by Fresh Start Tax | Jun 2, 2014 | Tax Help
June 16th wake up call!
Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service.
The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or serving in the military outside the U.S. on the regular April 15 due date.
Eligible taxpayers get one additional day because the normal June 15 extended due date falls on Sunday this year.
To use the two-month extension, taxpayers must attach a statement to their tax return explaining which of these two situations applies..
Federal law requires U.S. citizens and resident aliens to report any worldwide income, including income from foreign trusts and foreign bank and securities accounts on their federal income tax return.
Important Change in the Law
U.S. persons with foreign accounts whose aggregate value exceeded $10,000 at any time during 2013 must file electronically with the Treasury Department a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Form 114 replaces TD F 90-22.1, the FBAR form used in the past. It is due to the Treasury Department by Monday, June 30, must be filed electronically, and is only available online through the BSA E-Filing System website. This due date cannot be extended and tax extensions do not extend the FBAR filing due date. For details on FBAR requirements, see Report of Foreign Bank and Financial Accounts (FBAR).
Taxpayers abroad can now use IRS Free File to prepare and electronically file their returns for free.
This means both U.S. citizens and resident aliens living abroad with adjusted gross incomes (AGI) of $58,000 or less can use brand-name software to prepare their returns and then e-file them for free.
A second option, Free File Fillable Forms, the electronic version of IRS paper forms, has no income limit and is best suited to people who are comfortable preparing their own tax return.
Taxpayers who cannot meet the June 16 deadline can get an automatic extension until Oct. 15, 2014.
This is an extension of time to file, not an extension of time to pay. Interest, currently at the rate of three percent per year compounded daily, applies to any payment made after April 15, 2014.
In some cases, a late payment penalty, usually 0.5 percent per month, applies to payments made after June 16, 2014.
Taxpayers abroad, regardless of income, can use Free File to request a tax-filing extension. Alternatively, eligible taxpayers can download and file Form 4868, available on IRS.gov.
by Fresh Start Tax | Jun 2, 2014 | Tax Help
We are the affordable professional tax option!
We are professional tax firm comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents and managers.
FST has over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS. We taught Tax Law as Former IRS agents.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
With 60 years of experience at the Internal Revenue Service we understand all the systems, the protocols, the settlement theories, and understand the quickest and most affordable way to get immediate and permanent tax relief.
Call us today for a free initial tax consultation and speak to a true and certified tax professional.
We can handle anything from an IRS notice or letter to going to tax court.
Attorney-client privilege available on any and all matters.
Areas of Professional Tax Representation
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Full Service Accounting Tax Firm,
- 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” Plus
- 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 Net Radio.com – Monthly Radio Show-Business Weekly
Areas of Professional Tax Practice:
- Same Day IRS & State Tax Representation
- Offers in Compromise / IRS Tax Debt Settlements
- Immediate Release of IRS Bank Levies or IRS Wage Garnishments
- Tax Relief from a IRS Bill, Letter or Notice of “Intent to Levy”
- IRS Tax Audits IRS Hardships Cases or Unable to Pay
- Payment Plans, Installment Agreements, Structured agreements
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll / Trust Fund Penalty Cases / 6672
- Filing Late, Back, Unfiled Tax Returns
- Tax Return Reconstruction
- FBAR/FATCA
Tax Attorneys IRS, Tax Lawyer, IRS Levy, IRS Tax Debt Relief Help – Erie, Sharon, New Castle, Plum
by Fresh Start Tax | Jun 2, 2014 | Tax Help
Health Coverage Tax Credit, What You Need to Know
Question: What is the health coverage tax credit and how can I learn more about it?
Answer: The health coverage tax credit (HCTC) is a refundable tax credit that currently pays 72.5% of qualified health plan premiums for certain trade-affected workers, retirees, and their families.
The HCTC is a unique tax credit that eligible individuals can receive either monthly as their health plan premium becomes due or yearly on their federal tax return.
You can learn more about this valuable tax credit, including who is eligible for the credit, on the Health Coverage Tax Credit (HCTC) Program pages on our website.
Simply Google Health Coverage Tax Credit (HCTC) Program and have fun exploring.
by Fresh Start Tax | Jun 2, 2014 | Tax Help
We are a Affordable Professional Tax firm that specializes in IRS tax resolution.
We have been in private practice since 1982 and are A plus rated by the Better Business Bureau.
We can give you immediate help if you received an IRS tax Levy, going through a IRS tax audit or need to find out if you qualify for an IRS tax debt settlement.
We have over 60 years of direct experience in the local, district, and regional tax offices of the IRS and we taught tax law is former IRS agents.
We know all the systems and all the protocols.
It only makes sense to hire former IRS agents who know the system.
We are honest and trustworthy firm that will give you a true qualified opinion on your case.
IRS Tax Levy
The Internal Revenue Service levies close to 2 million taxpayers each and every year.
The Internal Revenue Service usually issues to type of tax levies.
If taxpayers do not respond to their final notice the Internal Revenue Service will either send out a bank or wage garnishment levy.
It is important that all taxpayers respond to any notice sent by the Internal Revenue Service.
If you have received an IRS tax levy you will need to give to Internal Revenue Service a current financial statement before they were will release your tax levy.
You will need to be prepared to give IRS a fully documented 433F, this is a IRS financial statement.
We can help you with the preparation and to get you an immediate release or removal of any IRS tax levy you’ve received.
IRS Tax Audit
The Internal Revenue Service audits less than 1% of all taxpayers.
If you have received or in the middle of an IRS tax audit call us today and you can have a former IRS audit manager provide your best possible tax defense.
Tax Debt Settlements
IRS tax debt settlements are called often compromise. IRS accepts 38% of all tax debt settlements filed for an average of $.14 on a dollar.
You must be a qualified candidate for the offering compromise program.
Call us today and we will walk you through the IRS pre-qualifier tool to find out if you are a true certified candidate to file for an offer of compromise.
You do not want to pay anybody a dollar unless less they tell you you will qualify for an IRS tax debt settlement.
IRS Taxes Help – Tax Levy, IRS Tax Audit, Tax Debt Settlements, Former Agents – Erie, Sharon, New Castle, Plum
by Fresh Start Tax | Jun 2, 2014 | Tax Help
We are a professional tax firm that specializes in back IRS debt relief.
We have over 60 years with the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
38% of all taxpayers that file for IRS Tax Debt Settlements qualify.
We know every program available because we were former instructors and taught new IRS agents their jobs.
We also understand all the protocols, statistics and the tax settlement formulas and theories to get you the lowest possible settlement if you are a true and qualified taxpayer to settle your tax debt through the offer in compromise program.
Call us today for a free initial tax consultation and we will let you know for no charge if you can qualify for back IRS tax debt relief.
Many companies on the Internet will claim they can settle your case for pennies on the dollar and while that may be true you should not file for offer in compromise or IRS tax settlement unless you are truly qualified.
Being former IRS agents we will pre-qualify you for the program.
IRS Tax Debt Relief through the Offer in Compromise, Tax Debt Settlement
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
IRS will consider your unique set of facts and circumstances. they will consider your,
1. Ability to pay;
2. Income;
3. Expenses; and
4. Asset equity.
IRS generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
We will make sure you are eligible.
Before IR will consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal,you can find this on our website.
Submitting your IRS Tax Debt Relief Settlement
Your completed offer package will include:
- Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
- Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
- $186 application fee (non-refundable); and
- Initial payment (non-refundable) for each Form 656.
Selection a payment option
Your initial payment will vary based on your offer and the payment option you choose:
1. 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.
2. 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.
Call us today for a free initial tax consultation and we can give you a free evaluation for a back IRS debt relief.
Back IRS Tax Debt Relief, IRS Tax Debt Settlements, Affordable Former IRS – Erie, Sharon, New Castle, Plum
by Fresh Start Tax | Jun 2, 2014 | Tax Help
We can usually remove or obtain a release of an IRS bank or wage garnishment levy within 24 hours receiving your current financial statement.
Close to 2 million taxpayers receive IRS bank or wage garnishment levies each and every year.
Being former IRS agents and managers we know the system to get a fast removal of your IRS tax levy
We are a affordable professional tax firm that has a tax expertise in all IRS matters.
From a simple IRS notice or letter, to going to tax court, we can help resolve any IRS problem you have. We are an affordable tax specialty firm.
We are A+ rated by the Better Business Bureau have been in private practice since 1982.
Call us today for a free initial tax consultation and we can tell you the steps to quickly obtain a release of an IRS bank or tax wage garnishment levy.
Process For Fast Removal of a IRS Bank Or Tax Wage Garnishment Levy
Being a former IRS agent, there is a very specific process to get a fast removal of an IRS bank or wage garnishment levy.
You will need to give to IRS a current financial statement on form 433F.
That financial statement will have to be completely documented along with pay stubs, copies of last three months bank statements competent and a copy of all monthly expenses.
After the Internal Revenue Service reviews your financial statement they will enter you into one of two programs with a suggestion of filing an offer in compromise if you qualify.
After IRS carefully reviews and analyzes your final financial statement they will either place your case into an economic tax hardship which is called currently not collectible, or ask you to make monthly payment agreement.
The Internal Revenue Service agent on the phone after looking at your case may let you know that you are a qualified candidate for offer in compromise because you appear to meet the criteria.
Once IRS reviews your financial statement they will send a removal or release of an IRS bank or wage garnishment levy.
Please note the Internal Revenue Service will make sure all your tax returns are filed, current and up-to-date.
If you have any questions call us today for free initial tax consultation and we can walk you through the various programs available by the Internal Revenue Service.
IRS LEVY HELP – Remove IRS Bank, Tax Wage Garnishment Levy – Fast, Affordable – Former IRS – Erie, Sharon, New Castle, Plum
