by Fresh Start Tax | Jun 18, 2014 | Tax Help
If you are experiencing any problems with the Internal Revenue Service it only makes perfect sense to hire former IRS agents who have over 60 years of direct work experience in the local, district, and regional tax offices of the IRS.
We are A+ rated by the Better Business Bureau and have been in practice since 1982.
Our firm has over 206 years of professional tax experience and can handle any IRS tax issue or problem you are currently going through.
IRS Tax Levy Removals and Releases
If you have received a current IRS tax Levy and need to get your money back contact us today for free initial tax consultation.
As a general rule we can get your levy released within 24 hours of receiving your current documented financial statement.
IRS may also ask that all your tax returns are filed and up-to-date.
IRS Tax Audit
If the Internal Revenue Service has sent you a nasty gram or you are currently experiencing an IRS tax audit it only makes sense to hire a former IRS agent manager who knows the system, the processes of the settlement, and who can provide your best possible tax defense during an IRS audit.
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File back tax returns.
It is imperative you file all your back tax returns if not the Internal Revenue Service can prepare substitute tax returns for you and you can believe that you will owe the highest amount of tax allowed by law.
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IRS Tax – Levy Removal, IRS Tax Audit, File Back Tax Returns – Former IRS – Philadelphia, Pittsburgh, Allentown, Erie
by Fresh Start Tax | Jun 18, 2014 | Tax Help
If you have been a victim of a Ponzi scheme and need to find out how to deduct your tax losses it is best to contact a Tax Attorney, CPA or your own tax advisor.
It is wise to have experienced tax professional apply these losses on your tax returns. This matters are not for the inexperienced.
There are very specific requirements by the Internal Revenue Service.
I am a former IRS agent and I can tell you many of these Ponzi scheme tax losses are audited by the IRS.
Before taking a loss you need to make sure that you qualify for the loss and have all the required documentation to support your loss.
IRS generally has a group that reviews Ponzi scheme losses and deductions taken on tax returns.
Contact us today and we can help you through this process.
First of all, what is a Ponzi Scheme?
A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.
Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent. The perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme.
Ponzi Scheme So how do I deduct my loss?
The Internal Revenue Service has issued two guidance items to assist taxpayers who are victims of losses from Ponzi-type investment schemes.
Example- Madoff was a pure Ponzi Scheme.
The IRS Revenue Ruling 2009-9 clarifies the income tax law governing the treatment of losses in such schemes.
The IRS Revenue Procedure 2009-20 provides a safe-harbor method of computing and reporting the losses.
The IRS revenue ruling is important because determining the amount and timing of losses from these schemes is factually difficult and dependent on the prospect of recovering the lost money which may not become known for several years.
Also it clarifies the older guidance on these losses that is somewhat obsolete.
This revenue procedure simplifies compliance for taxpayers and administration for the IRS by providing a safe-harbor means of determining the year in which the loss is deemed to occur and a simplified means of computing the amount of the loss.
Safe harbor is a very important concept.
The IRS Revenue Ruling 2009-9
Under IRS Revenue Ruling 2009-9 an investor is entitled to a theft loss, which is not a capital loss.Once again, this is key.
A theft loss from a Ponzi-type investment scheme is not subject to the normal limits on losses from investments, which typically limit the loss deduction to $3,000 per year when it exceeds capital gains from investments.
The revenue ruling clarifies that “investment” theft losses are not subject to limitations that are applicable to “personal” casualty and theft losses.
The loss is deductible as an itemized deduction, but is not subject to the 10 percent of AGI reduction or the $100 reduction that applies to many casualty and theft loss deductions.
The theft loss is deductible in the year the fraud is discovered, except to the extent there is a claim with a reasonable prospect of recovery.
Determining the year of discovery and applying the “reasonable prospect of recovery” test to any particular theft is highly fact-intensive and can be the source of controversy. This is a issue close looked at by IRS.
The IRS revenue procedure accompanying this revenue ruling provides a safe-harbor approach that the IRS will accept for reporting Ponzi-type theft losses.
The amount of the theft loss includes the investor’s unrecoverable investment including income as reported in past years.
The IRS ruling concludes that the investor generally can claim a theft loss deduction not only for the net amount invested, but also for the so-called “fictitious income” that the promoter of the scheme credited to the investor’s account and on which the investor reported as income on his or her tax returns for years prior to discovery of the theft.
A theft loss deduction that creates a net operating loss for the taxpayer can be carried back and forward according to the time frames prescribed by law to generate a refund of taxes paid in other taxable years.
Revenue Ruling 2009-9 thus lays down the following holdings:
- A loss from criminal fraud or embezzlement in a transaction entered into for profit is a theft loss, not a capital loss, under § 165.
- A theft loss in a transaction entered into for profit is deductible under § 165(c)(2), not § 165(c)(3), as an itemized deduction that is not subject to the personal loss limits in § 165(h), or the limits on itemized deductions in §§ 67 and 68.
- A theft loss in a transaction entered into for profit is deductible in the year the loss is discovered, provided that the loss is not covered by a claim for reimbursement or recovery with respect to which there is a reasonable prospect of recovery.
- The amount of a theft loss in a transaction entered into for profit is generally the amount invested in the arrangement, less amounts withdrawn, if any, reduced by reimbursements or recoveries, and reduced by claims as to which there is a reasonable prospect of recovery. Where an amount is reported to the investor as income prior to discovery of the arrangement and the investor includes that amount in gross income and reinvests this amount in the arrangement, the amount of the theft loss is increased by the purportedly reinvested amount.
- A theft loss in a transaction entered into for profit may create or increase a net operating loss under § 172 that can be carried back up to 3 years and forward up to 20 years. An eligible small business may elect either a 3, 4, or 5-year net operating loss carry back for an applicable 2008 net operating loss.
- A theft loss in a transaction entered into for profit does not qualify for the computation of tax provided by § 1341.
- A theft loss in a transaction entered into for profit does not qualify for the application of §§ 1311-1314 to adjust tax liability in years that are otherwise barred by the period of limitations on filing a claim for refund under § 6511.
If you have any questions regarding a Ponzi scheme tax laws call us today for free initial tax consultation.
Ponzi Scheme Victim – How to Deduct Your Tax Loss – Tax Attorneys & CPA’s – Ponzi Scheme Experts
by Fresh Start Tax | Jun 17, 2014 | Tax Help
If you need IRS help it only makes sense to contact former IRS agents and managers who have over 60 years and working for the local, district, and regional tax offices of the IRS.
We are A+ rated by the Better Business Bureau have been in practice since 1982.
If you have received an IRS tax Levy, undergoing an IRS tax audit, want to settle your tax debt for pennies out of dollar contact us today for free initial tax consultation and speak directly to true tax professional.
IRS Tax Facts:
- IRS sends out approximately 2,000,000 tax levies each and every year,
- the Internal Revenue Code revenue service audits approximately 1% of all taxpayers,
- the Internal Revenue Service settles approximately 38% of all people applying for an offer in compromise,
- IRS files about 900,000 federal tax liens each and every year,
- Approximately 16,000,000 people do not file annual tax returns,
- if you do not follow up on a final notice before seizure with the Internal Revenue Service you should expect an IRS tax Levy.
- if you want to settle your IRS tax debt you must file an offer in compromise.
Tax Levy
If you have received an IRS tax levy we can obtain a full release after receiving your current and verified financial statement.
If the IRS is audited your tax return you could have the former IRS audit manager provide your best possible tax defense and foreign IRS tax audit.
If you want to go ahead and apply for an IRS tax debt settlement you could have a former IRS revenue officer who worked and taught the offer in compromise program settle your case with the IRS.
Call our office today for free initial tax consultation and speak to a true affordable IRS tax expert. We are A+ rated by the Better Business Bureau.
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by Fresh Start Tax | Jun 17, 2014 | Tax Help
We can get your money back from the Internal Revenue Service and settle your back tax debt all at the same time.
If you should have on file tax returns we can process those as well.
We are a team of tax professionals comprised of tax attorneys, certified public accountants, and former IRS agents, managers and tax instructors.
We have an A+ rating by the Better Business Bureau and have been in private practice since 1982.
If you owe money to the Internal Revenue Service and have back tax debt or have received an IRS bank or wage garnishment levy contact us today for free initial tax consultation.
As a general rule we can get an IRS bank or wage garnishment levy released within 24 hours of receiving your current financial statement.
Not only can we get you an IRS bank or wage garnishment levy removed we can also settle your case at the same time.
The process of getting an IRS tax Levy removed
Anytime you deal with the Internal Revenue Service and have back tax debt or have received an IRS bank or wage garnishment the Internal Revenue Service will want a current documented financial statement.
The financial statement you will need to submit to the Internal Revenue Service is form 433F and you can find that form directly on our website.
The Internal Revenue Service will need complete documentation to verify all the numbers on your financial statement including the last three months worth of bank statements, your last pay stub, and a copy of all monthly expenses.
There are certain norms that the IRS allows you to live on and you can find that on our site as well.
After the Internal Revenue Service carefully reviews and verifies your financial statement they generally make one of two dispositions on your case.
IRS may determine that you are a current hardship and place you want to an uncollectible file for two or three years old or insist on a monthly payment plan.
If you owe back tax debt you may be able to settle your taxes by the filing of an offer in compromise.
You can find the IRS pre-qualifier tool on our website to see if you are a suitable candidate to settle back tax debt.
Call us today for a free initial tax consultation and we can go over the various solutions to settle your case with the IRS.
We are A+ rated by the Better Business Bureau on a been in private practice since 1982.
IRS Tax Levy Removed – Back Tax Debt Help – Bank & Wage Garnishment – Monroeville, New Castle, Norristown, Murryville
by Fresh Start Tax | Jun 17, 2014 | Tax Help
We can get your money back from the Internal Revenue Service.
We know all the IRS systems because we were former IRS agents and have over 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
We can get immediate levy releases and removals.We have been in business since 1982.
Believe it or not the IRS does not want to send out bank or wage garnishment levy.
They do so because taxpayers have failed to follow up on a series of four notices sent to taxpayers last addresses.
Once that IRS has sent a levy to your bank or to your employer there are certain requirements that are necessary to release your IRS bank or wage garnishment levy.
The Internal Revenue Service will need a financial statement on form 433-F.
Internal Revenue Service will need to have that form fully documented along with pay stubs, last 3 months bank statements, and a verification of all monthly expenses.T
The Internal Revenue Service will compare your monthly expenses with that of the national, regional, and local standards.
After the Internal Revenue Service conducts a full analysis of your financial statement IRS will recommend as a general rule two courses of action.
IRS may decide you are currently going through hardship and will suspend your case for a couple of years or IRS may determine that you are a payment agreement candidate.
Call us today for free initial tax consultation and we will find out if you can actually settle your case through the new fresh start initiative and the offer in compromise program.
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IRS Levy Help * Fast Affordable * Bank, Wage Garnishment Releases – Former IRS – Philadelphia, Pittsburgh, Scranton
by Fresh Start Tax | Jun 17, 2014 | Tax Help
We are a specialty tax firm that specializes in affordable IRS problem help.
We are comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents, managers and tax instructors.
Our firm is A+ rated by the Better Business Bureau and we been in private practice since 1982.
We can handle anything from an IRS notice or letter to going to Tax Court.
There is no IRS problem that we cannot handle.
All our work is done in-house.
You can call us today for free initial tax consultation and speak directly to a true tax professional that can result any IRS tax problem you have.
Areas of Professional Tax Representation
- On staff Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
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- Former IRS Agents, Managers and Instructors with over 60 years experience in the local, district and regional IRS offices.
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Areas of Professional Tax Practice
- Same Day IRS & State Tax Representation
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Tax Attorneys, Lawyers *IRS Problems Help* File Back Tax Returns, Settle with IRS – Pottstown, Radnor, Scott, Sharon, Willow Grove
