by Fresh Start Tax | Oct 1, 2012 | IRS Tax Problem, Representation, Tax Lawyer
Do not panic and stop the worry. We have been representing clients since 1982.
Let us take the worry away. Get representation from Former Agents and Attorneys.
If you have received a “Notice of Intent to Offset” and need Federal or State Representation call us today and speak directly to a Tax Attorneys, Tax Lawyers or Former IRS Agents. 1-866-700- 1040
We have over 206 years of federal and state tax experience and over 60 years of working with the federal government.
We have worked in the local, district and regional offices of the IRS and have worked with State Tax Agencies.
There are different protocols for working these cases based on the circumstances of each unique situation as well as the government agencies whose job it is to collect.
Call us today and we can review your case for no charge. 1-866-700-1040.
Questions and answers commonly asked:
1.Why did I receive a Notice of Intent to Offset?
Most government agencies office participates in the Treasury Offset Program. Under this program, the Department of Treasury may reduce or withhold any of your eligible federal payments, such as income tax refunds, so that they may be applied toward your outstanding federal debt.
Generally a financial litigation unit sends a notice describing this program to all debtors in active collection cases.
2. What happens if I cannot pay my debt in full, how will the Department of Treasury work with me?
Most persons cannot pay there debt in full or may never be able to pay it at all. There are different programs available to deal with the situation.
Many times the Department of Treasury will require payments, put you in hardship where no payments are required of may consider a settlement.
A Financial statement is required with complete documentation before the Treasury will close out your case. You should call us today and we should be able to help you restore your life.
3.What kinds of federal payments can be reduced?
Depending upon the type of debt you owe, the following federal payments may be eligible for offset or levy:
a. tax refunds
b. wages, including military pay
c. retirement, including military retirement pay
d. contractor/vendor payments
e. travel advances and reimbursements
f. certain federal benefit payments, including Social Security benefits (other than
What is the Treasury Offset Program?
The Treasury Offset program is a centralized offset program, administered by the Financial Management Service’s (FMS) Debt Management Services (DMS), to collect delinquent debts owed to federal agencies and states (including past-due child support), in accordance with 26 U.S.C. § 6402(d) (collection of debts owed to federal agencies), 31 U.S.C. § 3720A (reduction of tax refund by amount of the debts), and other applicable laws. FMS disburses federal payments, such as federal tax refunds, for agencies making federal payments (known as “payment agencies”), such as the Internal Revenue Service.
“Creditor agencies,” such as the Department of Education, Justice etc… submit delinquent debts to FMS for collection and inclusion in TOP and certify that such debts qualify for collection by offset.
Payment agencies prepare and certify payment vouchers to FMS and disbursing officials at other federal agencies that are non-Treasury disbursed (such as the Department of Defense), who then disburse payments.
The payment vouchers contain information about the payment including the name and Tax Identification Number (TIN) of the recipient. Before an eligible federal payment is disbursed to a payee, disbursing officials compare the payment information with debtor information, which has been supplied by the creditor agency, in FMS’ delinquent debtor database.
If the payee’s name and TIN match the name and TIN of a debtor, the disbursing official offsets the payment, in whole or in part, to satisfy the debt, to the extent legally allowed. The disbursing official is required to perform such offset pursuant to 31 U.S.C. § 3716(c).
FMS transmits amounts collected through offset to the appropriate creditor agencies. FMS maintains information about the delinquent debt in the TOP delinquent debtor database and continues to offset eligible federal payments until the creditor agency suspends or terminates debt collection or offset activity for the debt.
A creditor agency will suspend collection if the debt is subject to a bankruptcy stay or if other reasons justify suspension.
A creditor agency will terminate collection of a debt if it is paid in full, compromised, discharged, or if other reasons justify termination.
Call us to learn more, 1-866-700-1040.
by Fresh Start Tax | Sep 29, 2012 | Expatriate Tax, FBAR, Representation, Tax Lawyer
We are comprised of Tax Attorneys, CPA’s and Former IRS Agents who are FBAR Experts.
We have a world wide tax practice offering help to any person(s) having issues, questions or problems with the Filing and Reporting of FBAR.
The Offshore Voluntary Disclosure Program allows taxpayers to come forward and pony up for any monies not reported to the IRS.
The taxpayer is required to pay all tax plus penalties and interest and in turn many times the IRS will forgo criminal prosecution which is the main leverage that the IRS holds over the heads of taxpayers. Prison time is the hammer that drives this program. So much so that the IRS posts a list on the irs.gov website of all FBAR prosecutions.
The IRS is very serious of about this FBAR reporting and filing due to the sheer volume of funds it brings in to the US stream of revenue.
The IRS collected just north of $5 billion as a result of the first three years of filing and reporting due to the blow up of UBS.
As a result, IRS is beefing up their tax treaties and for both banks and financial institution. As a result these financial institutions are starting to share their information with the IRS and the US government. In many cases this sharing is due to the fact that they fear government reprisal from the US.
FBAR is here to stay.
It is best to get an opinion of a Tax Attorney or Tax Lawyer if you need to file and report. Different options exists on how to report and become come compliant with US tax law to avoid both criminal problems and civil problems. In many cases Fresh Start Tax LLC can minimize penalties and interest.
Most of the FBAR filers and reporters have very little to worry about. If you live in the Philippines or the surrounding areas call us today to find out more. 1-866-700-1040.
One of the common question we are asked.
What are some of the criminal charges I might face if I don’t come in under voluntary disclosure and the IRS examines me?
Possible criminal charges related to tax returns include tax evasion (26 U.S.C. § 7201), filing a false return (26 U.S.C. § 7206(1)) and failure to file an income tax return (26 U.S.C. § 7203). Willfully failing to file an FBAR and willfully filing a false FBAR are both violations that are subject to criminal penalties under 31 U.S.C. § 5322.
A person convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000.
Filing a false return subjects a person to a prison term of up to three years and a fine of up to $250,000.
A person who fails to file a tax return is subject to a prison term of up to one year and a fine of up to $100,000.
Failing to file an FBAR subjects a person to a prison term of up to ten years and criminal penalties of up to $500,000.
The OVDP
U.S. Taxpayer assets can be repatriated legally through a new program commonly known as the 2012 OVDP (offshore voluntary disclosure 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.
That 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.
Still others may be better off “opting out” of the program because their violations are not willful.
Check with us today to hear the truth about FBAR and stop the worry.
FBAR File & Report, Philippines, US Tax Lawyers, Attorneys, Former IRS, FBAR Help, Affordable, World Wide Experts
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 21, 2012 | IRS Tax Debt, Offer in Compromise, Representation
Debt Settlement Service that are provided by Fresh Start Tax LLC are some of the very best in the country simply because of our tax experts are leaders in the industry for IRS Debt Settlement.
When you work at the Internal Revenue Service and you were a Former IRS instructor who taught the Offer in Compromise program to other IRS Agents you are a true tax specialist.
On staff are Former IRS agents who have over 60 years of direct IRS experience in the local, district and Regional Offices of the IRS.
Debt Settlements with the IRS are called Offers in Compromise.
Last year the IRS settled 27% of the cases. The average settlement was 14 cents on a dollar.
80% of those cases accepted for settlement were sent in by professional tax resolution companies.
It is important to know the IRS made significant changes to there Debt Settlement Program called the Offer in Compromise through the new Fresh Start Program.
Today because of this change many more taxpayers will be eligible for Offers.An Offer is not for ever taxpayer. If the value of your assets exceed the amount you owe, you are not eligible for an Offer in Compromise.
The Offer in Compromise process takes an extensive look into the Assets and Income of each taxpayer and each and every case is very unique. There are no two cases the same.
Offers are generally based on a specific formula:
Total assets plus, income minus expenses times 12.
To see if you qualify , call us today for a no cost consultation. You may select your payment option. 1-866-700-1040.
Selecting a payment option
Your initial payment will vary based on your offer and the payment option you choose:
- Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
- Periodic Payment: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process of Tax Debt Settlements or Offer in Compromise
While your offer is being evaluated by the IRS:
a. Your non-refundable payments and fees will be applied to the tax liability,
b. A Notice of Federal Tax Lien may be filed,
c. Other collection activities are may be suspended,
d. The legal assessment and collection period is extended for the time the offer is in process,
e. Make sure to make all required payments associated with your offer,
f. You are not required to make payments on an existing installment agreement and lastly,
Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Call us today and speak directly to a Former IRS agent.
by Fresh Start Tax | Sep 16, 2012 | Back Taxes, Representation, Tax Relief
Tax Resolution, Back Tax Returns, Local Tax Representation – Former IRS – Miami, Ft. Lauderdale, West Palm – Affordable 954-492-0088
Hire Former IRS agents who worked out the local IRS South Florida district and regional offices.
We have over 60 years of direct working experience at the local South Florida IRS.
We know all the settlement formulas and tax strategies to get you the results you need.
Stop your worry today. We tell your the truth so you can get past this problem in your life.
We taught Tax Law at the IRS. Turn to former IRS agents who know the system.
Tax Resolution, Back Tax Returns
For a majority of taxpayers looking for a tax resolution firm there are many places to turn in South Florida and there are several solid professionals in our area.
The average tax payer looking for tax resolution work needs to have back tax returns prepared and also needs to have skilled professional tax representation to resolve there tax problem issue to save them the most amount of money.
So where do you turn for Tax resolution, Back Tax Returns and Tax Representation ?
THE MARKS OF A GOOD TAX RESOLUTION FIRM.
1. They have on staff Board Certified Tax Attorneys, CPA’s.
2. They have on staff Former IRS Agents,
3. They have had a local presence for a minimum of 5 years,
4.They have an “A” rating with the Better Business Bureau,
5. They have no complaints filed against there business.
6. They will offer a no cost professional tax consult with a certified tax professional.
7. They will flat fee there rates so you know all the costs connected with your tax case and tax issues.
Remember, not all cases can be settled for pennies on a dollar. As a matter of fact only 12,000 cases in the US were settled by the IRS last year for less than full value.
Each case is very different and no two case are the same. Face to face meetings are best practices for all involved.
We are available at any time for a no cost professional consult 954-492-0088. We are friendly and affordable.
If you have back tax returns and you have lost your tax records, we can easily reconstruct your tax returns and settle your case.
We are one of South Florida’s lead firms for tax resolution, back tax returns and tax representation.
Tax Resolution, Back Tax Returns, Local Tax Representation – Former IRS – Miami, Ft. Lauderdale, West Palm – Affordable
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
