by Fresh Start Tax | Jul 25, 2012 | FBAR, IRS Tax Problem, Tax Help, Tax Lawyer, Tax Settlements
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FBAR Filing Criteria as defined by the Internal Revenue Service.
In order to determine whether or not the FBAR is required, ALL of the following must apply:
1. The filer is a United States person;
2. The U.S. person has a financial account(s);
3. The financial account is in a foreign country ( India );
4. The U.S. person has a financial interest in the account or signature or other authority over the foreign financial account; and,
The aggregate amount(s) in the account(s) valued in dollars exceed $10,000 at any time during the calendar year. most individuals forget about the aggregate amount and this can lead to problems.
What is defined as a Financial Account by the IRS.
1. Bank accounts, such as a savings, demand, checking, deposit, time deposit, or any other account maintained with a financial institution or other person engaged in the business of a financial institution.
2.A bank account set up to secure a credit card account is an example of a financial account. An insurance policy having a cash surrender value is an example of a financial account.
3.Securities, securities derivatives, or other financial instruments account are also financial accounts.
4.Individual bonds, notes, or stock certificates held by the filer are not a financial account.
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by Fresh Start Tax | Jul 23, 2012 | FBAR, IRS Tax Problem, Tax Help, Tax Lawyer
FBAR – Help, Problems, Resolutions – Tax Attorneys, Former IRS – FBAR Experts 1-866-700-1040
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Who must file an FBAR?
Any United States person who has a financial interest in or signature authority or other authority over any financial account in a foreign country, if the aggregate value of these accounts exceeds $10,000 at any time during the calendar year. See also Notice 2010-23.
Make sure you contact IRS before the IRS contacts you!
Overview for FBAR
The Financial Crimes Enforcement Network (FinCEN) delegated to IRS its enforcement authority for penalties imposed under Title 31, Sections 5314 – 5321 for the failure to file Form TD F 90-22.1 Report Of Foreign Bank And Financial Accounts (FBAR) .
Form TD F 90-22.1 , Report of Foreign Bank and Financial Accounts, must be filed by US persons who have a financial interest in, signature authority, or other authority over one or more financial accounts in foreign countries with an aggregate value exceeding $10,000 at any time during the calendar year.
If you failure to file this form it could result in civil and or criminal penalties. The civil penalties may be appealed. Should the case go criminal it will be a long hard road.
FBAR penalties may come to Appeals as stand-alone cases or together with a related income tax or international penalty.
Call us for a free tax consultation today and see how we can give you professional FBAR help to completely solve your tax problems.
We have been resolving FBAR cases since 1982 and we are the go to firm for professional Fbar help.
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by Fresh Start Tax | Jul 23, 2012 | FBAR, Tax Lawyer
We are FBAR Tax Experts. Attorneys, Lawyers and Former IRS Agents who know the system and techniques of FBAR cases.
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPAs, and former IRS agents, managers and instructors. We taught IRS Tax Law.
We have a combined 205 years of professional tax experience and over 60 years with the IRS.
We handle all FBAR resolutions and FBAR tax settlements.
The specific reason you would use our firm is simply this, we taught Tax Law at the IRS and know their settlement techniques and tax policies to settle and manage cases.
Few professional tax firms have any direct IRS expertise or experience.
What is going on with FBAR.
There is absolutely no question that the Federal Government will be in full engagement for FBAR tax cases. With the IRS collecting over $5.2 Billion in their overseas operations on last count, this three year program has yielded tremendous benefits from very wealthy taxpayers. The IRS has found a huge revenue source without raising taxes.
Coupled with the fear of criminal prosecution, makes FBAR a win-win for the IRS.
Under the new budget guidelines for the upcoming year the IRS was awarded $500 Million to sure up there compliance programs and the FBAR Program is a high priority target for the IRS.
What is the FBAR Filing Criteria
In order to determine whether or not the FBAR is required, all of the following must apply:
1. The filer is a U.S. person;
2. The U.S. person has a financial account(s);
3. The financial account is in a foreign country;
4. The U.S. person has a financial interest in the account or signature or other authority over the foreign financial account; and,
5. The aggregate amount(s) in the account(s) valued in dollars exceed $10,000 at any time during the calendar year.
If you need any questions answered call us for a no cost professional tax consult. 1-866-700-1040.
You can request attorney client privilege if necessary.
Get of hold of IRS before they get a hold of you.
FBAR Tax Attorneys, Tax Lawyers, FBAR Resolution, Settlements, Former IRS, FBAR Problem Experts
by Fresh Start Tax | Jul 19, 2012 | IRS Tax Problem, Tax Help
There is nothing wrong with having Offshore Bank Accounts. We should know.
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents and managers.
We taught Tax Law at the Internal Revenue Service and now we are on your side.
Call us for free tax consult. 1-866-700-1040. Speak directly to a Attorneys, CPAs or Former IRS Agents.
We have over 60 years of direct IRS work experience and over 205 years of professional tax experience.
Your contact with us in all disclosures are covered under attorney client privileged and all information is privileged.
IRS and Offshore Bank Accounts and Programs
The Internal Revenue Service announced that its offshore voluntary disclosure programs have exceeded the $5 billion mark and released new details regarding the voluntary disclosure program announced in January, including tightening the eligibility requirements. The IRS never expected this Program to yield such a goldmine. The IRS will go lights out to attack Offshore Bank Accounts and those who have not reported because of the large stream of revenue this program has produced.
OFFSHORE BANK ACCOUNTS
IRS offshore voluntary disclosure programs have so far resulted in the collection of more than $5 billion in back taxes, interest and penalties from 33,000 voluntary disclosures made under the first two programs.Program 3 is underway and look out.
In addition, another 1,500 disclosures have been made under the new program announced in January.
Voluntary Disclosure Programs- OVDP
The voluntary disclosure programs are part of a wider effort by the IRS to stop offshore tax evasion and ensure tax compliance. This includes beefed up enforcement, criminal prosecution and implementation of third-party reporting through the Foreign Account Tax Compliance Act.With new tax treaties being developed at a record pace more countries will be cooperating with the US to go after tax cheats.
Closed Loophole
The IRS also closed a loophole that’s been used by some taxpayers with offshore accounts. Under existing law, if a taxpayer challenges in a foreign court the disclosure of tax information by that government, the taxpayer is required to notify the U.S. Justice Department of the Appeal. This will raise some eyebrow, you think!
The IRS said that if the taxpayer fails to comply with this law and does not notify the U.S. Justice Department of the foreign appeal, the taxpayer will no longer be eligible for the Offshore Voluntary Disclosure Program .
The IRS also put taxpayers on notice that their eligibility for OVDP could be terminated once the U.S. government has taken action in connection with their specific financial institution.
This IRS program that helps bring people back into the tax system will be open for an indefinite period until otherwise announced.
The program is similar to the 2011 program in many ways, but with a few key differences. Unlike last year, there is no set deadline for people to apply.
However, the terms of the program could change at any time going forward. You should check with us for updates.
Offshore Penalty Raised
The offshore penalty has been raised to 27.5 percent from 25 percent in the 2011 program. The reduced penalty categories of 5 percent and 12.5 percent are still available.
OFFSHORE BANK ACCOUNTS – FORMER IRS, ATTORNEYS – EXPERTS, CONFIDENTIAL – IRS HELP – OVDP
by Fresh Start Tax | Jul 13, 2012 | IRS Tax Problem, Tax Help, Tax Lawyer, Tax Problem Help
If you have any questions regarding any tax issue or potential tax problems and may need help, call us for a no cost professional tax consult. 1-866-700-1040.
We are Expatriate UAE and global tax experts.
We are comprised of Tax Attorneys, CPA’s and Former IRS agents. We have over 205 years of professional tax experience and over 60 years of working directly for the IRS.
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What you should do if you have not filed a tax return or owe back taxes.
Various new requirements by the Internal Revenue Service are contained in IRC 877 and 877A.
Individual taxpayers that have renounced their U.S. citizenship or terminated their long-term resident status for tax purposes after June 3, 2004 are required to certify to the IRS that they have satisfied all federal tax requirements for the 5 years prior to expatriation.
Key Tax Law.
If all federal tax requirements have not been satisfied for the 5 years prior to expatriation, even if the individual does not meet the monetary thresholds in IRC 877 or 877A, the individual will be subject to the IRC 877 and 877A expatriation tax provisions.
Individuals that have expatriated should file all tax returns that are due, regardless of whether or not full payment can be made with the return. The filing of the tax return will keep any criminal element from playing a part in your life. File immediately.
Depending on an individual circumstance, a taxpayer filing late may/will qualify for a payment plan or may have a good chance of getting penalties and interest abated.
All payment plans will require continued compliance with all filing and payment responsibilities after the plan is approved.
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