by Fresh Start Tax | Jul 27, 2012 | FBAR, IRS Tax Problem, Representation, Tax Lawyer, Tax Settlements
If you need any questions answered regarding IRS and Foreign Bank Accounts because of IRS issues or IRS problems call us today for a no cost professional tax consultation, 1-866-700-1040.
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New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938)
Taxpayers with specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets. IRS want to know everything.
The new IRS Form 8938 filing requirement does not replace or otherwise affect a taxpayers requirement to file FBAR. ( Foreign Bank Accounts )
Common questions asked.
Powers of Attorneys
Is a U.S. resident with power of attorney on his elderly parents’ accounts in Canada required to file an FBAR, even if the resident never exercised the power of attorney?
Yes, if the power of attorney gives the U.S. resident signature authority, or other authority comparable to signature authority, over the financial accounts.Whether or not such authority is ever exercised is irrelevant to the FBAR filing requirement.
How do FBAR filers report their accounts to the IRS?
FBAR filers report their foreign accounts by,
1. Completing boxes 7a and 7b on Form 1040 Schedule B, box 3 on the Form 1041 “Other Information” section, box 10 on Form 1065 Schedule B, or boxes 6a and 6b on Form 1120 Schedule N and,
2. Accurately completing Form TD F 90-22.1
Q. When is the FBAR due?
A. The FBAR is due by June 30 of the year following the year that the account holder meets the $10,000 threshold.
The granting, by IRS, of an extension to file Federal income tax returns does not extend the due date for filing an FBAR.
FBAR filers cannot request an extension of the FBAR due date.
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by Fresh Start Tax | Jul 25, 2012 | Christian IRS Tax Relief, Expatriate Tax, FBAR, Tax Lawyer, Tax Settlements
We are a Christian Tax Firm <>< specializing in IRS FBAR and Expatriate Tax Representation.
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FBAR and Expatriates
With the Federal Government finding over $5.5 billion dollars in Offshore Programs in the last two years, the Fed came out and said it will spend over $500,000 million in new revenue to help catch tax cheats and tax crimes.
What is the FBAR Voluntary Disclosure Practice
It is currently the practice of the IRS that a voluntary disclosure will be considered along with all other factors in the investigation in determining whether criminal prosecution will be recommended.
This voluntary disclosure practice creates no substantive or procedural rights for taxpayers, but rather is a matter of internal IRS practice, provided solely for guidance to IRS personnel. It is best to contact us directly because each case is based on its own merits.
A voluntary disclosure ( VD ) will not automatically guarantee immunity from prosecution; however, a voluntary disclosure may result in prosecution not being recommended. This practice does not apply to taxpayers with illegal source income.This is where we come in. The general rule, contact IRS before they contact you.
A voluntary disclosure occurs when the communication is truthful, timely, complete, and when:
1. the taxpayer shows a willingness to cooperate and does in fact cooperate with the IRS agent in determining his or her correct tax liability,
2. when the taxpayer makes a good faith arrangements with the IRS to pay in full, the tax, interest, and any penalties determined by the IRS to be applicable. Remember it is possible to abate penalties and interest. Honesty goes along way!
3. A full disclosure is timely if it is received before:
a. the IRS has initiated a civil examination or criminal investigation of the taxpayer, or has notified the taxpayer that it intends to commence such an examination or investigation;
b. the IRS has received information from a third party (e.g., informant, other governmental agency, or the media) alerting the IRS to the specific taxpayer’s noncompliance;
c. the IRS has initiated a civil examination or criminal investigation which is directly related to the specific liability of the taxpayer; or
d. the IRS has acquired information directly related to the specific liability of the taxpayer from a criminal enforcement action.
4. Any taxpayer who contacts the IRS in person or through a representative regarding voluntary disclosure will be directed to Criminal Investigation for evaluation of the disclosure.
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by Fresh Start Tax | Jul 25, 2012 | FBAR, IRS Tax Problem, Tax Help, Tax Lawyer, Tax Settlements
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FBAR Filing Criteria as defined by the Internal Revenue Service.
In order to determine whether or not the FBAR is required, ALL of the following must apply:
1. The filer is a United States person;
2. The U.S. person has a financial account(s);
3. The financial account is in a foreign country ( India );
4. The U.S. person has a financial interest in the account or signature or other authority over the foreign financial account; and,
The aggregate amount(s) in the account(s) valued in dollars exceed $10,000 at any time during the calendar year. most individuals forget about the aggregate amount and this can lead to problems.
What is defined as a Financial Account by the IRS.
1. Bank accounts, such as a savings, demand, checking, deposit, time deposit, or any other account maintained with a financial institution or other person engaged in the business of a financial institution.
2.A bank account set up to secure a credit card account is an example of a financial account. An insurance policy having a cash surrender value is an example of a financial account.
3.Securities, securities derivatives, or other financial instruments account are also financial accounts.
4.Individual bonds, notes, or stock certificates held by the filer are not a financial account.
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by Fresh Start Tax | Jul 24, 2012 | Abatements, FBAR, IRS Penalties, Tax Lawyer, Tax Settlements
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On staff are Former IRS Appeals Agents and Tax Attorneys who are tax experts in matters of Penalty abatement and removal.
We have been settling cases with the IRS since 1982. We know all the tax policies and tax procedures because we taught Tax Law at the IRS.
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FBAR Penalties, procedures and applications.
The IRS has been delegated authority to assess FBAR civil penalties. There are civil penalties for negligence, pattern of negligence, non-willful, and willful violations. Each case is different and the results vary from cases to case.
IRS penalties are be asserted only to promote compliance with the FBAR reporting and record keeping requirements.
In exercising IRS discretion, tax examiners consider whether the issuance of a warning letter and the securing of delinquent FBARs, rather than the assertion of a penalty, will achieve the desired result of improving compliance in the future. We hope!
FBAR civil penalties have varying upper limits, but no floor.
The IRS audit examiner discretion is necessary because the total amount of penalties that can be applied under the statute can greatly exceed an amount that would be appropriate in view of the violation. You must hope the tax examiner is fair and uses good judgement.
IRS tax examiners are expected to exercise discretion, taking into account the facts and circumstances of each case, in determining whether penalties should be asserted and the total amount of penalties to be asserted.
Because FBAR penalties do not have a set amount, IRS has developed penalty mitigation guidelines to assist examiners in the exercise of their discretion in applying these penalties.
The FBAR mitigation guidelines are only intended as an aid for the examiner in determining an appropriate penalty amount.
The IRS tax examiner must still consider whether a warning letter or a penalty amount that is less than what would be called for under the mitigation guidelines would be more appropriate given the facts and circumstances of a particular case.
FBAR penalties are determined per account, not per unfiled FBAR, for each person required to file.
IRS penalties apply for each year of each violation.
As noted above, however, examiners are expected to exercise discretion, taking into account the facts and circumstances of each case, in determining whether penalties should be asserted and the total amount of penalties to be asserted.
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by Fresh Start Tax | Jul 20, 2012 | FBAR, Representation, Tax Lawyer, Tax Returns, Tax Settlements
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FBAR and what you need to know.
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). With Foreign Financial Instructions now reporting to the IRS it is critical to follow up and file your FBAR 90-22.1
The FBAR is required because foreign financial institutions are not usually subject to the same reporting requirements as domestic financial institutions.
The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent, hide, evade or deceive with criminal intent the United States Tax Laws.
The FBAR Program to date has yielded the Federal Government over $5 Billion when over 33,000 persons came forward.
Our Tax Attorneys who are experts in RBAR Representation can steer you away from trouble and worry.
Common Questions ask regarding FBAR.
What happens if an account holder is required to file an FBAR and fails to do so?
The failure to file an FBAR when required to do so can potentially result in civil penalties, criminal penalties or both. If you learn you were required to file FBARs for earlier years, you should file the delinquent FBAR reports and attach a statement explaining why the reports are filed late.
No penalty will be asserted if the IRS determines that the late filings were due to reasonable cause. Keep copies of what you send for your records.
Can cumulative FBAR penalties exceed the amount in a taxpayer’s foreign accounts?
May civil penalties be assessed?
Yes, under the penalty provisions found in 31 U.S.C. 5314(a)(5), it is possible to assert civil penalties for FBAR violations in amounts that exceed the balance in the foreign financial account.
How long should account holders retain records of the foreign accounts?
Records of accounts required to be reported on an FBAR must be retained for a period of five years. Failure to maintain required records may result in civil penalties, criminal penalties or both.
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by Fresh Start Tax | Jul 19, 2012 | FBAR, Tax Help, Tax Lawyer, Tax Settlements
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FBAR Penalties, Reasonable Cause
Whether a failure to file or failure to pay is due to reasonable cause is based on a consideration of the facts and circumstances. Each case is very different.
IRS reasonable cause relief is generally granted by the IRS when you demonstrate that you exercised ordinary business care and prudence in meeting your tax obligations but nevertheless failed to meet them.
Documentation is a key criteria.
In determining whether you exercised ordinary business care and prudence, the IRS will consider all available information, including but not limited to :
1. The reasons given for not meeting your tax obligations;
2.Your compliance history;
3. The length of time between your failure to meet your tax obligations and your 4.Subsequent compliance; and
5.Circumstances beyond your control.
IRS reasonable cause may be established if you show that you were not aware of specific obligations to file returns or pay taxes, depending on the facts and circumstances of your case.
Among other of facts and circumstances that will be considered by the IRS are:
1. Your education;
2.Whether you have previously been subject to the tax;
3. Whether you have been penalized before;
4.Whether there were recent changes in the tax forms or law that you could not reasonably be expected to know; and
5. The level of complexity of a tax or compliance issue.
You may have reasonable cause for noncompliance due to ignorance of the law if a reasonable and good faith effort was made to comply with the law or you were unaware of the requirement and could not reasonably be expected to know of the requirement.
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