by Fresh Start Tax | Oct 2, 2012 | Expatriate Tax, FBAR, Offshore Program, Offshore Tax Problems, Tax Lawyer
Make sure you file all FBAR reports because the IRS and the Department of Justice is putting in systems and getting cooperation for foreign banks and financial institutions to turn over the names of all account holders all over the world.
FBAR is coming your way because of the huge success that the Department of Justice and the IRS has had on the FBAR Program over the past 3 years.
IRS and the Department of Justice collected just north of $5 billion dollars as a result of the first couple of FBAR programs. Over 33,000 persons came forward and many many more are about to ante up to avoid jail time.
IRS and the DOJ hold the threat of prison time over the heads of non-filers and non reporters and the best advice we can give you is to” find the IRS before they find you.”
With the break through of UBS and Liechtenstein, the IRS and the DOJ is working there way country by country.
Why to use Fresh Start Tax LLC.
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents. We have over 205 years pf professional tax experience and over 60 years of working directly for the IRS in the local, district and regional offices.
We taught Tax Law and know all the tax procedures, thinking and settlement objectives of the IRS. We have a world wide tax practice.
News from Liechtenstein that will effect other countries including Italy and the surrounding areas.
You should known that Liechtenstein was never thought to give away to US pressure. It was such a small country. A little Alpine ski resort of 36,000 persons, it was a tax free haven for years for persons wanting to hide their money free of government reprisal. It was one of the greatest of all tax havens. For many tax professionals involved it was the country of choice because it was called the Teflon Tax country.
The US came in hard and the with the pressure Liechtenstein gave way.
Liechtenstein finally informed on their Bank Clients on the U.S. Tax Evasion Request
Liechtenstein has told all their American clients of the principality’s oldest bank that U.S. authorities have requested their account data as they widen a tax evasion and potential tax fraud probe.
Accounts at’ Liechtensteinische Landesbank AG (LLB)” that contained at least $500,000 at any time since the beginning of 2004 are covered by the information request, according to a May 30 letter sent to a client by the principality’s tax authority.
Who is required to file FBAR.
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.
The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law. Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
International Interests:
Individuals or Businesses with International Interests, if you need help or assistance in the following areas call us today: 1-866-700-1040
1. Reporting required for foreign corporations, partnerships, and trusts,
2. Tax Treatment of Passive Foreign Investment Companies,
3. Foreign Bank Account Reporting and consultations,
4. Donations to foreign charities by United States private foundations,
5. Determination for residency for income tax purposes for Foreign Nationals,
6. A Application of Tax Treaties and Totalization Agreements to minimize United States Tax,
7. State residency and Domicile issues,
8. Analysis of foreign tax credit(s) versus foreign earned income exclusions for US expatriates.
The triggering mechanism – The United States Bank Secrecy Act
The US Congress passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States. The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters.
The documents filed by businesses under the BSA requirements are heavily used by law enforcement agencies, both domestic and international to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity.
The Internal Revenue Service is a partner in the U.S. National Money Laundering Strategy. The IRS seeks to achieve a balance between enforcement of the money laundering laws and education. This page provides links to information about specific BSA requirements to assist with education and compliance with the law.
by Fresh Start Tax | Oct 1, 2012 | IRS Tax Problem, Representation, Tax Lawyer
Do not panic and stop the worry. We have been representing clients since 1982.
Let us take the worry away. Get representation from Former Agents and Attorneys.
If you have received a “Notice of Intent to Offset” and need Federal or State Representation call us today and speak directly to a Tax Attorneys, Tax Lawyers or Former IRS Agents. 1-866-700- 1040
We have over 206 years of federal and state tax experience and over 60 years of working with the federal government.
We have worked in the local, district and regional offices of the IRS and have worked with State Tax Agencies.
There are different protocols for working these cases based on the circumstances of each unique situation as well as the government agencies whose job it is to collect.
Call us today and we can review your case for no charge. 1-866-700-1040.
Questions and answers commonly asked:
1.Why did I receive a Notice of Intent to Offset?
Most government agencies office participates in the Treasury Offset Program. Under this program, the Department of Treasury may reduce or withhold any of your eligible federal payments, such as income tax refunds, so that they may be applied toward your outstanding federal debt.
Generally a financial litigation unit sends a notice describing this program to all debtors in active collection cases.
2. What happens if I cannot pay my debt in full, how will the Department of Treasury work with me?
Most persons cannot pay there debt in full or may never be able to pay it at all. There are different programs available to deal with the situation.
Many times the Department of Treasury will require payments, put you in hardship where no payments are required of may consider a settlement.
A Financial statement is required with complete documentation before the Treasury will close out your case. You should call us today and we should be able to help you restore your life.
3.What kinds of federal payments can be reduced?
Depending upon the type of debt you owe, the following federal payments may be eligible for offset or levy:
a. tax refunds
b. wages, including military pay
c. retirement, including military retirement pay
d. contractor/vendor payments
e. travel advances and reimbursements
f. certain federal benefit payments, including Social Security benefits (other than
What is the Treasury Offset Program?
The Treasury Offset program is a centralized offset program, administered by the Financial Management Service’s (FMS) Debt Management Services (DMS), to collect delinquent debts owed to federal agencies and states (including past-due child support), in accordance with 26 U.S.C. § 6402(d) (collection of debts owed to federal agencies), 31 U.S.C. § 3720A (reduction of tax refund by amount of the debts), and other applicable laws. FMS disburses federal payments, such as federal tax refunds, for agencies making federal payments (known as “payment agencies”), such as the Internal Revenue Service.
“Creditor agencies,” such as the Department of Education, Justice etc… submit delinquent debts to FMS for collection and inclusion in TOP and certify that such debts qualify for collection by offset.
Payment agencies prepare and certify payment vouchers to FMS and disbursing officials at other federal agencies that are non-Treasury disbursed (such as the Department of Defense), who then disburse payments.
The payment vouchers contain information about the payment including the name and Tax Identification Number (TIN) of the recipient. Before an eligible federal payment is disbursed to a payee, disbursing officials compare the payment information with debtor information, which has been supplied by the creditor agency, in FMS’ delinquent debtor database.
If the payee’s name and TIN match the name and TIN of a debtor, the disbursing official offsets the payment, in whole or in part, to satisfy the debt, to the extent legally allowed. The disbursing official is required to perform such offset pursuant to 31 U.S.C. § 3716(c).
FMS transmits amounts collected through offset to the appropriate creditor agencies. FMS maintains information about the delinquent debt in the TOP delinquent debtor database and continues to offset eligible federal payments until the creditor agency suspends or terminates debt collection or offset activity for the debt.
A creditor agency will suspend collection if the debt is subject to a bankruptcy stay or if other reasons justify suspension.
A creditor agency will terminate collection of a debt if it is paid in full, compromised, discharged, or if other reasons justify termination.
Call us to learn more, 1-866-700-1040.
by Fresh Start Tax | Oct 1, 2012 | Tax Lawyer
If you owe monies, fines or other debt to the Department of Justice call us today so we can review your case and work out a settlement with the Department of Justice that is acceptable to everyone.
The Department of Justice works off of a strict set of standards depending on the nature of the court order and the facts of the case. There are no two cases the same.
You can call us for a no cost consultation and we will review your case for no charge. You can speak directly to Attorneys and or Lawyers.
1-866-700-1040. SKYPE available.
FAQ’S:
Q: Why is a Department of Justice Notice of Lien showing up on my title report?
A: Whenever a judgment is entered in U.S. District Court, it acts as a lien against property. In cases where a debtor owes any amount of restitution and/or a fine and special assessment equaling more than $2,500.00, our office files a lien in the debtor’s county of residence, and any other county where real property might be found.
Q: There is no federal judgment against me, but there is a lien filed against my property. What do I do?
A: A judgment debtor may have lived at your property at the time a judgment was entered against the debtor. If the judgment debtor has not had an interest in your property, we can lift the lien. Please call our office at (206) 553-1866 for assistance.
Q: A lien is showing up against me, but I paid the debt off long ago. Why?
A: When a debt is paid in full, our office files a Satisfaction of Monetary Imposition (in criminal cases) or a Satisfaction of Judgment (in civil cases). We then mail two Court certified copies of the Satisfaction to the debtor. These documents are proof that the debt is paid in full. Additionally, we may file a Release of Lien in the County where the original lien was filed.
Q: My family member, who owed a debt to the government, has died. What is the status of the debt?
A: Please provide our office with a copy of the death certificate and we will close the case in our office. In most instances, the debt dies with the debtor.
Q: Interest is accruing on my debt, but the judge said no interest is applicable. What should I do?
A: Please call our office at (206) 553-1866 and be sure to have your court number handy. We will review your case to determine if interest has been waived.
Q: My debt is owed jointly and severally with other debtors. What does that mean?
A: Joint and several liability means that debtors are responsible to pay a debt, both individually and as a group, up to the amount listed on a debtor’s individual judgment. For example, if a victim is owed $500.00 and there are five debtors who are jointly and severally responsible to pay the $500.00 debt, each debtor makes payments until the $500.00 is paid in full. The victim is not owed $500.00 from each debtor, nor does each of the five debtors only owe $100.00. If one debtor makes a single payment of $500.00, the other four debtors are considered paid in full.
Areas of Professional Tax Practice:
- Same Day 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
- Department of Justice representation on collection cases
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
by Fresh Start Tax | Sep 30, 2012 | Expatriate Tax, FBAR, Tax Lawyer
We have over 206 years of combined IRS tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district and regional offices of the IRS.
Why chose us.
We can take the fear of FBAR and overseas issue away from individual because of our vast knowledge and experience at the IRS. We taught Tax Law at the IRS and understand their tax policies and settlement strategies.
The Offshore Voluntary Disclosure Program.
You have two options.
1. You can opt in to the voluntary disclosure or,
2.Consider the “quiet disclosure.
You should call us directly to find out which program is best for you. Each case and fact pattern is different and after we hear all the facts we can make a determination and give you a recommendation which of the options best suits your needs.
The Internal Revenue Service voluntary disclosure is a program in which all filing go directly through IRS.
So far the IRS has had total collections of more than $4.4 billion so far from the two previous international programs.
The third offshore program comes as the IRS continues working on a wide range of international tax issues and follows ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion. This program will be open for an indefinite period until otherwise announced.
After the third offshore effort, the IRS has collected $3.4 billion so far from people who participated in the 2009 offshore program, reflecting closures of about 95 percent of the cases from the 2009 program. On top of that, the IRS has collected an additional $1 billion from up front payments required under the 2011 program. That number will grow as the IRS processes the 2011 cases.
In all, the IRS has seen 33,000 voluntary disclosures from the 2009 and 2011 offshore initiatives. Since the 2011 program closed last September, hundreds of taxpayers have come forward to make voluntary disclosures.
The Penalty Structure
The overall penalty structure for the new program is the same for 2011, except for taxpayers in the highest penalty category.
For the new program, the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the eight full tax years prior to the disclosure.
That is up from 25 percent in the 2011 program. Some taxpayers will be eligible for 5 or 12.5 percent penalties; these remain the same in the new program as in 2011.
Participants must file all original and amended tax returns and include payment for back-taxes and interest for up to eight years as well as paying accuracy-related and/or delinquency penalties.
Participants face a 27.5 percent penalty, but taxpayers in limited situations can qualify for a 5 percent penalty. Smaller offshore accounts will face a 12.5 percent penalty.
Exception $75,000
People whose offshore accounts or assets did not surpass $75,000 in any calendar year covered by the new OVDP will qualify for this lower rate. As under the prior programs, taxpayers who feel that the penalty is disproportionate may opt instead to be examined.
The IRS recognizes that its success in offshore enforcement and in the disclosure programs has raised awareness related to tax filing obligations.
This includes awareness by dual citizens and others who may be delinquent in filing, but owe no U.S. tax.
The IRS is currently developing procedures by which these taxpayers may come into compliance with U.S. tax law. The IRS is also committed to educating all taxpayers so that they understand their U.S. tax responsibilities.
Call us today and to learn more and speak directly to a Tax Attorney, Tax Lawyer or Former IRS. We can stop the worry today.
by Fresh Start Tax | Sep 30, 2012 | Back Taxes, Expatriate Tax, FBAR, Tax Lawyer, Tax Returns
If you are a US citizen living in Singapore or the surrounding region and have issues regarding FBAR or Expatiate questions, call us today so we can help with any tax issue or potential tax problems you may have. 1-866-700-1040.
We can relieve your worry today. We are FBAR and Expatiate Tax Experts and have over 206 years of total tax experience and we have over 60 combined years with the IRS in the local, district and regional offices of the IRS.
FBAR filing requirement
For those of you have have a FBAR requirement, that is you are required to file FBAR because you had a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act you may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR), call us today to find out if this requirement applies to you.
What are the terms of the 2011 Offshore Voluntary Disclosure Initiative?
Under the terms of the 2011 Offshore Voluntary Disclosure Initiative, taxpayers must:
1. The taxpayer must provide copies of previously filed original (and, if applicable, previously filed amended) federal income tax returns for tax years covered by the voluntary disclosure;
2. The taxpayer must provide complete and accurate amended federal income tax returns (for individuals, Form 1040X, or original Form 1040 if delinquent) for all tax years covered by the voluntary disclosure, with applicable schedules detailing the amount and type of previously unreported income from the account or entity (e.g., Schedule B for interest and dividends, Schedule D for capital gains and losses, Schedule E for income from partnerships, S corporations, estates or trusts).
3. The taxpayers must file complete and accurate original or amended offshore-related information returns (see FAQ 29 for certain dissolved entities) and Form TD F 90-22.1 (Report of Foreign Bank and Financial Accounts, commonly known as an “FBAR”) for calendar years 2003 through 2010;
4.Cooperate in the voluntary disclosure process, including providing information on offshore financial accounts, institutions and facilitators, and signing agreements to extend the period of time for assessing tax and penalties;
5. The taxpayer must pay 20% accuracy-related penalties under IRC § 6662(a) on the full amount of your underpayments of tax for all years;
6. The taxpayers must pay failure to file penalties under IRC § 6651(a)(1), if applicable;
7. The taxpayers must pay failure to pay penalties under IRC § 6651(a)(2), if applicable;
8. The taxpayer must pay, in lieu of all other penalties that may apply, including FBAR and offshore-related information return penalties, a miscellaneous Title 26 offshore penalty, equal to 25% (or in limited cases 12.5% (see FAQ 53) or 5% (see FAQ 52)) of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the period covered by the voluntary disclosure;
9. The taxpayers must submit full payment of all tax, interest, accuracy-related penalty, and, if applicable, the failure to file and failure to pay penalties with the required submissions set forth by code.
10. The taxpayer must execute a Closing Agreement on Final Determination Covering Specific Matters, Form 906.
You also have another option that you want to hear and know more about.
You have the ability to make a quiet disclosure by filing amended tax returns without notifying IRS. Call us today to find out more and speak directly to a Tax Attorney or Tax Lawyer. 1-866-700-1040. This is called a quiet disclosure.
by Fresh Start Tax | Sep 29, 2012 | Expatriate Tax, FBAR, Representation, Tax Lawyer
We are comprised of Tax Attorneys, CPA’s and Former IRS Agents who are FBAR Experts.
We have a world wide tax practice offering help to any person(s) having issues, questions or problems with the Filing and Reporting of FBAR.
The Offshore Voluntary Disclosure Program allows taxpayers to come forward and pony up for any monies not reported to the IRS.
The taxpayer is required to pay all tax plus penalties and interest and in turn many times the IRS will forgo criminal prosecution which is the main leverage that the IRS holds over the heads of taxpayers. Prison time is the hammer that drives this program. So much so that the IRS posts a list on the irs.gov website of all FBAR prosecutions.
The IRS is very serious of about this FBAR reporting and filing due to the sheer volume of funds it brings in to the US stream of revenue.
The IRS collected just north of $5 billion as a result of the first three years of filing and reporting due to the blow up of UBS.
As a result, IRS is beefing up their tax treaties and for both banks and financial institution. As a result these financial institutions are starting to share their information with the IRS and the US government. In many cases this sharing is due to the fact that they fear government reprisal from the US.
FBAR is here to stay.
It is best to get an opinion of a Tax Attorney or Tax Lawyer if you need to file and report. Different options exists on how to report and become come compliant with US tax law to avoid both criminal problems and civil problems. In many cases Fresh Start Tax LLC can minimize penalties and interest.
Most of the FBAR filers and reporters have very little to worry about. If you live in the Philippines or the surrounding areas call us today to find out more. 1-866-700-1040.
One of the common question we are asked.
What are some of the criminal charges I might face if I don’t come in under voluntary disclosure and the IRS examines me?
Possible criminal charges related to tax returns include tax evasion (26 U.S.C. § 7201), filing a false return (26 U.S.C. § 7206(1)) and failure to file an income tax return (26 U.S.C. § 7203). Willfully failing to file an FBAR and willfully filing a false FBAR are both violations that are subject to criminal penalties under 31 U.S.C. § 5322.
A person convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000.
Filing a false return subjects a person to a prison term of up to three years and a fine of up to $250,000.
A person who fails to file a tax return is subject to a prison term of up to one year and a fine of up to $100,000.
Failing to file an FBAR subjects a person to a prison term of up to ten years and criminal penalties of up to $500,000.
The OVDP
U.S. Taxpayer assets can be repatriated legally through a new program commonly known as the 2012 OVDP (offshore voluntary disclosure program), the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts,entities or value of foreign assets during the eight full tax years prior to the disclosure.
That is up from 25 percent in the 2011 program.
Some taxpayers will be eligible for 5 or 12.5 percent penalties; these remain the same in the new program as in 2011.
Still others may be better off “opting out” of the program because their violations are not willful.
Check with us today to hear the truth about FBAR and stop the worry.
FBAR File & Report, Philippines, US Tax Lawyers, Attorneys, Former IRS, FBAR Help, Affordable, World Wide Experts
