Fresh Start Tax 954-492-0088 1-866-700-1040 A Local South Florida Firm Serving South Florida since 1982
If you live in the South Florida area and you are looking to visit a professional tax firm call us today for a free appointment to discuss your IRS Tax matter.
IRS Tax attorneys, CPAs, Former IRS Agents and Managers.
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include 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
Fresh Start Tax 1-866-700-1040 A Professional Tax Firm IRS Agents and Managers can get immediate releases of IRS Levies
Have Former IRS agents and Managers get immediate tax relief.
How we get an Immediate Release of Wage or Bank Levy:
1. We immediately send a power of attorney to the IRS letting them know we are now your representative. You will never have to speak them.
2. We will make sure your tax returns are filed and current. If they are not filed, we will prepare and file your tax returns.
3. We will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement.
4. Settlement agreements can be in different forms:
a. Hardship. Hardship cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable.
b Payment Agreements are agreed upon monthly installment payments to the IRS.
c. Offer in Compromise. A much longer and detailed process of tax settlement. We will discuss in detail with you the merits of each.
5. The IRS will then fax to your payroll department, bank, or third party a Release Of Levy.
If the IRS levies your bank account, your bank must hold funds you have on deposit, up to the amount you owe, for 21 days.
This holding period allows time to resolve any issues about account ownership. After 21 days, the bank must send the money plus interest, if it applies, to the IRS.
To discuss your case, call the IRS employee whose name is shown on the Notice of Levy. Or, call Fresh Start Tax to help you resolve this issue quickly.
Fresh Start Tax is one of the premier tax resolution firms in the country.
We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations.
We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include 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
Fresh Start Tax 954-492-0088 A Professional Tax Firm “A” Rated BBB
Board Certified Tax Attorneys, CPA’s, Former IRS Agents and Instructors
For your complete tax needs for Estate and Gift Tax needs.
What’s New – Estate and Gift Tax
2010 Brings Big Changes to the Estate and Gift Tax
Form 706 Changes
The unified credit equivalent is $1,500,000 (2004 – 2005), $2,000,000 (2006 – 2008) and increases to $3,500,000 for decedents dying on or after January 1, 2009.
For Estate Tax returns after 12/31/1976, Line 4 of Form 706 lists the cumulative amount of adjusted taxable gifts within the meaning of IRC section 2503. The computation of gift tax payable (Line 7 of Form 706) uses the IRC section 2001(c) rate schedule in effect as of the date of the decedent’s death, rather than the actual amount of gift taxes paid with respect to the gifts.
With the top bracket tax rates decreasing from 55% (in 2001) down to 45% (in 2007) and an annual drop in rates in-between, Estate Tax Attorneys have encountered situations where gift taxes paid were greater than the tax calculated using the rate in effect at the date of death.
It appears that some Form 706 software used by practitioners require a manual input of the gift tax payable line. Some preparers are reporting gift taxes actually paid rather than calculating the gift tax payable under date of death rates. These errors result in underpayment of estate tax due. Cases with this issue will involve estates where large gifts were made during life and at a time when tax rates were higher than at date of death. (Posted 6-5-06)
Exclusions
The annual exclusion for gifts is $11,000 (2004 – 2005), $12,000 (2006 – 2008), $13,000 (effective January 1, 2009 per IR 2008 -117).
The applicable exclusion amount is increased to $3,500,000 for estates effective for decedents dying on or after January 1, 2009 and remains at $1,000,000 for gifts.
Federal Transfer Certificates (International)
Estate and Gift has received many questions about Federal Transfer Certificates (regarding international issues.) For instructions about obtaining transfer certificates, contact:
Estate Tax Group S:SE:SP:EG:EC:1205
I.R.S. SB/SE Estate and Gift Tax Program
820 First St., N.E.: UCP-CNN-730
Washington, DC 20002-4243
For questions about transfer certificates or about the estate and gift taxation of nonresidents of the United States, use (202) 874-1660. For all other estate and gift tax questions, use (800) 829-1040.
Form 706
The instructions (which include rate schedules) may be found at the “Forms and Publications” link, below.
There are few significant changes to Form 706. The one change that will impact all filers is the elimination of the allowable State Death Tax Credit; for decedents dying in 2005 and later years, it is a deduction.
Important information for Form 709/709A
Time for filing clarification: Page 4 of the instructions for Form 709 states (Under When to File) that “…you must file the 2003 Form 709 on or after January 1…). It may not be clear, but this means that returns should not be filed until January 1 through the due date of the year following the year in which the gift is made. In other words, any gifts made in 2004 will not be due (and cannot be processed) until after December 31, 2004.
Individuals who make certain qualifying gifts are required to file Form 709, United States Gift Tax Return.
Form 709-A is Now Obsolete
Form 709-A, United States Short Form Gift Tax Return, is obsolete and should not be filed. All gift tax returns must now be filed using Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.
If you are filing a request for an extension of time to file an estate or gift tax return, remember that the request must go to the Cincinnati Service Center, even if you file your income or other tax returns elsewhere.
Fresh Start Tax 1-866-700-1040 A Professional Tax Firm “A” Rated by the BBB
We have on staff Board Certified Tax Attorneys, CPAs, former IRS Agents and Instructors. 130 years of IRS tax experience and 60 years with the IRS. No one knows the IRS better than our tax firm.
For our clients, common questions and answers.( from irs.gov )
Who pays the gift tax?
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.
What is considered a gift?
Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return.
What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. Gifts that are not more than the annual exclusion for the calendar year. Tuition or medical expenses you pay for someone (the educational and medical exclusions). Gifts to your spouse. Gifts to a political organization for its use.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.
May I deduct gifts on my income tax return?
Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions.) If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 950, Introduction to Estate and Gift Taxes.
How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (effective on or after January 1, 2009).
What other information do I need to include with the return?
Refer to Form 709 (PDF), 709 Instructions and Publication 950. Among other items listed: Copies of appraisals.
Copies of relevant documents regarding the transfer.
Documentation of any unusual items shown on the return (partially-gifted assets, other items relevant to the transfer(s)).
What is “Fair Market Value?”
Fair Market Value is defined as: “The fair market value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts. The fair market value of a particular item of property includable in the decedent’s gross estate is not to be determined by a forced sale price. Nor is the fair market value of an item of property to be determined by the sale price of the item in a market other than that in which such item is most commonly sold to the public, taking into account the location of the item wherever appropriate.” Regulation §20.2031-1.
Who should I hire to represent me and prepare and file the return?
Fresh Start Tax 1-866-700-1040
Do I need an attorney, CPA, Enrolled Agent (EA) or other professional(s)?
For most simple, small transfers (less than the annual exclusion amount) you may not need the services of a professional.
However, if the transfer is large or complicated or both, then these actions should be considered; It is a good idea to discuss the matter with several attorneys and CPAs or EA’s. Ask about how much experience they have had and ask for referrals. This process should be similar to locating a good physician. Locate other individuals that have had similar experiences and ask for recommendations. Finally, after the individual(s) are employed and begin to work on transfer matters, make sure the lines of communication remain open so that there are no surprises.
Finally, people who make gifts as a part of their overall estate and financial plan often engage the services of both attorneys and CPAs, EA’s and other professionals. The attorney usually handles wills, trusts and transfer documents that are involved and reviews the impact of documents on the gift tax return and overall plan. The CPA or EA often handles the actual return preparation and some representation of the donor in matters with the IRS. However, some attorneys handle all of the work. CPAs may also handle most of the work, but cannot take care of wills, trusts, deeds and other matters where a law license is required. In addition, other professionals (such as appraisers, surveyors, financial advisors and others) may need to be engaged during this time.
Do I have to talk to the IRS during an examination?
You do not have to be present during an examination unless IRS representatives need to ask specific questions. Although you may represent yourself during an examination, most donors prefer that the professional(s) they have employed handle this phase of the examination. You may delegate authority for this by executing Form 2848 “Power of Attorney.”
What if I disagree with the examination proposals?
You have many rights and avenues of appeal if you disagree with any proposals made by the IRS.
What if I sell property that has been given to me?
The general rule is that your basis in the property is the same as the basis of the donor. For example, if you were given stock that the donor had purchased for $10 per share (and that was his/her basis), and you later sold it for $100 per share, you would pay income tax on a gain of $90 per share.
Fresh Start Tax 1-866-700-1040 A Professional Tax Firm Board Certified Tax Attorneys/Lawyers, CPAs, Former IRS Agents and Managers
Do you owe back IRS Federal Payroll Taxes? Hire one of the highest rated tax firms by the BBB. We have been negotiating IRS payroll taxes since 1982. We have over 130 years of IRS tax experience and 60 years of working at the IRS.
If you owe back IRS Federal Payroll Taxes there is no firm with more tax experience. We were former IRS Agents and Managers who approved these case while at IRS. We know all the IRS tax strategies.
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include 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
Fresh Start Tax 1-866-700-1040 A Professional Tax Resolution Company “A” Rated by the Better Business Bureau
If you are looking for the best IRS Tax Help and Tax Relief Company, call Fresh Start Tax today. We are one of the highest rated tax resolution companies as rated by the Better Business Bureau. We have 130 years of tax experience, 60 years working for the IRS, with a staff of Board Certified Tax Attorneys, CPAs, Former IRS Agents and Managers.
We have never had a complaint filed against our firm.
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of civil cases including individuals, businesses, non-profits, partnerships and corporations. We have staff that specialize in every facet of IRS representation. We know all the IRS tax strategies because of our extensive IRS working backgrounds. Some of our many specialties include 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
