by Fresh Start Tax | Jul 19, 2012 | IRS Tax Problem, Tax Help, Tax Lawyer, Tax Returns, Tax Settlements
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents, Managers and Instructors.
We have over 60 years of direct work experience at the IRS and over 205 years of professional tax experience.
You can call us anytime for a free tax consult and speak directly to Tax Attorneys, Lawyers, CPAs or former IRS agents. 1-866-700-1040.
The IRS is seriously cracking down on overseas taxpayers, FBAR and EX-PATS.
The IRS found a whopping $4.4 Billion in the FBAR Program alone. US Citizens who live abroad who file and pay correctly have nothing at all to worry about.
One of the best save to minimize to minimize your tax debt is know and understand the Foreign Tax Credits and the laws that surrounding tax credits.
Because of our extensive background with the IRS we can really help minimize your IRS taxes or tax debt.
Trends and Facts
U.S. taxpayers claimed over $90 billion of foreign tax credits on US individual and corporate tax returns in 2005.
Foreign tax credits allow US taxpayers to avoid or reduce double taxation. You may choose to take a deduction for foreign taxes paid instead of choosing a credit. In most cases, it is to your advantage to take foreign income taxes as a tax credit.
How to Qualify for Foreign Taxes
You can claim a credit only for foreign taxes that are imposed on you by a foreign country or US possession. Generally, only income, war profits and excess profits taxes qualify for the credit.
What Foreign Taxes Qualify For The Foreign Tax Credit?
Generally, the following four tests must be met for any foreign tax to qualify for the credit:
1. The tax must be imposed on you
2. You must have paid or accrued the tax
3. The tax must be the legal and actual foreign tax liability
4. The tax must be an income tax (or a tax in lieu of an income tax)
How you can claim the Foreign Tax Credit
File Form 1116 Foreign Tax Credit to claim the foreign tax credit if you are an individual, estate or trust, and you paid or accrued certain foreign taxes to a foreign country or U.S. possession. Corporations file Form 1118 to claim a foreign tax credit.
Tax Compliance Issues with the Internal Revenue Service
The amount of foreign tax that qualifies is not necessarily the amount of tax withheld by the foreign country.
If you are entitled to a reduced rate of foreign tax based on an income tax treaty between the United States and a foreign country, only that reduced tax qualifies for the credit.
If a foreign tax re-determination occurs, a re-determination of your US tax liability is required in most situations.
You must file a Form 1040X or Form 1120X. Failure to notify the IRS of a foreign tax re-determination can result in a failure to notify penalty.
A foreign tax credit may not be claimed for taxes on excluded income.
Call us today for a no cost professional tax consult. 1-866-700-1040
Taxes, US Citizens Living Abroad, Minimize your Tax, IRS Tax Experts, File, Settle, Penalties, Problems, Former IRS, Tax Attorneys
by Fresh Start Tax | Jul 18, 2012 | Offer in Compromise, Tax Settlements
If your Offer in Compromise was rejected, all is not lost, you have options. We are former IRS agents, managers and instructors.
We know all the procedures. I am a former IRS teaching instructor of the Offer in Compromise.
Talk to us, free tax consults, 1-866-700-1040. Speak directly to a former agent.
The IRS has rejected your Offer in Compromise as to Collectibility, what can I do?
If you submit an Offer in Compromise as to Collectibility and the IRS rejects it, all is not lost!
If the IRS (Collection Division) rejects your Offer in Compromise, ask them why it was rejected.
If the Offer in Compromise was rejected because you have not filed all of your tax returns, ask what years need to be filed and then request additional time to file the tax returns.
If the Offer in Compromise was rejected because of additional information that the IRS wants, provide that information to the IRS.
Don’t ignore the IRS. If you need more time to obtain the information, inform the IRS that you are in the process of obtaining the information, but you need more time.
If the Offer in Compromise was rejected because the amount offered was not adequate, ask that the IRS provide you the amount of an acceptable offer and how it was computed.
Review the computations. If you agree with the computations, inform the IRS that you will be immediately submitting an “Amended Offer” for the higher amount as computed by the IRS.
If you do not agree with the IRS’s computation of an acceptable offer, file an appeal for the rejected offer.
In the appeal explain the part of the IRS’s computation of the acceptable offer that you do not agree with. If there is a dispute as to the value of assets, provide the current appraisals with the protest. If income or expenses are in dispute, provide documentation for what you believe are the correct amounts.
When the case is in Appeals, your case will be reviewed by an Appeals Officer or a Settlement Officer. If he or she requests additional information, provide it. Explain your situation. Don’ t tell him that you don’t have the funds for the offer; the Appeals Officer or the Settlement Officer already knows that.
Most of the times, you have to fund your offer from loans from relatives; or make monthly payments from your current income.
When the Appeals Officer or Settlement Officer has computed what he believes is an acceptable offer, review the computations.
If you agree with the amount of the acceptable offer, the Appeals Officer or the Settlement Officer will request that you submit an “Amended Offer” that he or she will process.
If the amount of the unpaid liability exceeds $50,000.00, Area Counsel will have to concur with the amount that “Amended Offer.”
If you don’t agree with the amount of the acceptable offer as computed by the Appeals Officer or the Settlement Officer, their is no further appeals other than by requesting “Post Appeals Mediation” in a few selected Appeals Offices through out the nation.
Thus, you should not be too quick not to reject the Appeals Officer or the Settlement Officer’s computation of an acceptable offer.
For example, your unpaid tax liability is $780,000.00; you offered $35,000.00; but the Appeals Officer or the Settlement Officer computed the acceptable offer in the amount of $100,000.00.
The Appeals Officer or the Settlement Officer wants an additional $65,000.00 for an acceptable offer; but you should not lose sight of the fact that by paying $100,000.00 your unpaid tax liability of $780,000.00 would be forgiven by the IRS for a payment of $100,000.00.
Let us at Fresh Start Tax review your case. Our experienced staff of former IRS Examiners and Appeals Officers will evaluate your offer and determine how far to pursue it.
Call us 1-866-700-1040
Offer in Compromise Rejected? File OIC Appeal, Former IRS Agent Instructors, Managers
by Fresh Start Tax | Jul 17, 2012 | Back Taxes, Tax Help, Tax Returns, Tax Settlements
We are a professional tax firm specializing in tax matters, solutions, tax planning and IRS representation for Expatriates, FBAR and US Citizens Citizens Living Abroad.
The scope of of practice is worldwide.
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents and managers.
We have over 206 years of professional tax experience and over 60 years of direct work experience at the IRS.
You can call us for a no cost professional consult and speak directly to a tax professional. 1-866-700-1040.
We can file all tax returns, prepare any past due or unfiled tax returns and if necessary work out a tax settlement if you cannot pay the IRS.
As Former IRS Instructors we taught Tax Law at the IRS.
Tax Tips:
Foreign Earned Income Exclusion
If your Tax Home is in a foreign country and you meet the bona fide residence test or the physical presence test, you can choose to exclude from your income a limited amount of your foreign earned income.
Should you choose to exclude from your income a foreign housing amount. If you choose to exclude a foreign housing amount, you must figure the foreign housing exclusion before you figure the foreign earned income exclusion.
Your foreign earned income exclusion is limited to your foreign earned income minus your foreign housing exclusion.
If you choose to exclude foreign earned income, you cannot deduct, exclude, or claim a credit for any item that can be allocated to or charged against the excluded amounts.
This includes any expenses, losses, and other normally deductible items allocable to the excluded income.
Limits on Excludable Amount per IRS Code.
You may be able to exclude up to $92,900 of your foreign earned income in 2011.
You cannot exclude more than the smaller of:
$92,900, or
Your foreign earned income (discussed earlier) for the tax year minus your foreign housing exclusion (discussed later).
If both you and your spouse work abroad and each of you meets either the bona fide residence test or the physical presence test, you can each choose the foreign earned income exclusion.
You do not both need to meet the same test. Together, you and your spouse can exclude as much as $185,800.
Paid in year following work.
You are considered to have earned income in the year in which you do the work for which you receive the income, even if you work in one year but are not paid until the following year.
If you report your income on a cash basis, you report the income on your return for the year you receive it. If you work one year, but are not paid for that work until the next year, the amount you can exclude in the year you are paid is the amount you could have excluded in the year you did the work if you had been paid in that year.
There are exceptions to some of these rules and for further details as to how they apply, call us for a no cost tax consult. 1-866-700-1040.
US Citizens Living Abroad, Tax Help, Filing Back Taxes, Past Due Taxes, Settlements, IRS Tax Experts
by Fresh Start Tax | Jul 11, 2012 | Back Taxes, Expatriate Tax, Offer in Compromise, Representation, Tax Lawyer, Tax Returns, Tax Settlements
If you are a Expatriate and need help in filing tax returns, filing back taxes or undergoing a IRS Tax Audit, call us for a no cost professional tax consultation. 1-866-700-1040.
We can take the fear and worry out of the IRS tax issue. As Former IRS Agents we know exactly hoe to minimize your IRS exposure.
We are comprised of Board Certificated Tax Attorney, Tax Lawyers, CPA’s and Former IRS agents and Manager.
We have worked for the IRS for over 60 years in both the field office, district and regional offices of the IRS including teaching Tax Law to all the new IRS agents.
We are aware of all the tax techniques, settlement provisions and tax policies that govern all areas of IRS audits, collection, appeals and expatriate cases.
Filing Current Tax Returns
There are many tax treaties in place with foreign countries and special tax laws in place that deal with income exclusions, tax credits and special rulings.Depending on the country where you reside we will analyze all the tax and revenue procedures so you pay the lowest amount allowed by law.
Back Taxes.
With the IRS modernizing their CADE computer system the IRS will be able to root out non filers by tracing their social security numbers that are now part of the matching program with foreign governments. With the IRS finding a wealth of tax dollars, some $4.4 billion overseas, IRS plan to ramp up full enforcement.
Tax Audits.
IRS has received $500 million dollars from the Federal Government to enforce the tax laws and tax compliance of all taxpayers. One of the targets IRS has announced it will work hard is the area of Expatriates. Special IRS Audit Groups are being formed within the IRS to target Expatriate Tax Audits.
Tax Settlements, Offers in Compromise.
Should you owe tax the good news it that the IRS has announced through the Fresh Start Program that IRS tax settlements are now much easier to settle.
Call us for full details on your individual case.
Expatriate Filing Tax Returns, Back Taxes & Tax Audits – Expat IRS Tax Experts – Attorneys, Former IRS – Expats Tax Problem Help
by Fresh Start Tax | Jul 9, 2012 | Back Taxes, Income Tax Preparation, Representation, Tax Help, Tax Lawyer, Tax Returns, Tax Settlements
Back Tax Return – File Back Taxes – Former Local IRS Agents, Miami, Ft.Lauderdale, Palm Beaches – South Florida 954-492-0088
If you have back tax returns you need to file, let former IRS Agents worked on the local South Florida offices get you back in the system worry free.
We have over 60 years of direct work experience right here on the local South Florida IRS offices. We worked as agents, revenue officers, revenue agents and appeals agents.
All our work is done in-house and we are hired by several local South Florida tax professional offices to handle their IRS tax matters
We can file all your back tax returns and settle your case.
We were former Local IRS Agents and Managers, today and we know all the tax policies and settlement procedures.
Contact us today and speak directly to tax attorneys, CPAs, and former IRS agents about your back tax return or unfiled back taxes.
We can go over all the different tax options to help remedy or solve your back tax problem.
While at IRS in South Florida we taught Tax Law.
We can file your back tax return or back taxes and settle your case.
We can file all business and personal income tax returns.
We can file a power of attorney and you will never have to speak to the Internal Revenue Service.
Call us for a no cost professional tax consultation. 954-492-0088
We have over 60 years of direct work experience at the local South Florida IRS. We have been Agents, Managers and Teaching Instructors.
We have resolved several hundred tax cases right here in South Florida. We have been practicing tax resolution and representation of taxpayers right here in South Florida since 1982.
Has the IRS contacted you? Beware of the 6020B
Have you received a tax notice from the Internal Revenue Service asking to file a back tax return(s)?
The IRS can and will file your tax return is you do not respond to tax notices regarding filing back returns.
The IRS has the right to issue a bank levy or wage garnishment levy on back taxes if you do not answer their letters on a timely basis.
You must respond to IRS in a timely manner. IRS has the right to prepare your back tax returns under 6020B of the IRC Code. That means they can prepare your tax return and form a tax assessment against you.
6020B of the IRC – IRS can file your tax return
(1) If the taxpayer fails to file employment, excise and
partnership tax returns by the specified date the
return should be prepared under the authority of IRC
6020(b)
We can file all your back tax returns and settle your back taxes.
We are comprised of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents.
We have prepared thousands of back taxes and tax returns since 1982.
Call us today.954-492-0088
Affordable and Assessable.
Back Tax Return – File Back Taxes – Former Local IRS Agents, Miami, Ft.Lauderdale, Palm Beaches, Keys – All South Florida
by Fresh Start Tax | Jul 7, 2012 | Back Taxes, FBAR, Representation, Tax Lawyer, Tax Settlements
If you are looking for a true IRS Tax Experts for FBAR or Offshore Tax Issues call Fresh Start Tax LLC for a no cost professional tax consultation. 1-866-700-1040.
We are staffed with Tax Attorneys, CPA’s and Former IRS agents.
We have over 205 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We taught Tax Law as former IRS agents.
Offshore Tax Issues are on the rise and with the new Health Care Program the IRS will be hiring over 15,500 new IRS Agents. Due to the success from the first two Offshore Programs the IRS has already said that much of their budget will be spent on Offshore targets because of the high volume of success.
Many Offshore taxpayers, Expatriates and others have no need to worry. The filing requirements are laid out and the IRS is making there filing program available on line.
However, there are a considerable amount of taxpayers who were suppose to file but never did so. If you fall in to that categorize you need be concerned.
If you are a individual with International interest and if you own property abroad or have foreign bank accounts, you need a professional tax firm with a specialized expertise in international/ foreign tax law.
Our Professional Service include but not limited to:
1. Reporting for foreign corporations, partnerships, LLC’s, trusts and individuals,
2. Tax Treatment of Passive Foreign Investment Companies,
3. Determination of residency for income tax purposes for foreign nationals,
4. Application of Tax Treaties and Tantalization Agreements to minimize United States Tax and effects on Social Security,
5. State residency tests and particular domicile issues
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- We taught Tax Law in the IRS Regional Training Center
- Former IRS Agents, Managers and Instructors with over 60 years experience in the local, district and regional IRS offices.
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed and certified to practice in all 50 States
- Nationally Recognized Veteran /Published Former IRS Agent
- Nationally Recognized Published EZINE Tax Expert
- As heard on GRACE 90.3 FM Monthly Radio Show-Business Weekly
