by Fresh Start Tax | Jul 8, 2012 | Expatriate Tax, FBAR
We are tax specialty firm. We are tax experts in Ex-Pat and FBAR Tax Law.
The United States has tax treaties with various countries including England – UK. Each tax treaty is extensive and it is best to have your case review by a professional who specializes in Ex-Pat representation.
Under the recent tax appropriations bill under Obama Care the IRS is to receive over $500 million dollars.
IRS has publicly stated that the Service plans to go after Ex-Pat and FBAR cases because of the sheer volume of tax dollars available to collect. In the last few years the IRS collected over $4 Billion.
Expatriation Tax Provisions
The expatriation tax provisions under Internal Revenue Code (IRC) sections 877 and 877A apply to US citizens who have renounced their citizenship and long-term residents (as defined in IRC 877(e)) who have ended their US resident status for federal tax purposes. Different rules apply according to the date upon which you expatriated.
Taxation Provisions for Resident Purposes
For resident for tax purposes if you are in the country for 183 days or more per tax year you may met the test.
Days of arrival and departure are usually ignored.
If you go and work abroad for more than one year, you must not be back in the United Kingdom for more than 91 days, on average, in any 365 day period, for the duration of your time abroad.
Expatriates can work abroad for more than one full tax year and they become non-resident for tax purposes in their home country.
This will allow the expatriate to enjoy a number of tax advantages.
Other items that we will review for all Ex-Pats
1. Long time visitors,
2. Ordinary residence,
3. Domiciles,
4. General Tax Adm.
5. Other tax policies related to the current residence particular to the taxpayer.
6. Fraud issues,
7. Non- reporting issues,
8. Possible FBAR violations
9. Payment Agreements,
10. Tax Debt Settlements.
Areas of Professional Tax Practice:
- Same Day IRS Tax Representation
- Offers in Compromise or 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 if Tax Records are lost or destroyed
- Expatriates Tax Representation
- FBAR Tax Representation
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- 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”
- 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 90.3 and REACH FM Monthly Radio Show-Business Weekly
ExPat – England UK – IRS Tax Help, Tax Representation – Tax Attorney, Former IRS
by Fresh Start Tax | Jul 7, 2012 | Back Taxes, FBAR, Representation, Tax Lawyer, Tax Settlements
If you are looking for a true IRS Tax Experts for FBAR or Offshore Tax Issues call Fresh Start Tax LLC for a no cost professional tax consultation. 1-866-700-1040.
We are staffed with Tax Attorneys, CPA’s and Former IRS agents.
We have over 205 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We taught Tax Law as former IRS agents.
Offshore Tax Issues are on the rise and with the new Health Care Program the IRS will be hiring over 15,500 new IRS Agents. Due to the success from the first two Offshore Programs the IRS has already said that much of their budget will be spent on Offshore targets because of the high volume of success.
Many Offshore taxpayers, Expatriates and others have no need to worry. The filing requirements are laid out and the IRS is making there filing program available on line.
However, there are a considerable amount of taxpayers who were suppose to file but never did so. If you fall in to that categorize you need be concerned.
If you are a individual with International interest and if you own property abroad or have foreign bank accounts, you need a professional tax firm with a specialized expertise in international/ foreign tax law.
Our Professional Service include but not limited to:
1. Reporting for foreign corporations, partnerships, LLC’s, trusts and individuals,
2. Tax Treatment of Passive Foreign Investment Companies,
3. Determination of residency for income tax purposes for foreign nationals,
4. Application of Tax Treaties and Tantalization Agreements to minimize United States Tax and effects on Social Security,
5. State residency tests and particular domicile issues
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- 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”
- 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 90.3 FM Monthly Radio Show-Business Weekly
by Fresh Start Tax | Jul 7, 2012 | FBAR, Representation, Tax Lawyer, Tax Returns
With the FBAR buzz flying around many questions still surround FBAR itself.
Much has been written and here are some simple answers to common questions asked regarding FBAR requirements.
These Q&A’s help to explain the What, Who and the Where of FBAR.
Should you have other questions regarding FBAR call us today for a no cost professional; tax consultation. 1-866-700-1040.
You will speak directly to Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents with over 206 years of professional tax experience and over 60 years of direct experience with the IRS.
1. Who Must File an FBAR form?
Some United States persons are required to file an FBAR if:
1. The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States;
and
2. The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person means:
United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States. Definition per IRS Tax Law.
2. What are the exceptions to the Reporting Requirement of FBAR
There are filing exceptions for the following United States persons or foreign financial accounts:
1. Certain foreign financial accounts jointly owned by spouses;
2. United States persons included in a consolidated FBAR;
3. Correspondent/Nostro accounts;
4. Foreign financial accounts owned by a governmental entity;
5. Foreign financial accounts owned by an international financial institution;
6. IRA owners and beneficiaries;
7. Participants in and beneficiaries of tax-qualified retirement plans;
8. Certain individuals with signature authority over but no financial interest in a foreign accounts
10.Trust beneficiaries; and
11.Foreign financial accounts maintained on a United States military banking facility.
You should call our firm for a comprehensive list of questions we will review with you.
Reporting and Filing Information for FBAR
A person who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
The FBAR is not filed with the filer’s federal income tax return.
The granting, by the Internal Revenue Service, of an extension to file federal income tax returns does not extend the due date for filing an FBAR. You may not request an extension for filing the FBAR.
The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, MI, at one of the two addresses below, on or before June 30th of the year following the calendar year being reported.
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is required for a timely filed FBAR, address the parcel to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mail room, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
FBAR – What, Who and Where – IRS Tax Experts – Free Advice – Attorneys, Former IRS
by Fresh Start Tax | Jul 6, 2012 | FBAR, Income Tax Preparation, Tax Help, Tax Lawyer, Tax Returns
Have a late FBAR filing?
Call our tax firm for a no cost professional tax consultation. 1-866-700-1040
You can speak directly to a Tax Attorneys, Lawyers, CPAs or Former IRS Agents all who are IRS tax experts.
We have over 206 years of professional tax representation experience and over 60 years of working directly for the IRS. We taught Tax Law.
If you have a late filing of FBAR we can represent you before the IRS so you will never have to speak with the IRS.
We can work out a tax settlement ( offer in compromise ) and look to abate some of the penalties and interest should your filing result in tax.
FBAR is high gear the feds fully plan to make FBAR Reporting a high priority and a target within the IRS because of the success of the program.
Over 33,000 FBAR filers came forward producing $4.4 billion large.
When the Obama Health Care Plan was signed it allowed for the hiring of 15,000 new agents.
IRS has picked out premium targets and Expatiates and FBAR will be two on their high priority lists.
The first question taxpayers ask regarding FBAR is simply,
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.
The Reporting and Filing Information for FBAR
A person(s) who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
Checking the appropriate block on FBAR – related federal tax return or information return questions (for example, on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder’s reporting obligation.
The FBAR is not to be filed with the filer’s federal income tax return.
The granting by the IRS of a tax extension to file federal income tax returns does not extend the due date for filing an FBAR.
You may not request an extension for filing the FBAR.
The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, MI, at one of the two addresses below, on or before June 30th of the year following the calendar year being reported.
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is required for a timely filed FBAR, address the parcel to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mail Room, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
Let us take the fear out of FBAR. Call today for a free tax consult. 1-866-700-1040
FBAR – Late Filing, Settlement, Reduce Penalties – Tax Attorneys, Former IRS – FBAR Tax Experts
by Fresh Start Tax | Jul 5, 2012 | FBAR, Representation, Tax Help, Tax Lawyer, Tax Returns
The FBAR Filing Requirements.
There is much information buzzing around about FBAR. Most taxpayers are completely uninformed regarding FBAR tax issues and filing requirements.
With the IRS now having over $500 Million in new resource money as a result of the Health Care plan, taxpayers need to become aware of FBAR because the IRS will turn a lot of their time and attention to FBAR and the tax issues related to this program because of the huge revenue FBAR has raised.
To date, FBAR has brought in some $4.4 billion large ones with 33,000 filing over the past three years.
As Former IRS Agents, Tax Attorneys, Lawyers and CPA’s we are FBAR and Expatriate tax experts.
We offer a no cost professional tax consultation for FBAR filing consultations.
We can answer all your questions.
Here are some common questions asked of the FBAR filings.
1. What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1
2. 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.
3. What is 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).
4. What is a United States person?
“United States person” includes a citizen or resident of the United States, a domestic partnership, a domestic corporation, and a domestic estate or trust. See Announcement 2010-16.
5. Is a single-member LLC, which is a disregarded entity for U.S. tax purposes, a United States person for FBAR purposes?
Yes, the tax rules concerning disregarded entities do not apply with respect to the FBAR reporting requirement. FBARs are required under Title 31, not under any provisions of the Internal Revenue Code.
6. What constitutes signature or other authority over an account?
A person has signature authority over an account if such person can control the disposition of money or other property in it by delivery of a document containing his or her signature (or his or her signature and that of one or more other persons) to the bank or other person with whom the account is maintained.
Other authority exists in a person who can exercise power that is comparable to signature authority over an account by direct communication to the bank or other person with whom the account is maintained, either orally or by some other means.
FBAR Filing Requirement – IRS Tax Representation – Free Advice – FBAR Tax Experts, Attorneys, Former IRS –
by Fresh Start Tax | Jul 5, 2012 | Expatriate Tax, FBAR, Representation, Tax Lawyer, Tax Settlements
Expatriate or FBAR . We are a Professional Tax Representation Firm staffed with Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents. We are a specialized Tax Firm.
If you are seeking a professional tax firm that can reduce your tax debt call us today for a no cost professional tax review and consult. 1-866-700-1040
Knowing the Tax Laws can save you big money. Consider this, we taught Tax Law at the IRS as former IRS Agents.
At Fresh Start Tax L.L.C., we are comprised of Board Certified Tax Attorneys, Lawyers, CPA’s and Former IRS Agents that have over 205 years of professional tax experience.
We have over 60 years work experience in the audit, collection and IRS management.
We are a true experienced professional tax representation firm.
Save your money!
There are so many different opportunity’s for United States Expatriates to both save and avoid the double taxation through the use of tax exclusions. Some of these exclusions are:
1. Foreign Earned Income Exclusion.
2. Housing Exclusion,
3. Housing Deductions
4. Foreign Earned Income Tax Credits,
5. Foreign Tax Credits
What is a Foreign Source Income?
Generally foreign source income received by a nonresident alien is not subject to U.S. taxation.
United States Source Interest Income that is not connected with a United States trade or business is excluded from income if it is from:
1. Deposits (including certificates of deposit) with persons in the banking business,
2. Deposits or with sustentation accounts with mutual savings banks, cooperative banks,credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law, if the interest paid or credited can be deducted by the association,
3. Amounts held by an insurance company under an agreement to pay interest on them,
4. Interest on obligations of a state or political subdivision, the District of Columbia, or a United States possession, generally is not included in income.
However interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income, or U.S. source interest income that is not connected with a United States. trade or business and that is portfolio interest on obligations issued after July 18, 1984, is excluded from income. Check you with with your particular situation.
Should you have any questions regarding Expatriate Tax Laws, Tax Filings or FBAR requirements, call us today for a no cost professional tax consultation. 1-866-700-1040.
We can represent you in all your tax or IRS matters and offer winning tax solutions.
We also can file all back tax returns and settle your back taxes with an offer in compromise.
