by Fresh Start Tax | Jul 6, 2012 | FBAR, Income Tax Preparation, Tax Help, Tax Lawyer, Tax Returns
Have a late FBAR filing?
Call our tax firm for a no cost professional tax consultation. 1-866-700-1040
You can speak directly to a Tax Attorneys, Lawyers, CPAs or Former IRS Agents all who are IRS tax experts.
We have over 206 years of professional tax representation experience and over 60 years of working directly for the IRS. We taught Tax Law.
If you have a late filing of FBAR we can represent you before the IRS so you will never have to speak with the IRS.
We can work out a tax settlement ( offer in compromise ) and look to abate some of the penalties and interest should your filing result in tax.
FBAR is high gear the feds fully plan to make FBAR Reporting a high priority and a target within the IRS because of the success of the program.
Over 33,000 FBAR filers came forward producing $4.4 billion large.
When the Obama Health Care Plan was signed it allowed for the hiring of 15,000 new agents.
IRS has picked out premium targets and Expatiates and FBAR will be two on their high priority lists.
The first question taxpayers ask regarding FBAR is simply,
Who must file an FBAR?
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
The Reporting and Filing Information for FBAR
A person(s) who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
Checking the appropriate block on FBAR – related federal tax return or information return questions (for example, on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder’s reporting obligation.
The FBAR is not to be filed with the filer’s federal income tax return.
The granting by the IRS of a tax extension to file federal income tax returns does not extend the due date for filing an FBAR.
You may not request an extension for filing the FBAR.
The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, MI, at one of the two addresses below, on or before June 30th of the year following the calendar year being reported.
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is required for a timely filed FBAR, address the parcel to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mail Room, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
Let us take the fear out of FBAR. Call today for a free tax consult. 1-866-700-1040
FBAR – Late Filing, Settlement, Reduce Penalties – Tax Attorneys, Former IRS – FBAR Tax Experts
by Fresh Start Tax | Jul 5, 2012 | FBAR, Representation, Tax Help, Tax Lawyer, Tax Returns
The FBAR Filing Requirements.
There is much information buzzing around about FBAR. Most taxpayers are completely uninformed regarding FBAR tax issues and filing requirements.
With the IRS now having over $500 Million in new resource money as a result of the Health Care plan, taxpayers need to become aware of FBAR because the IRS will turn a lot of their time and attention to FBAR and the tax issues related to this program because of the huge revenue FBAR has raised.
To date, FBAR has brought in some $4.4 billion large ones with 33,000 filing over the past three years.
As Former IRS Agents, Tax Attorneys, Lawyers and CPA’s we are FBAR and Expatriate tax experts.
We offer a no cost professional tax consultation for FBAR filing consultations.
We can answer all your questions.
Here are some common questions asked of the FBAR filings.
1. What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1
2. Who must file an FBAR?
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year.
3. What is a foreign country?
A “foreign country” includes all geographical areas outside the United States, the commonwealth of Puerto Rico, the commonwealth of the Northern Mariana Islands, and the territories and possessions of the United States (including Guam, American Samoa, and the United States Virgin Islands).
4. What is a United States person?
“United States person” includes a citizen or resident of the United States, a domestic partnership, a domestic corporation, and a domestic estate or trust. See Announcement 2010-16.
5. Is a single-member LLC, which is a disregarded entity for U.S. tax purposes, a United States person for FBAR purposes?
Yes, the tax rules concerning disregarded entities do not apply with respect to the FBAR reporting requirement. FBARs are required under Title 31, not under any provisions of the Internal Revenue Code.
6. What constitutes signature or other authority over an account?
A person has signature authority over an account if such person can control the disposition of money or other property in it by delivery of a document containing his or her signature (or his or her signature and that of one or more other persons) to the bank or other person with whom the account is maintained.
Other authority exists in a person who can exercise power that is comparable to signature authority over an account by direct communication to the bank or other person with whom the account is maintained, either orally or by some other means.
FBAR Filing Requirement – IRS Tax Representation – Free Advice – FBAR Tax Experts, Attorneys, Former IRS –
by Fresh Start Tax | Jul 5, 2012 | Back Taxes, IRS Tax Problem, Representation, Tax Help, Tax Lawyer
Tax Representation Firm – Miami, Ft.Lauderdale, Palm Beach – Tax Attorneys, CPA’s, Former IRS 954-492-0088
We are a Professional Tax Representation Firm. We have been serving the South Florida, Miami, Ft.Lauderdale, Palm Beach area since 1982.
We have worked out of the local South Florida IRS Offices for over 60 years.
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We are comprised of Tax Attorneys, Lawyers, CPA’s, and Former IRS Agents. Call 954-492-0088.
It is very important to hire a local tax representation.
Also, it is always best for a taxpayer/ client to met with the tax firm and or the professional persons that will be involved with working and closing your individual case. Face to face meetings are a must to get a feel for the firm and the personalities.
What to look for in a Tax Representation Firm.
1. Years of professional tax experience,
2. Work experience of the staff and those assigned to your case,
3. Direct IRS knowledge of collection and tax audit cases,
4. BBB rating of the tax firm,
5. Fees or professional costs involved,
6. Any professional tax firm will not guarantee a fixed result.
7. Local IRS knowledge.
We are available for a no cost professional tax consultation by office visit or by telephone.
Areas of Professional Tax Representation Practice:
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- IRS Tax Audits
- IRS Hardships Cases or Unable to Pay
- Payment Plans, Installment Agreements, Structured agreements
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- State Sales Tax Cases
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- Tax Representation Firm
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,
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Tax Representation Firm – Miami, Ft.Lauderdale, Palm Beach – Tax Attorneys, CPA’s, Former IRS
See our Home Page for more details Thank you
by Fresh Start Tax | Jul 2, 2012 | Back Taxes, IRS Tax Problem, Representation, Tax Help, Tax Lawyer
IRS Help – Ft.Lauderdale, Miami, Palm Beach – Former IRS, Attorneys, CPA’s – IRS Tax Experts 954-492-0088
If you are looking for IRS tax help it only makes sense to hire former IRS agents, managers and tax instructors. We have over 60 years of working directly for the IRS and the local South Florida office as agents, instructors, managers, and former IRS appellate agents.
Hire Former Local IRS Agents who taught Tax Law at the IRS.
If you are looking for IRS Tax Help in Ft. Lauderdale, Miami or the Palm Beaches you may want to call Fresh Start Tax L.L.C. 954-492-0088 your Local Tax Firm.
We are comprised of Former IRS Agents, Managers and Teaching Instructors who worked out of the local South Florida IRS offices for over 60 years.
We have a combined 205 years of total IRS work experience. We are the premier tax firm in Ft. Lauderdale, Miami, and the Palm Beaches for IRS Help.
We taught Tax Law out of the local district and regional IRS offices.
We have on staff Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents.
We are a IRS Tax Specialty Firm specifically dealing with all State and Federal Tax Issues. We offer IRS Help for any type of IRS back tax problem.
You may call us for a no cost professional tax consultation or visit our offices.
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
- IRS Help
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
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- As heard on GRACE 90.3 FM Monthly Radio Show-Business Weekly
IRS Help – Ft.Lauderdale, Miami, Palm Beach – Former IRS, Attorneys, CPA’s – IRS Tax Experts
by Fresh Start Tax | Jun 30, 2012 | IRS Tax Problem, Representation, Tax Help, Tax Lawyer
IRS has a SNAFU in there CADE computer system that is causing many problems and hoards of taxpayers are filing complaints because of Wrongful Federal Tax Lien activity.
If you are having a tax problem and need tax relief call for tax help today from tax attorneys, tax lawyers and Former IRS agents.
1-866-700-1040. Do not be bullied any more, fight back.
Some will file Federal Lawsuits and WIN.
IRS files some 980,000 Federal Tax Liens each year. These Federal Tax Liens wipes out and destroys the financial life of these people. Many of these Federal Tax Liens never should have been filed in the first place.
The credit life of these taxpayers are destroyed for years to come because of the Federal Tax Lien filing.
The Treasury Inspector General for Tax Administration (TIGTA) has recently rebuked the IRS in a report recently issued.
The Report on Wrongful Federal Tax Liens
The Internal Revenue Service (IRS) mails federal tax lien notices to taxpayers in a timely manner as required by law most of the time.
However, it does not always follow its own regulations for notifying taxpayer representatives and processing undelivered lien notices, according to a report released publicly today by the Treasury Inspector General for Tax Administration (TIGTA).
TIGTA is required by law to determine annually whether the federal tax lien notices issued by the IRS comply with the legal guidelines in Internal Revenue Code Section 6320 and related guidance in the Federal Tax Liens Handbook.
The TIGTA auditors reviewed a statistically valid sample of 105 Notices of Federal Tax Lien (NFTL) filed for the 12-month period ending June 30, and determined that the IRS mailed taxpayers the federal tax lien notices in a timely manner as required.
However, the IRS did not always follow its own regulations for notifying representatives of the filing of NFTLs.
IRS Regulations.
The IRS Regulations require that taxpayer representatives be given copies of all correspondence issued to taxpayers.
TIGTA estimated that 43,817 taxpayers may have been adversely affected because the IRS did not follow requirements to notify the taxpayers’ representatives of the taxpayers’ rights related to liens.
Additionally, when an initial federal tax lien notice is returned undelivered and a different address is available for the taxpayer, the IRS does not always meet its statutory requirement to send the lien notice to the taxpayer’s last known address.
From a judgmental sample of 250 undelivered lien notices, TIGTA identified four cases for which a new federal tax lien notice should have been sent to the taxpayer’s updated address because IRS systems reflected that the address was updated prior to the NFTL preparation.
These cases could involve legal violations because the IRS did not meet its statutory requirement to send lien notices to the taxpayer’s last known address.
The Report and the Violations by the IRS.
“After filing Notices of Federal Tax Lien, the IRS must notify the affected taxpayers in writing, at their last known address, within five business days of the lien filings,” said J. Russell George, Treasury Inspector General for Tax Administration. “However, as noted in previous audits, the IRS did not always follow its own internal guidelines for notifying taxpayer representatives of the filing of the NFTL. Therefore, the rights of some taxpayers may have been violated when the IRS did not notify their representatives of lien filings.”
In TIGTA’s Fiscal Year 2009 lien notice audit, TIGTA recommended that the IRS enhance its systems to ensure taxpayer representatives timely received lien notices. However, the IRS corrective action has not been implemented yet.
In the report released publicly , TIGTA recommended that the IRS improve the controls and oversight for the processing of undelivered lien notices to ensure they are researched timely, and ensure the use of undelivered lien notice mail status codes is consistent in the procedures for the Automated Collection System and the Collection Field function.
IRS Changes.
The IRS agreed with TIGTA’s recommendations and plans to:
1) make changes to the respective internal guidelines to improve documentation and support the timely resolution of undeliverable notices, and
2) evaluate the use of mail status codes against resource demands to determine if implementation is feasible.
If you are a victim of a Wrongful Filing of a Federal Tax Lien, call us today. 1-866-700-1040.
by Fresh Start Tax | Jun 27, 2012 | FBAR, IRS Tax Problem, Representation, Tax Help, Tax Lawyer, Tax News
If you need IRS tax help to solve a IRS tax problem cause by the new FBAR requirements call Fresh Start Tax L.L.C. today for tax representation and never speak to the IRS.
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The Offshore Program FBAR
The new program launched by the Federal Government is raising hoards of revenue for the Federal Government.
The IRS has announced that efforts Tops $5 Billion.
New Details:
There are new details on the Voluntary Disclosure Program and Closing of Offshore Loophole
The new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements.
The IRS is pressing very hard on the FBAR issue because of the large dollars on the table.
It is the most productive program in the history of the IRS.
IRS Statement:
“We continue to make strong progress in our international compliance efforts that help ensure honest taxpayers are not footing the bill for those hiding assets offshore,” said IRS Commissioner Doug Shulman. “People are finding it tougher and tougher to keep their assets hidden in offshore accounts.”
Shulman said the 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. In addition, another 1,500 disclosures have been made under the new program announced in January.
Voluntary Disclosure Program
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 (FATCA).
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.
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 (OVDP). 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.
OVDP
Additional details of these eligibility issues are available in a new set of questions and answers released today on the current OVDP, which was announced in January (see IR-2012-5). The IRS reopened the OVDP following continued strong interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs.
This program – which 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.
Under the current OVDP, 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.
The IRS also announced a plan to help U.S. citizens residing overseas to catch up with tax filing obligations and assistance for people with foreign retirement plan issues.
