by Fresh Start Tax | Jul 13, 2012 | Expatriate Tax, FBAR, IRS Tax Experts, Offshore Program, Tax Help, Tax Lawyer
Is the IRS on your mind? Let us permanently resolve your tax issue.
We taught Tax Law at the IRS and know there tax settlement policies.
Let us take away the fear and worry. You will never have to talk to the IRS.
We are tax experts for US Citizens, UAE, Dubai Tax Issues.
Call us or skype us for a no cost consult.
1-866-700-1040 SKYPE PASSWORD – freshstarttax
We know exactly what the IRS will do because we are Former IRS Agents. As a result, we know all their tax policies, codes and closing procedures used to settle every type of case.
We are comprised of Tax Attorneys, CPA’s and Former IRS agents and managers.
We taught Tax Law at the Internal Revenue Service. We have over 60 years with the IRS and over 206 years of total tax experience.
How to save tax and keep your money.
Did you know that foreign earned income exclusion, the foreign housing exclusion, and the foreign housing deduction are based on foreign earned income?
For this very purpose, foreign earned income is income you receive for services you perform in a foreign country during a period your tax home is in a foreign country and during which you meet either the bona fide residence test or the physical presence test.
Earned income is pay for personal services performed, such as wages, salaries,or professional fees.
The list that follows classifies many types of income into three categories. The column headed Variable Income lists income that may fall into either the earned income category, the unearned income category, or partly into both.
For more information on earned and unearned income, see Earned and Unearned Income, below.
Classification of Types of Income
| Earned Income |
Unearned Income |
Variable Income |
| Salaries and wages |
Dividends |
Business profits |
| Commissions |
Interest |
Royalties |
| Bonuses |
Capital Gains |
Rents |
| Professional fees |
Gambling winnings |
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| Tips |
Alimony |
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Social security benefits |
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Pensions |
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Annuities |
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Call today for a no cost consult. 1-866-700-1040.
US Citizens Taxes, UAE, Dubai, IRS Tax Experts, Help, Problem, Tax Filings, Former IRS, Attorneys, Expatriate, FBAR
by Fresh Start Tax | Jul 9, 2012 | Back Taxes, FBAR, Offshore Program, Offshore Tax Problems, Representation, Tax Lawyer
We are a Tax Specialty Firm. We are IRS Tax Experts in Offshore Tax Issues, Compliance and Tax Problems.
Call us for a no cost tax consult, 1-866-700-1040.
We are comprised of Tax Lawyers, Board Certified Tax Attorneys, CPA’s and Former IRS Agents.
We can handle all IRS filings, file back or lost tax returns, settle and negotiate Tax Debt and fully handle all IRS Tax Representation or Tax Problems.
You will never speak to the IRS.
Offshore Tax is one of the many specialties at Fresh Start Tax LLC, a Global Company.
We have over 60 years of direct IRS work related experience in the local, district and regional tax offices.
We taught Tax Law at the IRS.
Terms of Compliance of Offshore Tax Compliance.
What are the terms of the 2011 Offshore Voluntary Disclosure Initiative?
Under the new terms of the 2011 Offshore Voluntary Disclosure Initiative, taxpayers absolutely must:
1. Taxpayers are to provide copies of previously filed original (and, if applicable, previously filed amended) federal income tax returns for tax years covered by the voluntary disclosure;
2. Taxpayers are to provide complete and accurate amended federal income tax returns (for individuals, Form 1040X, or original Form 1040 if delinquent) for all tax years covered by the voluntary disclosure, with applicable schedules detailing the amount and type of previously unreported income from the account or entity e.g., Schedule B for interest and dividends, Schedule D for capital gains and losses, Schedule E for income from partnerships, S corporations, estates or trusts.
3. Taxpayer are to file complete and accurate original or amended offshore-related information returns (see FAQ 29 for certain dissolved entities) and Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts, commonly known as an “FBAR” for calendar years 2003 through 2010;
4 Taxpayers are to cooperate in the voluntary disclosure process, including providing information on offshore financial accounts, institutions and facilitators, and signing agreements to extend the period of time for assessing tax and penalties;
Offshore Penalty Provisions:
1. Pay 20% accuracy-related penalties under IRC § 6662(a) on the full amount of your underpayments of tax for all years;
2.Pay failure to file penalties under IRC § 6651(a)(1), if applicable;
3.Pay failure to pay penalties under IRC § 6651(a)(2), if applicable;
4. In lieu of all other penalties that may apply, including FBAR and offshore-related information return penalties, a miscellaneous Title 26 offshore penalty, equal to 25% (or in limited cases 12.5% (see FAQ 53) or 5% (see FAQ 52)) of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the period covered by the voluntary disclosure,
5.Submit full payment of all tax, interest, accuracy-related penalty, and, if applicable, the failure to file and failure to pay penalties with the required submissions set forth in FAQ 25 or make good faith arrangements with the IRS to pay in full, the tax, interest, and these penalties (see FAQ 20 for more information regarding a taxpayer’s ability to fully pay) (the suspension of interest provisions of IRC § 6404(g) do not apply to interest due in this initiative); and
Taxpayers must also execute a Closing Agreement on Final Determination Covering Specific Matters, Form 906.
Offshore Tax Lawyer – IRS Tax Experts – Former IRS, File, Settle, Negotiations, Representation
by Fresh Start Tax | Jul 8, 2012 | FBAR, IRS Tax Experts, Offshore Program, Representation, Tax Lawyer
Contact Fresh Start Tax LLC for all inquiries for FBAR.
All consultations are free, confidential, and you will speak directly to a Tax Attorney or CPA.
We have over 205 years of professional tax experience and over 60 years of professional tax experience.
IRS Total Collection
The collection of more than $4.4 billion so far from the two previous international programs has made the IRS excited in the FBAR- Offshore Program.
$4.4 Billion is just the tip of the iceberg.
Continuation of the OVDP – FBAR Program
The Third Offshore Program
The third offshore program comes as the IRS continues working on a wide range of international tax issues and follows ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion.
Commissioner Statement:
“Our focus on offshore tax evasion continues to produce strong, substantial results for the nation’s taxpayers,” said IRS Commissioner Doug Shulman. “We have billions of dollars in hand from our previous efforts, and we have more people wanting to come in and get right with the government. This new program makes good sense for taxpayers still hiding assets overseas and for the nation’s tax system.”
The third and latest FBAR – Offshore Program
The FBAR – program is similar to the 2011 program in many ways, but with a few key differences.
Unlike last year, there is no set deadline for people to apply. However, the terms of the program could change at any time going forward. For example, the IRS may increase penalties in the program for all or some taxpayers or defined classes of taxpayers – or decide to end the program entirely at any point.
“As we’ve said all along, people need to come in and get right with us before we find you,” Shulman said. “We are following more leads and the risk for people who do not come in continues to increase.”
Tax Stats:
In all, the IRS has seen 33,000 voluntary disclosures from the 2009 and 2011 offshore initiatives. Since the 2011 program closed last September, hundreds of taxpayers have come forward to make voluntary disclosures.
Those taxpayers who have come in since the 2011 program closed last year will be able to be treated under the provisions of the new OVDP program.
The overall penalty structure for the new program is the same for 2011, except for taxpayers in the highest penalty category.
The New Program Penalty Structure
For the new program, the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the eight full tax years prior to the disclosure.
This is up from 25 percent in the 2011 program.
Some taxpayers will be eligible for 5 or 12.5 percent penalties; these remain the same in the new program as in 2011.
All taxpayers or participants must file all original and amended tax returns and include payment for back-taxes and interest for up to eight years as well as paying accuracy-related and/or delinquency penalties.
Participants face a 27.5 percent penalty, but taxpayers in limited situations can qualify for a 5 percent penalty.
Smaller offshore accounts will face a 12.5 percent penalty.
Taxpayers whose offshore accounts or assets did not surpass $75,000 in any calendar year covered by the new OVDP will qualify for this lower rate.
As under the prior programs, taxpayers who feel that the penalty is disproportionate may opt instead to be examined.
FBAR Offshore Program – New Guidelines – IRS Tax Experts – Tax Attorneys, Former IRS Tax Specialty Firm – Since 1982
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