by Fresh Start Tax | Sep 25, 2012 | FBAR, IRS Tax Problem, Representation, Tax Lawyer
We are a World Wide Tax Firm specializing in FBAR, Offshore and Overseas IRS tax issues, tax resolution and IRS negotiation.
We have a number of current clients in China and are familiar with the tax issues and concerns of those U.S. citizens living in China and the surrounding areas.
The long hand of the US Government including the IRS is reaching into the pockets of those taxpayers world wide including those living in China required to pay taxes on foreign earnings.
Over the past 3 years the IRS has collected over $5 billion dollars from 33,000 taxpayers who have come forward to report earnings from overseas accounts.
The IRS knows this is just the tip of the iceberg and with the hiring many new Revenue Agents, the IRS will be on the hunt for more tax dollars, and yes be sure, IRS can always hold over the heads of taxpayers the fear of a criminal tribunal and prison sentences.
Most taxpayers will have little to fear, but for those who have civil and or criminal problems we are here to help file and report.
We can help answer any questions you may have regarding any civil or potential criminal tax matters of issues.
Who is required to File and Report – FBAR
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). Call us for any questions. 1-866-700-1040.
The FBAR is required because foreign banks as well as financial institutions may not be subject to the same reporting requirements as domestic financial institutions. you must check with each country and institution.
The FBAR is a tool to help the Internal Revenue Service and the United States government identify persons who may be using foreign financial accounts or financial institutions to evade United States Law.
Tax Investigators such as IRS Revenue Agents and Criminal Investigators use FBARs to help identify or trace funds used for illicit purposes such as concealment, terrorism, drug dealings etc to identify unreported income maintained or generated abroad.
Why should taxpayers make a voluntary disclosure.
Taxpayers with undisclosed foreign accounts in financial institutions or entities should make a voluntary disclosure because it is the law and that enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution which is tremendous leverage..
Making a” voluntary disclosure” to the US Government also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues including penalties and interest.
Taxpayers who do not submit a voluntary disclosure ( VD ) run the risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution.
The IRS remains actively engaged in rooting out the identities of those with undisclosed foreign accounts. Moreover, increasingly this information is available to the IRS under tax treaties, through submissions by whistle blowers, and will become more available as the Foreign Account Tax Compliance Act (FATCA) and Foreign Financial Asset Reporting very become effective.
Each taxpayers situation is unique different. There are no two cases the same. You should seek professional representation in dealing with these issues. Call us today and speak to us under attorney-client privileged. We are affordable, friendly and trustworthy
CHINA, FBAR Filing, Reporting , U.S. Tax Attorneys, Former IRS, FBAR Experts , Civil & Criminal, Affordable, FBAR Tax Experts
by Fresh Start Tax | Sep 24, 2012 | Back Taxes, IRS Tax Problem
The IRS Financial Statement, the 433-A and 433-F ” is ” the most important factor in determining your financial future with the IRS.
IRS will determine the resolution of your case based completely on the forms and the documentation that goes along with the form.
If your case is assigned to the ASC Unit, that is the 1-800 groups, the IRS will require a 433F. The information the IRS requests is not as detailed. You will be faxing the information to a agent that can be located anywhere in the country. The IRS uses 1-800 switching centers to get your call to the first available agent. Calls can be taken up to 8:00 pm EST.
The 433A on the other hand is used exclusively by the local IRS offices and are used by local Revenue Officers. The local IRS agent will go into extensive detail in reviewing your 433A. Professional help is a must at this point.
Both forms, the 433A, and the 433F require complete documentation on any number that is placed on the form with the exception of food, clothing…….. IRS will follow the National Standards Test. For a comprehensive explanation of the National Standards call us directly.
The following is a list of tax tips to apply to the turning in of a IRS financial statement.
1. Without question, it is best to have a tax professional prepare and explain your financial statement to the IRS. Unless you have a very simply case I would not recommend you the taxpayer represent yourself when this form is required.
As a former IRS agent I would love it when the taxpayers were unrepresented. Taxpayers will believe anything the IRS agents says. Taxpayers are unaware that they have the right to Appeal the findings of the Agent working on there case. Many times taxpayers are hustled into situations. Taxpayers sign agreements in the pure fear of the IRS.
2. Be completely truthful. The normal IRS Agent is skilled to detect deception so whatever you do, tell nothing but the truth. IRS will match your bank statements, cost of living and your tax return to get a feel to make sure your financial statement is correct and accurate.
3. If any expenses are high you want to have a explanation of why expenses are out of the ordinary or normal range. Have documentation to support your expenses. Many times taxpayers can and will have excessive medical falling out of the National Standards.
Have detailed documentation available to prove your case. You want to have the bill and the receipt showing, PAID.
4. Understand that IRS will use the National Standards Tests. IRS has a National Standards Tests in every area of the country to apply towards expenses claimed on the 433A or 433F. The National Standards can be found on our site.
5. When the IRS asks for values for your assets use distrait values as if you had to sell the assets in an emergency situation.
Whatever you do, do not inflate the value of your assets.
6. IRS is only interested in two things, your assets and your expenses. Your other debt is of little interest to the IRS.Most of the time, IRS will not allow credit card debt, college tuition, taking care of grandma as a necessary expense.
7. Your financial statement MUST MAKE SENSE. Many times taxpayers expenses exceed their income. If this is your case you must supply documentation as to how you are paying your bills without have income to cover the expenses.
8. Make sure all your tax returns are filed. IRS will conduct a full compliance check and will not close your case until all tax returns are filed.
9. Make sure your withholding is up to date. Make sure to change your withholding or ES payments to make sure you will not owe tax in the current year.
10. Have a plan of resolution. Tell the IRS what you want and what you can afford. Do not be bullied by the IRS, you have right and can fight back.
Do not be afraid to be bold, there is an appeal process, however your request must be reasonable. To find out more appeal process call us today, 1-866-700-1040.
by Fresh Start Tax | Sep 17, 2012 | Back Taxes, IRS Tax Problem, Sales Tax
As former IRS agents we use to prepare hundreds of back tax returns for businesses and individuals who did not file back tax returns.
We are familiar with the process and we know how to exactly stop the IRS today.
We can take away your fear or worry you may have. We are “A” rated and friendly as well as affordable.
IRS has the right under 6020B of the IRC to file your back payroll tax returns for businesses who have failed to file payroll tax returns.
You can stop and IRS by calling our Fresh Start Tax offices today. 1-866-700-1040
This Non-Filer Program has been around for years and the IRS is actually beefing up enforcement on back payroll tax returns.
IRS will send out notices to businesses who have not filed back payroll tax returns and give you opportunity to file accurate and correct tax returns.
If you fail to comply the Ogden Utah Campus of the IRS will file you back tax returns for the business. IRS will use the highest tax figures possible to make your tax assessment as high as possible.
The back tax returns that are usually prepared under the provisions of IRC 6020(b):
1. Form 720 Quarterly Federal Excise Tax Return
2. Form 940 Employer’s Annual Federal Unemployment Tax Return
3. Form 941 Employer’s Quarterly Federal Tax Return
4. Form 943 Employer’s Annual Return for Agricultural Employees
5. Form 1065 U.S. Partnership Return of Income
6. Form 2290 Federal Use Tax Return on Highway Motor Vehicles
7. Form 944 Employer’s Annual Federal Tax Return
IRS also has the ability to file your individual tax return under this same tax provision.
The Substitute For Return (SFR) Program and its automated version, Automated Substitute For Return (ASFR) were developed to contact taxpayers who have not filed tax returns voluntarily and for whom income information is available to substantiate a significant income tax liability.
Internal Revenue Code Section (IRC) 6212 authorizes the Service to send a notice of deficiency when a taxpayer appears to have a filing requirement but does not comply by voluntarily filing a tax return.
How to stop the problem.
Fresh Start Tax LLC will secure a power of attorney and contact the IRS. We will immediately refile correct tax returns and settle your tax liability with the IRS.
It is critical all tax returns are filed and up to date. Also critical that you are making current tax deposits. IRS will not work with you unless your are currently making payroll tax deposits. IRS will ask for and require for an up to date verification of the monthly payroll tax deposits.
If you owe back taxes IRS will require a form 433A and a Form 433B and evaluate your case. Once IRS has reviewed your financial statement they will workout a tax settlement and a recommendation on your case to settle and close the matter.
Call us today and find the out more about this process. 1-866-700-1040.
SPEAK DIRECTLY TO A FORMER AND FRIENDLY IRS AGENT.
by Fresh Start Tax | Sep 14, 2012 | IRS Tax Problem, Representation, Tax Help, Tax Lawyer
IRS Financial Statement 433A & 433F – Beware – Documents IRS will require U give them – Former IRS Agents
Call us today for a no cost professional tax consultation. 1-866-700-1040.
Caution should be used before giving IRS any financial information. Unless you know exactly what you are doing you could encounter problems. I am not telling you this to scare you, should you have a simple situation it is thumbs up for resolving the tax situation yourself.
The information must always be accurate and the IRS can use this financial statement to collect back taxes. Also, this information can be used by the IRS to send out a bank levy or wage garnishment.
If any taxpayers owe back taxes to the IRS and cannot immediately set up a payment plan, the IRS requires a Financial Statement, 433A or 433F, IRS will expect that financial statement to be fully documented. You need to be very accurate filling out your financial statement.
Our link to the 433A and 433F http://freshstarttax.com/irs-forms/
For the record, the Service Centers require the 433F and the local IRS offices, the Revenue Officers, only work off the more detailed 433A. I was a former Revenue Officer.
IRS never believes the 433A or the 433F turned in by the taxpayer and will only process and close the case with a fully documented financial statement. Each time you put a amount down on the 433A with the exception of food and clothing, IRS will want to see the proof via a check and a bill.
The following is a checklist of each line item of expenses that the IRS may require.
1.IRS will verify and correct Form W-4. If not enough withholding is being taken out IRS will require a updated w-4 to ensure withholding is being fully taking out.
2.IRS will want at least 3-6 months banking statements to verifying bank deposits. This is used to verify income listed and check for unreported income.
3. IRS will also want to verify all expenses with a check as well as the bill to verify it is a expense of the taxpayers,
4. IRS will want to see your last pay stub,
5. If self employment income is involved the IRS will require or secure proof for at least 6 months of recorded income.
IRS will also request:
a.Invoices, bank statements, accounts receivable, commission statements, etc.
b.IRS will verify compliance with estimated tax payments and/or Federal Tax Deposit (FTD) payments.
Remember IRS cares only about two things, your income and your assets. They could care less about other outstanding liabilities because IRS comes first. If you have debt up to your eyeballs IRS will not allow expense credits for those items.
This is a common cord that must tie together in your financial statement is your income on your tax return, your deposits on your bank statements, your cost of living and the financial statement your are turning in to the IRS.
IRS Agents are trained to sniff out financial statement that simply do not make sense.
If you have unusually events that have happened in your financial life make sure you have the proper documentation to verify your claim.
I have reviewed some 15,000 financial statements over the years and it does not take a second to determine if a financial statement passes the IRS smell test.
If you are not sure about giving a financial statement to the IRS contact our offices today.
Warning.
Make sure you do not turn in a fraudulent statement to the IRS because all statements are signed under penalties of perjury.
Turn in a correct financial statement, it is not worth jail time.
IRS Financial Statement 433A & 433F – Beware – Documents IRS will require U give them – Former IRS Agents
by Fresh Start Tax | Sep 10, 2012 | IRS Tax Debt, IRS Tax Problem, Tax Settlements
Looking for a Tax Debt Settlement Company on the Internet is overwhelming.
There are hundreds to chose from. So how do you know who to pick?
This article is written by a former IRS agent who has worked over 15,000 cases.
It is important to understand the tax debt settlement vertical.
Many of the companies that advertise on the Internet are lead generation companies, that is, they sell your information to the highest bidder. Say $55 a lead.
You can tell a lead generation company because they have no substance to there website. If you check the firm page and bio’s, there is very little information. Many times they are called splash pages or sucker pages.
Many companies claim an “A” rating by the BBB but have had another business qualify there tax vertical. You must be extremely careful when choosing a tax debt settlement company.
What to look for when selecting a Tax Debt Settlement Company
1. Check out the firm bio page and make sure there are the tax professionals working for the tax debt settlement firm. Solid tax debt companies gladly show off there professionals and put up there bio’s on the firm page so you know who will representing you.
2. Who will actually work your case. Are you able to speak directly to the person working your case on the first call. Many tax debt companies have third parties taking the calls who have no knowledge of the tax business. Make sure you know the skill level of the person giving you the advice when you call for the very first time.
3.Beware of Closers. Many firms employ closers, that is a person who will sign you up , make a commission and pass you on to another person.
The unfortunate thing about this is the closer is a salesperson and not a skilled professional. This is the biggest caution. These closers are found in large internet companies and are only there to get a commission from you. Most of the time they cannot even fill out there own income tax return.
4. BBB Rating. Check for the BBB rating but more importantly check out the complaints and how recent they are. Solid companies will have none or under three.
5. Make sure someone does not scare you over the phone. Many persons who use closers will scare you into signing up. They will even tell you will have criminal problems. Do not believe their lies. IRS works less than 5,000 criminal cases a year.
6. Any solid firm will let you speak directly to a Tax Attorney, CPA or Former IRS agent whose credential are posted on their website. If you clearly do not see pictures of the professionals and their credentials, run fast. They are scam artists.
7. Fees. A professional tax firm will not charge exorbitant fees because they are not paying sales commissions. Do not be ripped off by scam internet companies.
Call us today to find out more. 1-866-700-1040. Free Consults.
by Fresh Start Tax | Aug 25, 2012 | IRS Tax Debt, IRS Tax Problem, Tax Levy and Wage Garnishments
We are a IRS tax specialty firm dealing with IRS tax resolution.We are comprised of Tax Attorneys, CPA’s and Former IRS agents who have over 60 years with the IRS.
As a former IRS agent I have filed thousands of levies when working for the IRS. I/we know the exact and quickest way to get the levy released.
We can get bank account levies usually released within 5 days. Believe no tax resolution company that tells you different, they would be scam artists.
Bank Account Levies can be handled and released with simple procedures.
Most of the time, bank accounts are levied because taxpayers fail to answer a series of letters sent by the IRS. IRS has no choice but to levy. IRS will either send out a bank levy or a wage levy or both.
Once contact is made with the IRS and financial information given to them with documentation, the IRS will work out a settlement strategy and settle.
There is a lot of skill involved in getting what is in the best interest of the taxpayer and not the IRS. Call us today and we will review your options of get your bank account levy released and get you immediate tax levy release
Bank Account Levy Holding Period, the good news!
A bank that received a bank account levy must wait 21 calendar days after a levy is served before sending payment to the IRS.
Then, on the next business day ( the 22nd day ), it must turn over the taxpayer’s money to the IRS. The bank will not send money that is subject to attachment or execution under judicial process. “Bank” includes credit unions, savings and loan associations, trust companies and other like types.
During the 21 holding period most levies can be released. It is our magic time to call IRS get the levy released and get our clients case settled.
Most clients will be filling out a form 433A or 433 F along with financial documentation to get the bank account levy released by the IRS.
IRS will also use this contact period to make sure all tax returns are filed and up to date.
Call us at 1-866-700-1040 and start the process right now.
We are affordable, friendly and assessable, since 1982.
