by Fresh Start Tax | Sep 25, 2012 | FBAR, Uncategorized
Each year the IRS puts out a set of guidelines as to the compliance programs it sets out for FBAR.
As the word of FBAR Reporting hits the streets, IRS will not be so generous with its positions in dealing with offshore and overseas financial and tax issues especially FBAR Reporting.
The IRS has just been budgeted $500 Million to up grade tax compliance and because of the success of FBAR. The IRS will be assigning many new agents ( training has already started ) for the FBAR Program.
FBAR Reporting accounted for an additional $5 billion in revenue into the feds rich bank account over the past 3 years.With a potential goldmine out there, the IRS knows where to hunt. The fear of criminal prosecution gives shark like teeth to this FBAR Reporting Program to the IRS.
If you are looking for true tax professionals to help you through this problem whether it be civil or criminal, call us today to find out more about your situation. 1-866-700-1040.
True FBAR amnesty means amnesty from is from criminal prosecution thru voluntary disclosure.
You do not get a pass on fines or filing, basically you will avoid prison time. For those of you trying to hedge your bet that you will not get caught think again, many banks and financial institution are actually helping the IRS in fear of retaliation from the US government.
Find the IRS before they find you.
Quite Disclosures
Some taxpayers have made quite disclosures by filing amended returns, 1040x.
The question begs to be asked, will the IRS audit these taxpayers?
If so, will they be eligible for the 25 percent offshore penalty?
Is the IRS really going to prosecute someone who filed an amended return and correctly reported all their income?
Answers to these questions:
The IRS is reviewing amended returns and could select any amended return for examination. The IRS has identified, and will continue to identify, amended tax returns reporting increases in income. The IRS will closely review these returns to determine whether enforcement action is appropriate. If a return is selected for examination, the 25 percent offshore penalty would not be available.
When criminal behavior is evident and the disclosure does not meet the requirements of a voluntary disclosure under IRM 9.5.11.9, the IRS may recommend criminal prosecution to the Department of Justice.Willfulness and Intent are the true key factors to determine criminal elements.
Noteworthy Facts:
World Wide Income must be reported on your U.S. tax return if you are US resident.
IRS definition of US resident includes any one who stays here for more then 183 days and are filing 1040 Return. These does include H1, L1, Green Card holders, Citizen, Dual citizens.
If you have an interest in a foreign bank or financial account you must check “yes” (on Schedule B). This is true even if you live outside the U.S. or pay foreign taxes on your foreign income.
FBAR Reporting.
All U.S. persons with foreign bank accounts exceeding $10,000 at any time during the year must file an FBAR by each June 30. These includes following kinds of assets including but not limited to:
a. Bank Account
b. Stocks/Demat Accounts
c. Mutual Fund
d. Life Insurance Policy
e. Join Accounts with Parents, Siblings or any one.
f. Rental Property Value or any other income producing Asset.
Call us today for a free consultation with a FBAR Tax experts.1-866-700-1040
FBAR Amnesty, FBAR Representation, Civil, Criminal Help, STOP the WORRY TODAY
We are comprised of Tax Attorneys, Tax Lawyers and Former IRS Agents.
by Fresh Start Tax | Sep 22, 2012 | Tax Problem Help, Tax Returns, Uncategorized
IRS and State Tax Services can be found all over the Internet in South Florida as all types of persons and tax firms compete for Tax Services work including IRS and State Tax Resolution.
It is important to pick the right tax firm to handle your Tax Services needs.
Fresh Start Tax LLC provides true tax experts for IRS & State Tax Resolution.
Fresh Start Tax LLC is comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents.
As a Tax Services Firm we have over 206 years of professional tax experience and over 60 years of working directly for the IRS in the local, district and regional offices of the IRS.
We are a full service tax firm in which all work is completed and executed in house by professional tax staff.
One of the goals of Fresh Start Tax LLC is to build permanent relationships with all our clientele. We are a quality driven firm and that can be clearly seen on our BBB rating.
We are “A” rated without complaint.
You may call us today for a no cost professional tax consult. 954-492-0088.
Tax Tip.
Many persons with IRS or State Tax Debt who desperately need resolution wait until the IRS of the State of Florida Department of Revenue make official contact with them. They bury their heads in the sand as if this problem will go away on by itself.
It is very prudent to contact them before they contact you. Waiting only increases penalties and interest and it gives the impression you have done nothing to resolve your IRS or State tax issue.
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
Tax Services, IRS & State Resolution, Former IRS Agents, South Florida, Ft. Lauderdale, Miami, Palm Beaches.
We are Fresh Start Tax LLC
by Fresh Start Tax | Sep 14, 2012 | IRS Tax Audit, Uncategorized
Tax Returns are audited by the IRS for different reasons. You can reduce the chance of a IRS tax audit by having tax professionals prepare your tax return.
As a Former IRS agent, I have observed thousands of tax returns. The basic rule used by the IRS is simply this, ” does the tax return make sense.”
The IRS DIF scoring is the main reason a tax return is sent to the field for a tax audit.
DIF Scoring
The IRS scores every tax return with a discriminate function (DIF) number. It is based on calculations the IRS uses to identify by classification all income and business tax returns with the highest likelihood of tax change on audit.
The DIF scores are tied into gross income vs deductions taken. If you fall out of the national averages the likelihood of a tax audit increases. Each tax return processed get assigned a DIF number. A IRS Tax Examiner, Tax Auditor or Revenue Agent manually reviews each tax return to ensure its worthiness of a IRS tax audit. We have on staff a former IRS reviewer.
Mathematical Corrections
The IRS processes all tax returns through there Master Computer System. Each tax return is input line item by line item by the IRS. The computer verifies the accuracy of the tax return. If there was a mathematical error, IRS will simply send out a tax adjustment and expect the adjustment notice if correct to be paid in full.
Income Document Matching – There are 1.4 million income tax returns audited via IDM
The IRS uses computers to find mismatches between names, social security numbers, 1099’s, earned income credits,withholding tax errors. IRS will simply send out a IRS notice or letter to advise the taxpayer of the mismatch. You have the opportunity to contact IRS if the information is incorrect. If you fail to respond to the IRS within the allotted time, IRS will make the adjustment to your return.
TCMP – Taxpayer Compliance Measurement Program
This type of tax audit is the most extensive by far, as it thoroughly examines tax returns line by line. This is called by practitioners the ” pain the butt tax audit or the tax audit from hell.” Every line item is audited by the IRS. This audit is conducted by the IRS to determine the areas of abuse. As a result of this type of tax audit, the IRS gathers the results and formulates areas of tax abuse.
Market Specialization Program
These are business tax audits where the IRS concentrates on a business industry.The IRS has trained agents to have an extensive knowledge about every aspect and have become industry experts in that field and are aware of tax avoidance issues.
The following is a short list of some of the industries with Market Specialization:
Aerospace Agency,
Architects and Landscapes,
Art Galleries , Attorneys, Lawyers,
Cash intensive, restaurants, beauty hair, laundry mats,
Child Care,
Insurance Industry
High Dollar Taxpayers.
Two other high target programs with the IRS are high dollar taxpayers and those taking tax credit deductions.
The odds of a IRS tax audit for High Dollar taxpayer is extremely high and for those taking tax deductions should be aware that IRS is placing indicators in CADE 2 to prevent tax abuse for erroneous tax credits.
If you need IRS tax audit help, call us today. 1-866-700-1040
by Fresh Start Tax | Sep 13, 2012 | Tax Relief, Uncategorized
Hiring Former IRS agents will give you the very best advantage in resolving your case without future worry. We close cases fast and we are affordable.
Former IRS agents know all the tax strategies and tax formulas to settle your case a soon as possible.
We had the same job as the person presently working your case at the IRS. We taught Tax Law at the IRS.
So you have looked on the Internet and you have absolutely no idea which Tax Resolution Company to should from.
How do you real decide who to trust your money with and which tax resolution can actually resolve your case?
Consumers need to know the following:
- 1. Most companies that advertise are lead gen companies. A lead gen company is not a tax resolution firm but an advertising company that sells your information to the highest bidder. Your information is worth $55 a lead.
- 2. Many of the firms that advertise do tax resolution part time are are not true IRS tax resolution specialists.
- 3. Most of these companies have not been in business more than 1 year and use another business to qualify there BBB rating.
- 4. Most of these companies have very few tax professionals if any on staff. They use unqualified staff to work your case.
- 5. Most of these companies charge exorbitant fees and never follow up with the work.There complaints will bear out this statement.
- 6. Few if any resolution companies have Former IRS Agents on staff.
What to look for in a Tax Resolution Company
- 1. Check the Bio page on the tax firms website and gauge the experience of the tax professionals
- 2. Check out the BBB rating
- 3. Check out any recent complaints or history of ripped off costumers
- 4. Does the firm have Tax Attorneys and CPA’s
- 5. Does there staff have Former IRS Agents
- 6. Will the firm give you a flat fixed rate?
- 7. Can you met and speak with the person directly handling your case?
In summary, let your gut instinct guide you on choosing a tax resolution company. A professional tax firm will not give you a hard sell or scare you in to something.
Call us today for a no cost professional tax consult and hear the truth about your situation.
We are “A” rated by the BBB without complaint.
by Fresh Start Tax | Sep 10, 2012 | Tax News, Uncategorized
It is finally happened, a tax ID thief going to jail.
A Miami man who filed 486 fraudulent tax returns and then arranged to have the refunds deposited on to pre-paid Walmart and Visa gift cards has been sentenced to nearly five years in prison.
Woody Ulysse, 26, pleaded guilty in April to one count of Access Device Fraud after bilking the United States government and taxpayers counting on there refunds of about $507,041 in the scam. About $1000 per tax return. Many of these poor victims will not get there refunds for at least 6 months.
The United States Secret Service and IRS began investigating 486 fraudulent tax returns filed between Jan. 16, 2011 and April 4, 2011, according to the criminal complaint against Ulysse.
The tax returns “utilized compromised police and firefighter identities,” said a press release issued by the United States Attorney’s Office Thursday.Someone must have hacked into the data base of the police and firefighters and stolen social security numbers. Michael D. Sullivan former IRS agent said that all the thief needs is a social security number and a name.
Filed online using Turbo Tax, the returns requested that any refunds be electronically deposited on to Walmart, Visa and Green Dot pre-paid money cards.
On March 15, 2011, a Delray Beach police detective reported that a fraudulent tax return filed on Feb. 2 had used personal information from a victim only identified as R.M.
The $1,000 refund was issued to a Green Dot pre-paid debit card account created in the name of a victim identified as M.D.
Three days later, investigators obtained surveillance video from a SunTrust Bank in Hollywood. The footage showed WoodyUlysse using the Green Dot card to withdraw $400 on Feb. 13.
On March 30, an IRS CI special agent reported a third victim named T.L. whose fraudulently filed tax return was filed Feb. 2. The $1,000 refund went out to M.D.’s Green Dot account.
The next day, agents obtained video footage of Ulysse using the same Green Dot card to withdraw $1,200 from three Bank of America branches in Broward County between Feb. 11 and 15, 2011.
Investigators contacted R.M., M.D., and T.L.., who said they did not give Ulysse permission to file tax returns on their behalf.
On Oct. 28, 2011, Ulysse was arrested in Miramar for driving with a suspended license.
Miramar police searched him and found 11 pre-paid Walmart Money Cards with a total value of $32,323.00. Each card had been filled with fraudulent income tax refunds.
Agents executed a search warrant at an undisclosed address, finding 39 documents including hand-written lists, printouts from local dental offices and computer printouts containing dates of birth, Social Security numbers, and names inside a plastic bag hidden behind a refrigerator.
It’s not been disclosed how Ulysse got all of this information but we do know that some data based had to be hacked.
A Florida Department of Law Enforcement records search showed that before the tax refund caper, Ulysse had been arrested four times.
by Fresh Start Tax | Sep 5, 2012 | Tax Help, Uncategorized
Why not have Former IRS Agents, Managers and Instructors provide your tax service. Why would you use anyone else?
We can save you tax dollars because of our working knowledge of the many tax laws and the applications to your particular tax return.We taught Tax Law at the IRS.
We find tax deductions others will never find. We can audit proof your tax return.
Free tax consult – 954-492-0088
Our team of tax professionals have prepared thousands of tax returns and we understand the standards that IRS uses as well as having a knowledge of the DIF system that is in place and used by the IRS to pull tax returns for a tax audit.
We are staffed with Board Certified Tax Attorneys, CPA’s and Former IRS Agents.
We are affordable, friendly and we are experienced.
We have over 60 years of direct work experience in the local, district and regional offices of the South Florida IRS.
At Fresh Start Tax L.L.C. we have a wide range of tax services we offer.
Our Tax Services at Fresh Start Tax LLC include:
Accounting
Tax Planning
Bookkeeping
IRS Problem Resolution
Financial Planning
Estate and Trust Fund Planning
Incorporation
New Business Adviser
Payroll
Compilation of Financial Statements
Income Tax Preparation Service
Tax Preparation Help
Federal Income Tax Return
1040 Tax Return
State Tax Returns
Why IRS Audit of Tax Returns
Tax returns are selected for audit based on the following criteria:
1. High DIF Score .
An IRS numeric score (“DIF Score”) is assigned to taxpayers (by a computer program called the Discriminant Income Function). A high DIF Score portends a tax audit.
2. Third Party Information Reporting.
Third party information, (e.g., Forms 1099, W-2), does not match tax return information.
3. Third Party Sources.
Tax returns audited based on third party source information on inaccurate tax filings, non- compliance with tax laws. Third party sources include: media, public records or informants.
