not received your EIN by the due date of Form 943, write “Applied For” and the date you applied in this entry space.
Forms W-2 and W-3
By January 31, 2013, give Form W-2 to each employee who was working for you at the end of 2012. If an employee stops working for you before the end of the year, give him or her Form W-2 any time after employment ends but no later than January 31 of the following year. If the employee asks you for Form W-2, give him or her the completed form within 30 days of the request or the last wage payment, whichever is later.
OWE 943 Taxes – Agricultural Employees – File, Settle with IRS
by Fresh Start Tax | Jan 15, 2013 | FBAR
FBAR Filing Date Extended – FBAR Penalty Removals
We are comprised of tax attorneys, CPAs and former IRS agents. We have over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We can help you with any FBAR problem or situation that you may currently have. Contact us today for free tax consultation and find out how we can help you. 1-866-700-1040. we will talk to you specifically about your individual situation and how we can help reduce or remove Fbar penalties.
FinCEN Further Extends FBAR Filing Deadline for Certain Financial Professionals
In the ever changing world of FBAR still another change. Recognizing the need for further study of related questions and concerns, FinCEN today issued Notice 2012-2 which further extends the Report of Foreign Bank and Financial Accounts (FBAR) filing deadline for a small subset of individuals with only signature authority over certain foreign financial accounts.
Filing Deadline
The filing deadline for those individuals previously identified in Notice 2011-1, Notice 2011-2, and Notice 2012-1 has been extended from June 30, 2013 to June 30, 2014.
All other U.S. persons required to file an FBAR this year are required to meet the June 30, 2013 filing date.
Unlike federal income tax returns, extensions of time to file FBARs are generally not available. It is a must that you file your Fbar on a timely basis.
Who must file FBAR TD F 90-22.1
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the 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).
You can find this form on our website. Go to the homepage and look for IRS forms and you can download link and the form is readily available for you.
The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.
FBAR is a tool for the US government
The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law.
Tax Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad. as a general rule most most persons are in compliance with F bar regulations.
As a general rule the IRS and the Department of Justice are mainly concerned with huge amounts of money escaping the reach of the United States taxing authorities. Over the first 3F bar tax years the federal government collected $5.5 billion in additional revenue when 33,000 taxpayers came forward and filed back FBAR tax returns.
Recent FBAR Guidance
On February 24, 2011, the Treasury Department published final regulations amending the FBAR regulations. These regulations became effective March 28, 2011, and apply to FBARs required to be filed with respect to foreign financial accounts maintained in calendar year 2010 and for FBARs required to be filed with respect to all subsequent calendar years.
On May 31, 2011, the Financial Crimes Enforcement Network (FinCEN) issued FinCEN Notice 2011-1 (PDF), revised June 6, 2011, to provide administrative relief for certain individuals with signature authority over but no financial interest in foreign financial accounts. On February 14, 2012, FinCEN extended this relief by Notice 2012-1.
The deadline to report signature authority over certain accounts has been extended to June 30, 2013 per FinCEN Notice 2012-1 (PDF), for the following individuals:
a. an employee or officer of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of a controlled person of the entity; or
b. an employee or officer of a controlled person of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of the entity, the controlled person, or another controlled person of the entity.
Call us today and learn more about F bar. You will speak directly with the tax attorney or CPA that can offer you the best possible F bar advice.
Please call us at 1-866-700-1040
FBAR Filing Date Extended – FBAR Penalty Removals
