by admin | Nov 6, 2014 | Tax Help
We are a full service tax firm that specializes in Christian tax debt help. We can resolve any federal or state tax matters.
We are comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents and we know the system. We have over 60 years working directly for the IRS at almost all levels.
We are a full service Christian Tax Firm<><
We’ve been in practice since 1982 and have over 206 years of professional tax experience that we are A+ rated by the Better Business Bureau.
Free tax consultations, hear the truth <><.
We also have a former State Tax Agent that has worked over 16 years as a state tax auditor.
You may contact us today for a free initial tax consultation and receive true Christian and biblical tax advice on how to resolve any IRS and state tax problem that you currently have.
You will speak directly to a true Christian IRS tax expert.
All our work is done in-house by a Christian tax staff.
You may also Skype us to have a face-to-face meeting with us.
Tax Debt can be resolved by know the internal systems of settlement.
Proverbs 12:15<><
The way of a fool is right in his own eyes, but a wise man listens to advice.
Proverbs 11:14<><
Where there is no guidance, a people falls, but in an abundance of counselors there is safety.
Areas of Christian Professional Tax Representation <><
- On staff, Christian Tax Attorney’s, Christian IRS Tax Lawyers, Christian Certified Public Accountants, Enrolled Agents,
- Full Service Accounting Tax Firm,
- 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” Plus
- 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 Net Radio.com – Monthly Radio Show-Business Weekly
- Tax Debt Help
Areas of Christian Professional Tax Practice:
- Same Day IRS & State Tax Representation
- Offers in Compromise / 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
- FBAR/FATCA
- Civil, Criminal Tax Experts
- Biblical counseling
- Income, Business, Corporate Tax
- Christian financial counseling available upon request
- IRS Tax Attorney – Christian IRS Tax Attorney – IRS & State Tax Problems
CHRISTIAN = Tax Debt Help -IRS Tax Attorneys, Tax Lawyers, CPA’s, Former IRS Agents – IRS Problems Resolved
by Fresh Start Tax | Jul 25, 2014 | Tax Help
We are a Christian professional tax firm comprised of tax attorneys, tax lawyers, certified public accountants and former IRS agents, managers and tax instructors.
We have over 206 years of professional tax experience and over 78 years of working for the IRS and state governmental agencies.
We are A+ rated by the Better Business Bureau and been in private practice since 1982.
All our work is done in-house by true Christian tax professionals <><
Call us today for a free initial tax consultation and speak to a true Christian tax professional.
Proverbs 12:15 – The way of a fool is right in his own eyes, but a wise man listens to advice.
Proverbs 11:14 – Where there is no guidance, a people falls, but in an abundance of counselors there is safety.
Areas of Professional Christian Tax Representation
- On staff, Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Full Service Accounting Tax Firm,
- 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” Plus
- 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 Net Radio.com – Monthly Radio Show-Business Weekly
Areas of Professional Tax Practice:
- Same Day IRS & State Tax Representation
- Offers in Compromise / 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
- FBAR/FATCA
Tax – Christian Tax Professionals – Tax Attorneys, Tax Lawyers, CPA’s – Full Service Christian Tax Firm
by Fresh Start Tax | Jun 23, 2014 | Tax Help
We are a Christian tax firm that specializes in IRS tax debt relief.<><
On staff are Christian tax professionals. Christian Tax attorneys, tax lawyers, certified public accountants, former IRS agents all who practice and witness their faith in Jesus Christ.<><
We have over 206 years of professional tax experience and we are A+ rated by the Better Business Bureau.
Our former IRS agents have over 60 years of working for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
IRS Debt Tax Relief – Christian Tax Professionals – Ask us about our Faith
There are no two cases the same in dealing with IRS back tax debt.
Each case has its own difficulties and problems and needs to be resolved on an individual basis.
As a general rule, the Internal Revenue Service will request a current and verified financial statement before they will deal with your tax debt.
Those financial statements that IRS will ask for are usually on form 433F or 433A. t
Those financial statements will need to be completely verified with pay stubs, bank statements, and a copy of all monthly expenses.
Internal Revenue Service will compare your financial statement with that of the average taxpayer in the area which you live in and come up with the determination on how best to relieve the situation and close your case off the IRS enforcement computer.
You can call us today for a free initial tax consultation.
We will walk you through this process, evaluate your financial statement in rate and make recommendations to go ahead and resolve your IRS tax debt.
Just so you know, the Internal Revenue Service settles 38% of all offers in compromise filed in the average settlement is $.14 on a dollar.
We are a full service tax firm with all work done in-house.
Christian Tax Debt Relief Company – Christian Tax Professionals – Tax Attorneys, Tax Lawyers, CPA’s, Accountants
by Fresh Start Tax | Jun 20, 2014 | Tax Help
We are at professional tax firm that specializes in Ponzi schemes, theft tax loss help.
We understand all the issues that are involved in the theft tax loss and the applicable IRS treatments on your tax return.
If you are experiencing a theft due to a Ponzi scheme, contact us today and speak directly with tax attorney, certified public accountant, or former IRS agent.
Ponzi Scenarios for Clawback Treatment -Most Common Questions Answered
Question: How does a taxpayer treat the repayment of a clawback?
Answer: Claw back repayments of amounts previously reported as income from a Ponzi scheme are not additional theft loss deductions.
Instead, they are repayments of claim-of-right income that result in either a deduction as a non-theft investment loss, or a credit calculated under IRC § 1341, whichever results in lower tax.
A theft loss deduction from a Ponzi scheme is not a deemed repayment of Ponzi income that is eligible for IRC § 1341 treatment, see Rev. Rul. 2009-09, and a taxpayer that attempts to claim § 1341 treatment for all or part of a theft loss deduction cannot use the safe harbor in Rev. Proc. 2009-20.
However, an actual clawback repayment is not a theft loss deduction and § 1341 treatment is not barred by Rev. Proc. 2009-20.
If, as will generally be the case, a clawback exceeds $3,000, § 1341 applies and the taxpayer would compute the tax for the year of the clawback payment (the clawback year) under two methods.
Method 1:
Figure the tax for the clawback year claiming a non-theft investment loss deduction for the clawback payment.
It is not a capital loss and it is not subject to the 2% floor on miscellaneous itemized deductions.
Method 2:
Figure the tax for the clawback year with a credit computed as follows:
Figure the tax for the clawback year without deducting the repaid amount.
Refigure the tax for the year the clawed-back income was originally reported (the income year) without including in income the amount of the clawback payment.
Subtract the hypothetical tax for the income year in (2) from the actual tax shown on the return for the income year. This is the § 1341 credit.
Subtract the answer in (3) from the tax for the clawback year figured without the deduction (step 1).
The taxpayer is entitled to the benefit of either the deduction under Method 1 or the credit under Method 2, whichever results in less tax (or a greater refund) for the clawback year. Note that the § 1341 credit is a refundable credit.
Therefore, the credit may result in a refund payment for the clawback year even if, in that year, the taxpayer had no taxable income and made no tax payments.
However, although the § 1341 credit is based on the amount of tax the taxpayer would have saved in the income year if the taxpayer had not reported the clawed-back income, it is not an actual credit or refund for the income year, and does not bear overpayment interest from the income year.
For information on where an individual reports the IRC § 1341 credit on the Form 1040, please see Pub. 525 and the instructions to Form 1040.
Question: What does the taxpayer need to establish as to whether the repayment of a clawback is allowable as a deduction (or a § 1341 credit)?
Answer: The taxpayer would have to establish that the clawback amount was required to be repaid to the trustee. The taxpayer would also have to substantiate that payment was made. The substantiation could include a letter from the trustee.
by Fresh Start Tax | May 22, 2014 | Tax Help
We are comprised of tax attorneys, tax lawyers, certified public accountant, and former IRS agents, managers and tax instructors.
We handle all IRS tax issues, matters and problems.
We have over 60 years of direct IRS work experience in the local, district, and regional tax offices of the Internal Revenue Service.
We can handle anything from a simple IRS notice her letter to going to tax court.
We are affordable tax firm that can help you in any IRS matter
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
All initial tax consultations are free.
You can speak directly to an IRS tax expert.
Fresh start tax puts out a series of blogs regarding different tax issues.
This blog , Employment Tax. Lucky us!!
Federal Employment Tax in Puerto Rico
Employers in Puerto Rico are subject to the taxes imposed by the Federal Insurance Contribution Act (FICA) (Social Security and Medicare taxes) and the Federal Unemployment Tax Act (FUTA).
An employer is a person or organization for whom a worker performs services as an employee.
As an employer you are required to withhold, report and pay employment taxes on wages paid.
To file the various employment tax returns, you need an employer identification number (EIN). If you do not have an EIN, you may apply for one online at the IRS.gov website link, Apply for an Employer Identification Number (EIN) Online.
You may also apply for an EIN by fax or mail, use Form SS-4PR (PDF). (Use only one method for each entity so you do not receive more than one EIN for an entity.) For more information about EINs, see Topic 755.
FICA taxes are used to finance the Social Security and Medicare systems. FICA taxes consist of two components:
- the social security tax and the Medicare tax. You must withhold the employee portion of FICA taxes from your employees’ wages and contribute the employer portion of FICA tax.
The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.
Beginning January 1, 2013, Additional Medicare Tax applies to an individual’s Medicare wages that exceed a threshold amount based on the taxpayer’s filing status. Employers are responsible for withholding the 0.9% Additional Medicare Tax on an individual’s wages paid in excess of $200,000 in a calendar year, without regard to filing status.
An employer is required to begin withholding Additional Medicare Tax in the pay period in which it pays wages in excess of $200,000 to an employee and continue to withhold it each pay period until the end of the calendar year.
There is no employer match for Additional Medicare Tax.
The forms used by employers in Puerto Rico to report the social security and Medicare taxes are: Form 941-PR (PDF), Form 943-PR (PDF), Form 944 (PDF) or Form 944(SP) (PDF), and Anexo H-PR (Formulario 1040-PR) (PDF) for household employers.
In addition, the forms used by employers in Puerto Rico to make corrections to employment taxes are: Form 941-X (PR) (PDF), Form 943-X (PR) (PDF), Form 944-X (PDF), Form 944-X (SP) (PDF), Form 944-X (PR) (PDF), and amended Anexo H-PR (Formulario 1040-PR) (PDF).
Employers who filed Form 944-PR prior to tax year 2012 will continue to file annually on Form 944 (or Form 944(SP), Declaración Federal ANUAL de Impuestos del Patrono o Empleador, the Spanish language equivalent of Form 944). Employers may request to file Form 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono, instead of Form 944.
If you are not an agricultural employer and all of your employees are bona fide residents of Puerto Rico, file Form 941-PR to report all wages paid, tips your employees reported to you, and other compensation, and social security and Medicare taxes.
Form 941-PR is filed quarterly and is due the last day of the month following the end of the quarter. For example, for wages you paid January through March (the first quarter of the year) Form 941-PR is due April 30.
If the due date for filing a return falls on a Saturday, Sunday or legal holiday, you may file the return on the next business day.
The term “legal holiday” means any legal holiday in the District of Columbia. For a list of legal holidays, see Publication 15, (Circular E), Employer’s Tax Guide, or visit IRS.gov and enter the words “legal holidays” in the search box.
If you are not an agricultural employer, you may be eligible to file annual Form 944 (or Form 944(SP), the Spanish language equivalent of Form 944). The Form 944 is filed annually and is due by January 31 after the end of the calendar year.
Employers that have an estimated employment tax liability of $1,000 or less for the entire calendar year are eligible to file an annual Form 944.
Employers are not permitted to file Form 944 unless they are notified by the IRS that they qualify to file this form. Employers who may be eligible to file Form 944, because their estimated annual employment tax liability is $1,000 or less, have to contact the IRS to elect to file annually (Form 944).
Employers who are required to file Form 944 and want to file Forms 941-PR instead, must notify the IRS they are electing to file quarterly Forms 941-PR and opting out of filing Form 944. For further information, see Revenue Procedure 2009-51 and the Form 944 Instructions (PDF).
Employers notified to file Form 944, whose businesses grow during the year and exceed the $1,000 eligibility threshold must still file Form 944 for the year.
Employers who exceed the eligibility threshold will be notified by the IRS that their filing requirement has been changed to Form 941-PR for a particular year.
Most employers are required to deposit their FICA taxes before filing Form 941-PR. If you are filing Form 944, you may be able to pay your FICA taxes with your return. For additional information about the Form 941-PR (PDF), refer to Topic 758, in English, or see the Form 941-PR Instructions (PDF) in Spanish.
For more information about the Form 944 (PDF), refer to Topic 758 or see the Form 944 Instructions (PDF) in English. For information about the rules to make deposits, refer to Topic 757, in English.
If you have deposited all your tax on time, you have 10 additional days to file.
Household Employees
If you pay a household employee cash wages, you may be required to withhold and pay FICA taxes on all wages you pay to that employee. To see if you are required to withhold and pay these taxes, see Publication 926 (PDF), Household Employer’s Tax Guide, in English. File Anexo H-PR (Formulario 1040-PR) (PDF) to report and pay social security and Medicare taxes corresponding to the employer and the employee for all household employees.
Household employees include housekeepers, maids, babysitters, gardeners, and others who work in or around your residence as your employee. Repairmen, plumbers, contractors, and other business people who are self-employed and own their equipment and control how the work is performed, normally are not considered household employees.
Agricultural Employees
If you are an agricultural employer in Puerto Rico, you must file Form 943-PR (PDF) to report the employer’s and the employee’s share of the FICA taxes for agricultural employees.
To see if you are required to withhold and pay FICA taxes on your agricultural employees, refer to Publication 51, (Circular A), Agricultural Employer’s Tax Guide, in English. Form 943-PR is filed annually and is due by January 31 after the end of the calendar year.
Most employers are required to deposit both the employer and employee portions of FICA taxes before the Form 943-PR is filed.
Publication 15 in English and Publication 179 (PDF) in Spanish, explain the requirements for deposits.
Federal Unemployment Taxes (FUTA)
If you are an employer in Puerto Rico, you might have to file a Federal Unemployment Tax Return. To see if you are required to pay FUTA taxes, refer to Publication 51 if you are an agricultural employer or Publication 926 (PDF) if you are a household employer.
All other employers should refer to Publication 15 or Publication 179 (Spanish version). With the exception of those who use Anexo H-PR (Formulario 1040-PR) for household employees, employers in Puerto Rico who are subject to FUTA are required to file Form 940-PR (PDF) to report and pay FUTA taxes.
Form 940-PR is filed annually and is due by January 31 after the end of the calendar year. Most employers are required to deposit FUTA taxes. FUTA taxes are not withheld from the employees’ wages.
The FUTA tax rate is 6.0%.
