by Fresh Start Tax | Sep 18, 2012 | Back Taxes, Tax Returns
Over millions of taxpayers have there tax returns filed by the IRS. Under 6020B of the IRC, the IRS has the right to file both individual and business tax returns. When IRS files your tax return they will NOT be doing you a favor. IRS will use the highest amount possible in calculating your tax return.
By law the IRS may file a substitute return for you if you do not voluntarily file. A series of letters is first sent explaining the possible action IRS may take as part of the Substitute for Return Program.
If a substitute return has already been filed for you by the IRS, you should still file your own return to claim any additional items. The IRS will generally adjust your account to reflect the corrected figures.
Let Fresh Start Tax LLC file a correct tax return for you and lower your tax liability.
Fresh Start Tax LLC can represent you before the IRS and file original tax returns and reduce your liability as well as work out a tax settlement.
Stop your worry and let Former IRS agents completely resolve this situation.
Some of the consequences of not filing your tax return
Failure to file penalty.
If you owe taxes, a delay in filing may result in a “failure to file” penalty, also known as the late filing penalty, and interest charges.
The longer you delay the filing, the larger these penalties grow. It may result in penalty and interest charges that could increase your tax bill by 25 percent plus statutory interest.
Many taxpayers will lose a tax refund.
There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether.
In cases where a return is not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund.
Earned Income Tax Credit – 3 year period.
Individuals who are entitled to the Earned Income Tax Credit must file their return to claim the credit even if they are not otherwise required to file. The return must be filed within three years of the due date in order to receive the credit.
Statutes of limitation.
After the expiration of the refund statute, not only does the law prevent the issuance of a refund check, it also prevents the application of any credits, including overpayment of estimated or withholding taxes, to other tax years that are underpaid.
On the other hand, the statute of limitations for IRS to assess and collect any outstanding balances does not start until a return has been filed.In other words, there is no statute of limitations for assessing and collecting the tax if no return has been filed.
It is imperative you address this situation because the IRS will follow up the assessment with Notices of Federal Tax Levy’s and Notices of Federal Tax Lien.
Call 1-866-700-1040 and speak directly to a friendly and affordable tax professional.
by Fresh Start Tax | Sep 15, 2012 | Tax News, Tax Returns
On June 2012 the IRS issued a consumer alerts targeting the Department of Defense Military Members. Crooks will stop at nothing even targeting military families.
The Military Alert
Military taxpayers should be on the lookout for a new, email-based phishing scam now circulating that targets Department of Defense military members, retirees and civilian employees.
A Email Target
The particular email appears to come from Defense Finance and Accounting Services and displays a .mil email address.
The email states that those receiving disability compensation from the Department of Veterans Affairs (VA) may be able to obtain additional funds from the IRS.
The scams always promise various amounts of money.
The Email recipients are then asked to send various VA and IRS documents containing their personal and financial information, such as copies of VA award letters or their income tax returns, to an address in Florida. Florida is one of the major homes for tax fraud and lead the nation in tax ID theft.
The information the thieves receive on these documents is then used by the fraudsters to commit identity theft.
Identity thieves use someone’s personal data to empty the victim’s financial accounts, run up charges on the victim’s existing credit cards or apply for new loans, credit cards, services or benefits in the victim’s name.
If this has happened to you, you can also bet they will file a tax return for you next year so file on opening day or call Fresh Start Tax LLC.for IRS representation help.
by Fresh Start Tax | Sep 4, 2012 | Back Taxes, FBAR, Tax Lawyer, Tax Returns
FBAR Filing – Late, Past Due, Unfiled – File & Settle 1-866-700-1040
Do you have a late, past due or unfiled FBAR report you need to file?
Call us today and we can get you back in the system worry free. We can file your back, past due or late FBAR and settle your case with the IRS. 1-866-700-1040.
We are comprised of Tax Attorneys, CPA’s and Former IRS Agents. We know the IRS system inside and out. We have over 60 years of direct IRS work experience in the local, district and regional offices of the IRS. We also taught Tax Law at the IRS.
Late, Past Due, Unfiled FBAR Reports
If you have a late, past due, or unfiled FBAR reports the key is to contact the IRS before they contact you.
As a general rule IRS will not enforce criminal penalties if you contact them before they contact you. The key is letting IRS know you will be filing your tax returns. At this point it only becomes a civil matter.
As a general rule, we contact IRS by filing a power of attorney so you will never speak to the IRS. We handle all the negotiations and settle the case so you pay the lowest amount allowed by law including the abatement of penalties and interest if your case warrants.
Who needs to file FBAR
A person or individual who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
How to file
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.
FBAR is not filed with,
The FBAR is not filed with the filer’s federal income tax return. The granting, by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR.
Due Date for 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
Call us today for a no cost consultation and speak directly to a Tax Attorney or Former IRS agent 1-866-700-1040.
by Fresh Start Tax | Sep 1, 2012 | FBAR, Tax Lawyer, Tax Returns
FBAR Help – Exceptions to FBAR Filing – Lawyers, Attorneys – FBAR Consultants
As taxpayers learn about FBAR and filing requirements Fresh Start Tax LLC wants everyone to be aware of what exceptions there are to FBAR reporting.
Being Former IRS Agents, Attorneys and CPA’s we are well aware that the public is being educated on FBAR reporting. 33,000 reporters came forward over the past three years and IRS expects a hundred thousand should have easily came running forward.
Most taxpayers are learning for the very first time that any United States person that had a financial interest in or signature authority over at least one financial account located outside of the United States; and that the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year are to report on a FBAR report.
This is a very low threshold but the IRS wants there hands in everything. They watch out for multiple accounts with reporters setting up several accounts with just under $10K to avoid detection.
There are exceptions to FBAR reporting.
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions.
There are filing exceptions for the following United States persons or foreign financial accounts:
1. For financial accounts jointly owned by spouses;
2. United States persons included in a consolidated FBAR;
3. Correspondent/nostro accounts;
4. Foreign financial accounts owned by a governmental entity;
5. Foreign financial accounts owned by an international financial institution;
6. IRA owners and beneficiaries;
7. Participants in and beneficiaries of tax-qualified retirement plans;
a. Certain individuals with signature authority over but no financial interest in a foreign financial account;
8. Trust beneficiaries,
9. Foreign financial accounts maintained on a United States military banking facility.
Look to the FBAR instructions to determine eligibility for an exception and to review exception requirements.
If you are looking for IRS Tax Help for FBAR or exceptions to FBAR, call us today for a no cost consult and hear the truth. 1-866-700-1040.
FBAR Help , Exceptions to FBAR Filing, Lawyers, Attorneys, FBAR Consultants, Former IRS
by Fresh Start Tax | Aug 25, 2012 | FBAR, Tax Lawyer, Tax Returns
FBAR filings are the hot topic around IRS.
The reason is simple, after 3 years the IRS collected a whopping $5.5 Billion from FBAR reporting and filing of tax returns, what a staggering number.
Our guess, that number will triple as prosecutions rise. Without question you will see many more taxpayers with criminal cases due to the upgrading of the CADE2 computer system of the IRS and the current exchange program going on between the US and foreign financial institution. ( all thanks to UBS )
There are generally two type of clients that retain our firm.
99% of most of our clients were simply unaware of the FBAR requirements. Filing and getting them back into the system is relatively simple. There are that 1% that need criminal representation.
For those of you who want to file FBAR your self, please click on or paste the link below
.www.irs.gov/pub/irs-pdf/f90221.pdf
Should you need help from well qualified and experienced Attorneys and Lawyers call us today for a no cost professional consultation. All calls are confidential. 1-866-700-1040.
General Information about FBAR
If you have a financial interest in and or have signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or any other type of foreign financial account, the US 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). See form above, PDF.
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 evade or defeat United States laws.
You can File FBAR on a New E-Filing Option
Finally, there is now an online filing option for FBAR that require only one signature.
The online form and instructions provide for a more immediate means by which to ensure that the FBAR is received by the June 30 deadline. Since only one signature can be submitted on the electronic form, the e-filing process IS NOT an option for joint filers.
For filers of FBAR not using the e-filing option, the FBAR filings are sent to:
U.S. Department of Treasury,
P.O. Box 32621,
Detroit, MI, 48232-0621.
Commercial delivery is:
IRS Enterprise Computing Center,
Attn: CTR Operations Mail room, 4th Floor,
985 Michigan Avenue, Detroit, MI, 48226,
by Fresh Start Tax | Jul 29, 2012 | FBAR, Tax Lawyer, Tax Returns, Tax Settlements
We specialize in FBAR tax issues. We are experts in IRS FBAR.
By calling us you could avoid criminal prosecution and could potentially save millions of dollars. We can take the fear and worry out of your FBAR tax issue.
Call today and speak directly to a Tax Attorney, Tax Lawyer, CPA or Former IRS Agents.
1-866-700-1040. In Germany Skype is available.
We can file all tax returns necessary for full compliance and negotiate a tax settlement on your case.
We know the tax laws and the tax system. We taught Tax Law at the IRS. We have over 60 years of direct work experience at the local, district and regional office of the IRS.
Call us directly for filing dates and a privileged conversation.
Tax Settlements on FBAR Cases.
How cases are settled for FBAR.
The IRS voluntary disclosure examiners do not have discretion to settle cases for amounts less than what is properly due and owing. That is for security and consistency purposes.
Because the 25 percent offshore penalty is a proxy for the FBAR penalty, other penalties imposed under the Internal Revenue Code, and potential liabilities for years prior to 2003, there may be cases where a taxpayer making a voluntary disclosure would owe less if the special offshore initiative did not exist. We can perform work ups on all cases.
Under no circumstances will taxpayers be required to pay a penalty greater than what they would otherwise be liable for under the maximum penalties imposed under existing statutes. This is finally some good news but no bargain.
IRS tax examiners will compare the amount due under this offshore initiative to the tax, interest, and applicable penalties at their maximum levels and without regard to issues relating to reasonable cause, willfulness, mitigation factors, or other circumstances that may reduce liability for all open years that a taxpayer would owe in the absence of the 2011 OVDI penalty regime.
The taxpayer will pay the lesser amount. If the taxpayer disagrees with the result, the taxpayer may request that the case be referred for an examination of all relevant years and issues .
Remember each case is different than the next, call us to hear the truth from true tax experts.
FBAR – Germany – FBAR IRS Tax Experts – File, Settle – Attorneys, Lawyers, Former IRS – FBAR, Expats
