by Fresh Start Tax | Jul 19, 2012 | Back Taxes, Representation, Tax Help, Tax Problem Help, Tax Returns
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents and Managers.
We have over 205 years of professional tax experience and over 60 years working for the IRS. We are a tax specialty firm set up specifically for IRS Tax Representation.
We taught Tax Law at the IRS. Call for a free consult. 1-866-700-1040.
Attorney – Client privilege offered.
We know all the tax policies and tax strategies. Let our experience work for you.
Offshore Bank Accounts
You have generally nothing to worry about if you have an Offshore Bank Account as long as you are following the IRS guidelines. IRS is concerned about non-filers and those whose plan is to willfully plan deceive the Federal Government.
The IRS and the Department of Justice plan to criminally prosecute those who are not in full compliance with the U.S. Federal Tax Laws.
The commissioner of the IRS recently announced that the Offshore Program yielded over $5 Billion big ones as a result of the first two voluntary compliance programs.
Over 33,000 taxpayers have come forward and the IRS knows that this is just the very tip of the iceberg.
As a matter of fact, the IRS on the IRS.GOV site lists all those that have been criminally prosecuted.
IRS believes that there are hundreds of thousands of taxpayers that should be coming forward and the IRS plans to pursue those are are evading the tax law.
The last IRS budget approved finds that the IRS will receive over $500 million to pursue tax cheats.
What has helped the IRS in regard to Offshore Bank Account Reporting is the fact that tax treaties are opening up the books and records of financial institutions to the IRS.
The best advice we give our clients, ” for you to find the IRS before they find you.”
Call us today and we will give you expert tax advice, we can file all your tax returns, deal with your back taxes and offer any type of tax help you may need. SKYPE available.
Offshore Bank Accounts, IRS Representation, Former IRS, Attorneys, Filing, Back Taxes, Tax Help, IRS Experts
by Fresh Start Tax | Jul 19, 2012 | IRS Tax Problem, Tax Help
There is nothing wrong with having Offshore Bank Accounts. We should know.
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents and managers.
We taught Tax Law at the Internal Revenue Service and now we are on your side.
Call us for free tax consult. 1-866-700-1040. Speak directly to a Attorneys, CPAs or Former IRS Agents.
We have over 60 years of direct IRS work experience and over 205 years of professional tax experience.
Your contact with us in all disclosures are covered under attorney client privileged and all information is privileged.
IRS and Offshore Bank Accounts and Programs
The Internal Revenue Service announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements. The IRS never expected this Program to yield such a goldmine. The IRS will go lights out to attack Offshore Bank Accounts and those who have not reported because of the large stream of revenue this program has produced.
OFFSHORE BANK ACCOUNTS
IRS offshore voluntary disclosure programs have so far resulted in the collection of more than $5 billion in back taxes, interest and penalties from 33,000 voluntary disclosures made under the first two programs.Program 3 is underway and look out.
In addition, another 1,500 disclosures have been made under the new program announced in January.
Voluntary Disclosure Programs- OVDP
The voluntary disclosure programs are part of a wider effort by the IRS to stop offshore tax evasion and ensure tax compliance. This includes beefed up enforcement, criminal prosecution and implementation of third-party reporting through the Foreign Account Tax Compliance Act.With new tax treaties being developed at a record pace more countries will be cooperating with the US to go after tax cheats.
Closed Loophole
The IRS also closed a loophole that’s been used by some taxpayers with offshore accounts. Under existing law, if a taxpayer challenges in a foreign court the disclosure of tax information by that government, the taxpayer is required to notify the U.S. Justice Department of the Appeal. This will raise some eyebrow, you think!
The IRS said that if the taxpayer fails to comply with this law and does not notify the U.S. Justice Department of the foreign appeal, the taxpayer will no longer be eligible for the Offshore Voluntary Disclosure Program .
The IRS also put taxpayers on notice that their eligibility for OVDP could be terminated once the U.S. government has taken action in connection with their specific financial institution.
This IRS program that helps bring people back into the tax system will be open for an indefinite period until otherwise announced.
The program is similar to the 2011 program in many ways, but with a few key differences. Unlike last year, there is no set deadline for people to apply.
However, the terms of the program could change at any time going forward. You should check with us for updates.
Offshore Penalty Raised
The offshore penalty has been raised to 27.5 percent from 25 percent in the 2011 program. The reduced penalty categories of 5 percent and 12.5 percent are still available.
OFFSHORE BANK ACCOUNTS – FORMER IRS, ATTORNEYS – EXPERTS, CONFIDENTIAL – IRS HELP – OVDP
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 | IRS Tax Problem, State of Florida, Tax Help, Tax Lawyer
Florida IRS and State Tax Problem Relief and securing a solid top-rate tax firm.
Call us for a no cost consult and speak directly to a Tax Attorney, CPA or Former IRS Agent. 1-866-700-1040.
Like all States, Florida is loaded with solid tax practitioners when it comes to IRS and State Tax Relief.
The private tax firms are usually excellent.
It is the tax mills where potential problems lie. Most of these tax mills come and go and change to other names as the Attorney General shuts them down. They simply have another person open a new business under a different name. Florida is notorious for this. Tax Mills abound everywhere.
What to look for in a Tax Firm.
Make sure you look in the firm page and check out the bio’s of the tax professionals.
You want to make sure the firm is staffed with Tax Attorneys or Tax Lawyers, CPA’s and Former IRS agents.
You want to check out their BBB rating and find out how long they have been in business.
Call the firm and ask to speak directly to the person who will handling your case. Ask for the credentials of the person in which you are speaking.
What you do not know is this.
When you call a 1-888 number, you are usually speaking to a salesperson who lands you as a lead, then receives a commission and then they passes you on. They may sell you to a tax professional who buy leads.
Do not be fooled.
In good tax firms you will speak directly to the Attorney, CPA or Former IRS agent who will work your case.
Also if anyone guarantees you a result, run for your life.
Fresh Start Tax – Areas of Professional Tax Practice:
- Same Day IRS Tax Representation
- Offers in Compromise or 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 if Tax Records are lost or destroyed
- FBAR
- Expatriates Tax Representation
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 and Reach FM Monthly
Florida , IRS & State Tax Problem Relief , Tax Help , Former IRS, Attorneys, IRS Experts
by Fresh Start Tax | Jul 17, 2012 | Back Taxes, Expatriate Tax, IRS Tax Audit, Tax Help, Tax Lawyer
Expatriate Tax Audits 1-866-700-1040
We are a professional tax firm specializing in Expatriate Tax Representation.
Call us for a free tax consultation. 1-866-700-1040. Speak DIRECTLY to a tax professional.
Let us take the worry and fear out of IRS. Let our years of experience be your best friend. We know how to fight back and win.
We are a specialty tax firm comprised of Board Certified Tax Attorneys, CPA’s and Former IRS agents and managers.
We have over 60 years with the IRS in the local, district and regional offices. We have over 205 years of professional tax experience.
If you are expecting a IRS tax audit or you will owe back taxes, call us for a no cost professional tax consultation. Should you owe back taxes to the IRS we will review the possibility of a IRS tax debt settlement called an offer in compromise.
We taught Tax Law at the IRS
How the IRS Selects Tax Returns for Examination
The IRS selects returns using a variety of methods, including:
1.Potential participants in abusive tax avoidance transactions.
Some returns are selected based on information obtained by the IRS through efforts to identify promoters and participants of abusive tax avoidance transactions. Examples include information received from “John Doe” summonses issued to credit card companies and businesses and participant lists from promoters ordered by the courts to be turned over to the IRS.
2.Computer Scoring. The IRS computer system has kicked out your tax return.
Some returns are selected for examination on the basis of computer scoring. Computer programs give each return numeric “scores”. The Discriminant Function System (DIF) score rates the potential for change, based on past IRS experience with similar returns.
The Unreported Income DIF score rates the return for the potential of unreported income. IRS personnel screen the highest-scoring returns, selecting some for audit and identifying the items on these returns that are most likely to need review.
3. Large Corporations( over 5 millions dollars.)
The IRS examines many large corporate returns annually.
4.Information Matching.
IRS examines over 1.4 million taxpayers through this form of audit.
Some returns are examined because payer reports, such as Forms W-2 from employers or Form 1099 interest statements from banks, do not match the income reported on the tax return.
5. Related Examinations.( because they found errors on related tax returns to yours)
Returns may be selected for audit when they involve issues or transactions with other taxpayers, such as business partners or investors, whose returns were selected for examination.
6. Specialized Programs
Area offices may identify returns for examination in connection with local compliance projects. These projects require higher level management approval and deal with areas such as local compliance initiatives, return preparers or specific market segments.
Expatriate Tax Audits, Owe Back Taxes, Settlements, Offer in Compromise – IRS Tax Experts
Call us today for a no cost professional tax consult. 1-866-700-1040.
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
