by steve | Jul 4, 2010 | IRS Tax Advice, Tax News
If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, you may be required to report the account yearly to the Department of the Treasury.
Under the Bank Secrecy Act, each U.S. person must file a Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), if
* The person has a financial interest in, or signature authority (or other authority that is comparable to signature authority) over one or more accounts in a foreign country, and
* The aggregate value of all foreign financial accounts exceeds $10,000 at any time during the calendar year.
A United States person is not prohibited from owning foreign accounts but civil and criminal penalties may apply for failures to properly file FBARs when required. The information reported on an FBAR may be used for governmental purposes, including law enforcement and tax compliance purposes.
Due June 30
The annual due date for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), is June 30. The FBAR must be received by the IRS on or before June 30. Unlike tax returns, the FBAR is considered filed on the day it is received by the IRS. Postmarks are not considered evidence of timely filing.
For Assistance for Fresh Start Tax call 1-866-700-1040
Help in completing Form TD F 90-22.1 is available at (800) 800-2877, option 2. The form is available on this Web site or by telephone at (800) 829-3676. Questions regarding the FBAR can be sent to FBARquestions@irs.gov.
Call Fresh Start Tax should you have any questions 1-866-700-1040
by steve | Jul 3, 2010 | IRS Tax Advice
IRS Nine Tips on the 10 Percent Tax on Tanning Services
Starting July 1, 2010, the government finds another way to stick it to the consumer. Many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010. This is pure crap!!!!
Here are nine tips on the tanning excise tax that providers must collect.
- Businesses providing ultraviolet tanning services must collect the 10 percent excise tax at the time the customer pays for the tanning services.
- If the customer fails to pay the excise tax, the tanning service provider is liable for the tax.
- The tax does not apply to photo therapy services performed by a licensed medical professional on his or her premises.
- The tax does not apply to spray-on tanning services.
- If a payment covers charges for tanning services along with other goods and services, the other goods and services may be excluded from the tax if they are separately stated and the charges do not exceed the fair market value for those other goods and services.
- If the customer purchases bundled services and the charges are not separately stated, the tax applies to the portion of the payment that can be reasonably attributed to the indoor tanning services.
- The tax does not have to be paid on membership fees for certain qualified physical fitness facilities that offer indoor tanning services as an incidental service to members without a separately identifiable fee.
- Tanning service providers must report and pay the excise tax on a quarterly basis.
To pay the tax, businesses must file IRS Form 720, Quarterly Federal Excise Tax Return using an Employer Identification Number assigned by the IRS. Businesses that don’t already have one can apply for an EIN online at IRS.gov.
Find more information about the excise tax on tanning services, IRS Form 720 and other tax provisions of the Affordable Care Act at IRS.gov. Thanks Federal government, take all our money.
Should you have any questions, call Fresh Start Tax 1-866-700-1040
by steve | Jun 29, 2010 | IRS Tax Advice, Tax News
How to get a copy of your Federal Income Tax Return
If you need an exact copy of a previously filed and processed tax return and all attachments (including Form W-2), you should complete Form 4506 (PDF), Request for Copy of Tax Return, and mail it to the address listed in the instructions, along with a $57.00 fee for each tax year requested. The check or money order for the fee should be made payable to the “United States Treasury”. Copies are generally available for returns filed in the current and past six years. Copies of jointly filed tax returns may be requested by either spouse and only one signature is required. Allow 60 calendar days to receive your copies.
Most needs for tax return information can be met with a computer print-out of your return information called a “transcript”. A transcript may be an acceptable substitute for an exact copy of a return by the United States Citizenship and Immigration Services and lending agencies for student loans and mortgages. A “tax return transcript” will show most line items contained on the return as it was originally filed. If you need a statement of your tax account which shows changes that you or the IRS made after the original return was filed, however, you must request a “tax account transcript”. Both transcripts are generally available for the current and past three years and are provided free of charge. The period in which you will receive the transcript varies from within ten to thirty business days from the time the IRS receives your request for the tax return or tax account transcript.
You can obtain a free transcript by calling 800-829-1040 and following the prompts in the recorded message or by completing and mailing a request for a transcript to the address listed in the instructions.
The IRS has created a new Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript, to order a transcript of a Form 1040 series return. The IRS created this streamlined form to help those taxpayers trying to obtain, modify or refinance a home mortgage. Transcripts may also be mailed to a third party, such as a mortgage institution, if specified on the form. You must sign and date the form giving your consent for the disclosure. Businesses, partnerships or individuals who need transcript information from other forms, such as Form W-2 or Form 1099, can use Form 4506-T (PDF), Request for Transcript of Tax Return, to obtain the information. These transcripts may also be mailed to a third party if there is consent for the disclosure.
Forms can be downloaded by using the following links or ordered by calling 800-829-3676. If you are a taxpayer impacted by a federally declared disaster, the IRS will waive the usual fees and expedite requests for copies of tax returns for people who need them to apply for benefits or to file amended returns claiming disaster-related losses. For additional information, refer to Topic 107, Tax Relief Disaster Situations, or call the IRS Disaster Assistance Hot-line at 866-562-5227.
Should you need additional help, call us at Fresh Start Tax 1-866-700-1040
by steve | Jun 26, 2010 | IRS Tax Advice
Fresh Start Tax receives many requests regarding the publications that IRS has available to the public. This is a list of the most important publications. Should you have any question regarding any of these issue, email us today.
Publ 1 – Your Rights As A Taxpayer 0505 05/04/2005
Publ 1 – EP Understanding the Employee Plans Examination Process 0205 02/05/2005
Publ 1 – (SP) Derechos del Contribuyente 0505 06/09/2005
Publ 3 – Armed Forces’ Tax Guide 2009 01/12/2010
Publ 5 – Your Appeal Rights and How to Prepare a Protest if you Don’t Agree 0199 10/29/2005
Publ 5 – (SP) Your Appeal Rights and How to Prepare a Protest if you Don’t Agree (Spanish Version) 0605 07/26/2005
Publ 15 – Circular E, Employer’s Tax Guide 2009 12/16/2009
Publ 15 – Circular E, Employer’s Tax Guide 2010 01/10/2010
Publ 15 – A Employer’s Supplemental Tax Guide (Supplement to Circular E, Employer’s Tax Guide, Publication 15) 2010 01/26/2010
Publ 15-A (PDF) – Employer’s Supplemental Tax Guide (Supplement to Circular E, Employer’s Tax Guide, Publication 15) 2009 01/20/2010
Publ 15-B – Employer’s Tax Guide to Fringe Benefits 2010 12/08/2009
Publ 15-T – New Wage Withholding and Advanced Earned Income Credit Payment Tables (for wages paid through December 2009) 0309 06/09/2009
Publ 15-B – Employer’s Tax Guide to Fringe Benefits 2009 12/14/2009
Publ 17 – Your Federal Income Tax (For Individuals) 2009 04/06/2010
Publ 17 (SP) – Your Federal Income Tax (Spanish version) 2009 01/26/2010
Publ 51 Circular A – Agricultural Employer’s Tax Guide 2010 01/15/2010
Publ 51 (PDF) Circular A – Agricultural Employer’s Tax Guide 2009 01/14/2010
Publ 54 – Tax Guide for U.S. Citizens and Resident Aliens Abroad 2009 12/12/2009
Publ 80 Circular SS – Federal Tax Guide for Employers in the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands 2010 01/15/2010
Publ 179 Circular PR – Guia Contributiva Federal Para Patronos Puertorriquenos 2010 01/30/2010
Notc 210 – Preparation Instructions for Media Label 0702 01/05/2005
Publ 213 – You May Need To Check Your Withholding 0809 07/30/2009
Publ 216 – Conferences and Practice Requirements 0392 10/29/2005
Publ 225 – Farmer’s Tax Guide 2009 10/17/2009
Publ 334 – Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 2009 01/22/2010
Should you have any questions, ring us up 1=866-700-1040
by steve | Jun 25, 2010 | IRS Tax Advice
IRS and the Audit of a Church
Scope of Examination
The IRS may examine church records and religious activities only to the extent necessary to determine federal tax liabilities. This includes examinations to:
IRS will determine the initial or continuing qualification of the organization under IRC § 501(c)(3), including classification as a church under IRC §§ 509(a)(1) and 170(b)(l)(A)(i),
IRS will determine the amount, if any, of tax due to unrelated business activity within the meaning of IRC § 513 or other activities that may be subject to tax, or
IRS will determine the amount of any IRC § 4958 tax due from a disqualified person with respect to a transaction involving a church.
Church records include all regularly kept church corporate and financial records, including (but not limited to) corporate minute books, contributor and membership lists, and church books of account. Church books of account include the general ledger, general journal; accounts receivable ledgers, accounts payable ledgers, cash disbursements book, cash receipts books, all subsidiary ledgers, voucher register, check register, purchases journal, sales journal, check books, savings account books, and all specialized journals. In addition, church records include private correspondence between a church and its members that is in the possession of the church.
An examination by IRS is conducted in accordance with the church examination procedures may disclose that the organization is not exempt under IRC § 501(c)(3), is subject to federal tax, or IRC § 4958 tax is due from a disqualified person with respect to a transaction involving a church, for reasons other than those that led to the examination. In such cases, the examiner may expand the examination, without additional procedural requirements, to include examination of any records necessary to resolve the new issue or issues.
Should you have any questions call Freshstarttax today 1-866-700-1040
by steve | Jun 24, 2010 | IRS Tax Advice
IRS Collection Procedural Question of the DAY
Question of the DAY Is there any special assistance available if you are experiencing economic harm or as systemic problem, or are seeking help in resolving tax problems that have not been resolved through normal channels?
Answer: A STRONG ” Yes. ” The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should.
Fresh Start Tax one of the leaders in the industry can help you with these problems. Call us today. 1-866-700-1040
The service is free, confidential, tailored to meet your needs, and available for businesses as well as individuals. There is at least one local taxpayer advocate in each state, the District of Columbia, and Puerto Rico.
Call us today. 1-866-700-1040
