by steve | Feb 9, 2011 | IRS Tax Advice
Fresh Start Tax A Professional Tax Firm “A” Rated by the BBB
Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.
Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.
Like-Kind Property
Properties are of like-kind, if they are of the same nature or character, even if they differ in grade or quality. Personal properties of a like class are like-kind properties. However, livestock of different sexes are not like-kind properties. Also, personal property used predominantly in the United States and personal property used predominantly outside the United States are not like-kind properties.
Real properties generally are of like-kind, regardless of whether the properties are improved or unimproved. However, real property in the United States and real property outside the United States are not like-kind properties.
by steve | Feb 9, 2011 | IRS Tax Advice
Fresh Start Tax LLC is a professional tax firm with a professional staff that has over 140 years of direct tax experience. The staff is comprised of Board Certified Tax Attorney, CPA’s and Former IRS Agents, Managers and Instructors.
With over 140 years of direct IRS work experience and 60 years of IRS experience Fresh Start Tax LLC is one of the most experienced tax firms in handling your IRS problems and tax matters. We are “A” rated by the BBB.
Some of our tax specialties include but are not limited to the following:
- Immediate Tax Representation
- Offers in Compromise/Settlements
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Notices/Bill of Intent to Levy or Final Notices
- IRS Tax Audits, Large and Small Dollar
- Hardships Cases, Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Trust Fund Penalty Cases/6672
- Non-filers, never filed, old and past due tax returns
How we professionally handle your case:
- We obtain all the information from our clients and get an accurate description of the problem.
- We immediately send a power of attorney to the IRS so you never have to speak to them.
- We immediately have the IRS stop all of their enforcement action with that first call.
- We make sure the tax liability is correct by pulling tax transcripts and documents from the IRS’ computer.
- We file any returns that the IRS needs to get you current. All tax returns must be filed before the IRS will consider any agreements.
- We make sure your case is settled for the lowest possible amount allowed by law by going over all the different options that are available to you.
by steve | Feb 9, 2011 | IRS Tax Advice
Fresh Start Tax LLC is a professional tax firm specializing in IRS tax representation. Our firm has over 140 years of direct IRS experience and over 60 years of working for the IRS. Our professional staff includes Board Certified Tax Attorneys, CPA’s, Former IRS Agents and Managers. We have an “A” Rating with the Better Business Bureau. Our principles have been in professional practice since 1982.
Also on staff a former IRS Agent and Tax Instructor with the IRS over 10 years.
Our firm specialty:
- Immediate Tax Representation
- Offers in Compromise/Settlements
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Notices/Bill of Intent to Levy or Final Notices
- IRS Tax Audits, Large and Small Dollar
- Hardships Cases, Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Trust Fund Penalty Cases/6672
- Non-filers, never filed, old and past due tax returns
by steve | Feb 8, 2011 | IRS Tax Advice
We are a Christian Tax Firm. Full Service. 1-866-700-1040
<>< Fresh Start Tax <>< A Professional Christian Tax Firm “A” Plus Rated by the Better Business Bureau Principles practicing tax since 1982 <><
Besides having CPA’s on staff we also have Board Certified Tax Attorneys, Lawyers, Former IRS Agents and Managers.
We also specialize in full IRS representation and IRS Tax audits
The firm has over 205 years of professional tax experience and over 60 years of working for the IRS.
Both former IRS Agent and CPA are featured on GRACE FM 90.3 on Christian Business Weekly.<><
Psalm 37:30 The godly offer good counsel, they know what is right from wrong.
Income Tax Return Preparation and Filing
CPA’s, Enrolled Agents, Licensed Tax Accountants, Former IRS Agent; Manager and Instructor
Picking a reputable Christian company that prepares your tax return is a very important decision that you will make. It is not just about the tax return. It is about obtaining solid tax advise, tax planning and financial solutions for the future.
The goal of Fresh Start Tax is to assist our clients in meeting their tax and financial objectives.
We offer a full range of accounting, tax and financial services designed to meet the personal or business needs that you have.
Our preparation, accounting and auditing teams are highly trained and experienced, hands-on problem solvers who hold themselves to an extraordinarily high level of performance and accountability.
You can trust them to have the understanding and the resources to do what’s best for your business.
We can expertly guide you through the accounting and auditing process, as well as keep you informed of all industry changes regarding corporate governance, audit and accounting issues, and financial reporting that may affect your personal or business situations.
Our teams utilize the latest accounting practices and audit methodologies to help you manage risk, stay compliant, and improve overall business performance.
We offer a FREE initial consultation for business owners.
Christian CPA Firm – Professional Christian Tax Firm “A” Plus, Rated BBB-Tax Experts
by steve | Feb 8, 2011 | IRS Tax Advice
Fresh Start Tax LLC Tax Audit on this issue? Call us today.
Eight Essential Facts about Claiming the First-Time Home buyer Credit
If you purchased a home in 2010, you may be eligible to claim the First-Time Home Buyer Credit, whether you are a first-time home buyer or a long-time resident purchasing a new home. The purchaser must have been at least 18 years old on the date of purchase; for a married couple, only one spouse must meet this age requirement. A dependent is not eligible to claim the credit.
Here are eight things the IRS wants you to know about claiming the credit:
You must have bought – or entered into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you entered into a binding contract by April 30, 2010, you must have closed on the home on or before September 30, 2010.
To be considered a first-time home buyer, you and your spouse – if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.
To be considered a long-time resident home buyer you and your spouse – if you are married – must have lived in the same principal residence for any consecutive five-year period during the eight-year period that ended on the date the new home is purchased.
The maximum credit for a first-time home buyer is $8,000, half that amount for married individuals filing separately. The maximum credit for a long-time resident home buyer is $6,500. Married individuals filing separately are limited to $3,250.
You must file a paper return and attach Form 5405, First-Time Home buyer Credit and Repayment of the Credit with additional documents to verify the purchase. Therefore, if you claim the credit you will not be able to file electronically.
New home buyers must attach a copy of a properly executed settlement statement used to complete such purchase. Buyers of a newly constructed home, where a settlement statement is not available, must attach a copy of the dated certificate of occupancy. Mobile home purchasers who are unable to get a settlement statement must attach a copy of the retail sales contract.
If you are a long-time resident claiming the credit, the IRS recommends that you also attach any documentation covering the five-consecutive-year period, including Form 1098, Mortgage Interest Statement or substitute mortgage interest statements, property tax records or homeowner’s insurance records.
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit.
Taken from IRS Newswire.
by steve | Feb 8, 2011 | IRS Tax Advice
Fresh Start Tax A Professional Tax Firm “A” Rated by the Better Business Bureau
We have 140 years of professional tax experience and 60 years of working for the IRS. we are former IRS Agents and Managers who know every tax strategy required to get you the very best result.
We are licensed and certified by the IRS. We have been practicing tax law since 1982.
The IRS requires three specific things to immediately settle your tax debt.
- All tax returns are filed and up to date. The IRS will not release any tax levies until this happens.
- They have a current financial statement, 433-F, with documentation to verify its correctness.
- How you are planning to close your case. The Three options in closing your case are:
a. Hardship Settlements cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because you do not have the income coming in to met your current expenses. The National Standard Test will apply.
b. Payment Agreements are agreed upon monthly installment payments to the IRS.
c. Offer in Compromise. Three Types of OICs:
The IRS may accept an offer in compromise based on three grounds: 1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include: (1) the examiner made a mistake interpreting the law, (2) the examiner failed to consider the taxpayer’s evidence or (3) the taxpayer has new evidence.
3. Effective Tax Administration – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC.
One of our Board Certified Tax Attorneys, CPA’s, or former IRS Agents, Managers/Instructors at Fresh Start Tax will guide you through this process to get you the best possible results.
