by Fresh Start Tax | Jul 5, 2012 | Expatriate Tax, FBAR, Representation, Tax Lawyer, Tax Settlements
Expatriate or FBAR . We are a Professional Tax Representation Firm staffed with Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents. We are a specialized Tax Firm.
If you are seeking a professional tax firm that can reduce your tax debt call us today for a no cost professional tax review and consult. 1-866-700-1040
Knowing the Tax Laws can save you big money. Consider this, we taught Tax Law at the IRS as former IRS Agents.
At Fresh Start Tax L.L.C., we are comprised of Board Certified Tax Attorneys, Lawyers, CPA’s and Former IRS Agents that have over 205 years of professional tax experience.
We have over 60 years work experience in the audit, collection and IRS management.
We are a true experienced professional tax representation firm.
Save your money!
There are so many different opportunity’s for United States Expatriates to both save and avoid the double taxation through the use of tax exclusions. Some of these exclusions are:
1. Foreign Earned Income Exclusion.
2. Housing Exclusion,
3. Housing Deductions
4. Foreign Earned Income Tax Credits,
5. Foreign Tax Credits
What is a Foreign Source Income?
Generally foreign source income received by a nonresident alien is not subject to U.S. taxation.
United States Source Interest Income that is not connected with a United States trade or business is excluded from income if it is from:
1. Deposits (including certificates of deposit) with persons in the banking business,
2. Deposits or with sustentation accounts with mutual savings banks, cooperative banks,credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law, if the interest paid or credited can be deducted by the association,
3. Amounts held by an insurance company under an agreement to pay interest on them,
4. Interest on obligations of a state or political subdivision, the District of Columbia, or a United States possession, generally is not included in income.
However interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income, or U.S. source interest income that is not connected with a United States. trade or business and that is portfolio interest on obligations issued after July 18, 1984, is excluded from income. Check you with with your particular situation.
Should you have any questions regarding Expatriate Tax Laws, Tax Filings or FBAR requirements, call us today for a no cost professional tax consultation. 1-866-700-1040.
We can represent you in all your tax or IRS matters and offer winning tax solutions.
We also can file all back tax returns and settle your back taxes with an offer in compromise.
by Fresh Start Tax | Jul 5, 2012 | FBAR, IRS Tax Debt, Tax Lawyer
Expatriate Professional Tax Services. We are comprised of Tax Attorneys, CPAs, Former IRS Agents with over 205 years of total professional tax experience and over 60 years of direct work experience at the IRS in the local, district and regional tax office.
We taught Tax Law at the IRS. We are true professional tax experts.
Our firm handles all of tax compliance with our unparalleled tax knowledge of international tax regulations and understanding of the needs of United States citizens living abroad. We offer a full range of professional tax service for all your accounting and IRS needs including tax planning.
Call us today for a no cost professional tax consult. 1-866-700-1040.
Tax Tip regarding Form 8854 – the importance of the filing of this form
What to do if you have not filed a Form 8854?
individual taxpayer(s) that renounced their United States citizenship or terminated their long-term resident status for tax purposes on or before June 3, 2004 must file a Form 8854 to comply with the notification requirements under IRC 877 and 877A.
Furthermore, pursuant to IRC 7701(n), until such individuals both files a Form 8854 with the IRS and notifies either the Department of State or of Homeland Security of their expatriation or termination of long-term resident status for tax purposes, such individuals will continue to be treated as if they were still United States citizens or residents for tax purposes.
With the new modernization program under the new health care program and the hiring of new agents, we can expect to see a huge crack down in this area.
Also, for individuals that expatriated after June 3, 2004, IRC 6039G requires annual information reporting for each taxable year during which such an individual is subject to the rules of IRC 877.
The annual Form 8854 is due on the date that the individual’s U.S. income tax return for the taxable year is due or would be due if such a return were required to be filed.
Ex-Pat – Professional Tax Services – Attorneys, Tax Lawyer , CPAs, Former IRS – Expat Tax Experts- Call for a no cost professional tax consult. 1-866-700-1040.
We also specialize in the filing of back tax returns and tax settlements.
by Fresh Start Tax | Jul 4, 2012 | Back Taxes, FBAR, IRS Tax Problem, Representation, Tax Lawyer, Tax Returns
FBAR Filings – Free Tax Advice – Tax Attorneys, Lawyers – Former IRS
There are many questions regarding the filing of FBAR and making Voluntary Disclosures to the IRS.
There are also various opinions on how this should be done.
It is always best to speak directly to a tax attorney, tax lawyer or Former IRS Agent to go over all your tax options regarding FBAR and Voluntary Disclosure.
We are a professional tax firm specializing in FBAR and ExPat cases.
These are two of the most common questions asked:
1. Why should I make a voluntary disclosure?
Taxpayers with undisclosed foreign accounts or entities should make a voluntary disclosure because it enables them to become compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution.
Making these voluntary disclosure also provides the opportunity to calculate, with a reasonable degree of certainty, the total cost of resolving all offshore tax issues.
Taxpayers who do not submit a voluntary disclosure run the risk of detection by the IRS and the imposition of substantial penalties, including the fraud penalty and foreign information return penalties, and an increased risk of criminal prosecution.
The IRS along with different countries are putting in tax treaties to deal with the problem of unreported FBAR based on bank account information they are currently receiving.
Due to recent funding the IRS is ramping up CADE 2, the new IRS computer system that will help full compliance.
It is in the best interest to all taxpayers to find the IRS before they find you.
2. What is the IRS’s Voluntary Disclosure Practice?
The Voluntary Disclosure Practice is a longstanding practice of IRS Criminal Investigation of taking timely, accurate, and complete voluntary disclosures into account in deciding whether to recommend to the Department of Justice that a taxpayer be criminally prosecuted.
It enables non compliant taxpayers to resolve their tax liabilities and minimize their chances of criminal prosecution. When a taxpayer truthfully, timely, and completely complies with all provisions of the voluntary disclosure practice, the IRS will not recommend criminal prosecution to the Department of Justice.
The general rule of thumb, file first and beat criminal prosecution.
FBAR & Voluntary Disclosure – IRS FBAR Tax Relief – Tax Experts – Tax Attorneys, CPA’s, Former IRS
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 | Jun 25, 2012 | FBAR
FBAR – Tax Attorneys, CPAs, Former IRS – Miami, Ft.Lauderdale, Palm Beaches – IRS Tax Experts 954-492-0088
Hire True FBAR Local Experts!
We are a Professional Tax Firm specializing in FBAR cases and IRS Tax Representation.
We are experts in the field and all information that comes to us is covered under “attorney-client privilege.
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents and Managers.
We are staffed with Former IRS Audit Managers as well as Former IRS Appellate Officers. We have a combined 205 years of direct IRS tax experience and over 60 years of working in the local South Florida IRS offices as well as in the district and regional offices.
When employed by the IRS we were teaching Agents that taught Tax Law at the IRS.
What is 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 tool of FBAR.
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. The IRS has been very aggressive in working the FBAR cases because of the large review brought in by these cases.
Federal Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
Foreign Bank and Financial Accounts Report (FBAR) Responsibilities
The Financial Crimes Enforcement Network (FinCEN) today issued a rule that amends the Bank Secrecy Act (BSA) implementing regulations regarding the Report of Foreign Bank and Financial Accounts (FBAR).
FBAR Requirements
The FBAR filing requirements, authorized under one of the original provisions of the BSA, have been in place since 1972. The FBAR form is used to report a financial interest in, or signature or other authority over, one or more financial accounts in foreign countries. No report is required if the aggregate value of the accounts does not exceed $10,000.
On February 26, 2010, FinCEN issued a Notice of Proposed Rule making (NPRM) addressing the FBAR rules.
The final rule adopts the proposed changes with slight modifications. The preamble to the final rule explains FinCEN’s approach to issues raised in comments submitted in response to the NPRM from tax professionals and industry experts.
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Call us for a free tax consult 1-866-700-1040
FBAR – Tax Attorneys, CPAs, Former IRS – Miami, Ft.Lauderdale, Palm Beaches – IRS Tax Experts – South Florida
by Fresh Start Tax | Jun 25, 2012 | Back Taxes, Expatriate Tax, Income Tax Preparation, Representation, Tax Lawyer, Tax Returns
Expatriates – Ex Pat’s file Back Tax Returns – Former IRS Agents – Tax Attorneys, CPA’s, Former IRS Agents – Worry Free
If you are an Ex-Pat or you are working overseas you should be aware of the U.S. tax filing requirements.
Fresh Start Tax L.L.C. is a tax specialty firm specializing in Expatriates living overseas. We handle all areas of filing and tax compliance from the filing of all current tax returns, back or late filing of income tax returns and the settlements of back taxes that may be owed. We are IRS Tax Experts in Offers in Compromise.
We offer a no cost professional tax consultation.
Americans that are working overseas are usually aware that $70,000 of foreign earned income can be exempted when certain foreign residency requirements are met.
What is not obvious – Caution
It may not be so obvious, however, that every year a federal tax return should be filed reporting that income.
The reasons for Non- filing are numerous and vast.
Usually, United States IRS tax forms are not available and many of those forms are available but incomprehensible or the tax year for the employer is different from a calendar year so it’s hard to figure out income.
Many taxpayers are simply aware that a tax filing requirement even existed.
Reasonable Cause Does Exist-Get rid of the Penalties completely.
Reasonable cause can exist for a variety of reasons. Many times it is not always clear to the taxpayer that it is necessary to file a federal tax income tax return since it was not even known that there was a tax obligation. Many times taxpayers did not receive income reports or they depended on other third parties who gave them the wrong information.
Whatever the reason, it usually happens at some point that the taxpayer becomes aware of the fact that a U.S. tax return should have been filed and now the taxpayer is in default on that tax obligation to file current tax returns. Many find out they should have been filing many years of back taxes. Not to worry.
You can look at our website for a comprehensive list of of reasonable cause.
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents.
Expatriates, Ex-Pat’s File Back Tax Returns call us today. 1-866-700-1040
