by Fresh Start Tax | Sep 27, 2012 | Expatriate Tax, FBAR, Tax Lawyer
We are FBAR & Expatriate Tax Experts. We are comprised of Tax Attorneys, Tax Lawyers, Former IRS Agents who have over 205 years of professional tax experience and over 60 years of working directly for the IRS.
We can file FBAR reports, amended tax returns and work out a tax settlement.
Free tax consults. 1-866-700-1040.
Stop the worry today. We are a different tax firm from most because we taught tax law at the IRS and know the system and tax policies.
Important news for those living in Greece, Cyprus and the surrounding areas.
The latest news that came out of Lichtenstein regarding FBAR was not a good sign for taxpayers who need to file FBAR and amended tax returns.
Earlier this year Liechtenstein finally informed on their Bank Clients on the U.S. Tax Evasion Request. Lichtenstein was a haven for taxpayers to hide there monies out of the long arm of the IRS and the US government. Uncle Sam won and is pressing on to bigger targets.
The US Government Request of Records.
Request of records were made by the US government of the Bank accounts at’ Liechtensteinische Landesbank AG (LLB)” that contained at least $500,000 at any time since the beginning of 2004 are covered by the information request, according to a May 30 letter sent to a client by the principality’s tax authority.
The US also announced that in the Liechtenstein group request, U.S. authorities are also targeting lawyers, accountants, financial advisers, asset managers and those responsible for professional “asset protection,” who “conspired with a U.S. taxpayer to commit U.S. crimes or provided assistance,” according to the letter.
IRS is continuing to amass more information and pursue more people internationally, the risk to individuals hiding assets offshore is increasing.
Our advice, file before IRS finds you! We can limit your exposure today.
Some of the areas that IRS announced initiatives were in Greece, Cyprus, Dubai , Hong Kong and Japan. The long arm of the IRS will be making its way soon.
The IRS collected over $5 Billion big ones as a result of the first two FBAR initiatives and the IRS already knows were to hunt. The fear of criminal prosecution looms large.
IRS wants to give those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before IRS find you.
The goal of the Internal Revenue Service is to get people back into the U.S. tax system. Criminal investigators and Revenue Agents are teaming up to combat international tax evasion. New Government Divisions are being set up to make this a top priority for the IRS.
IRS also has additional cases and banks under review. The situation will just get worse in the months ahead for those hiding assets and income offshore.
IRS is even so bold as to post all FBAR victories including prison sentences on their website.
We have successfully handled a number of FBAR cases and we can take the fear and worry away. Call us today. 1-866-700-1040.
FBAR, Greece, Cyprus, Unfiled, Late FBAR , Tax Attorney Lawyers, Former IRS , Representation, Civil & Criminal , Expatriate Help
by Fresh Start Tax | Sep 27, 2012 | Expatriate Tax, FBAR, IRS Tax Problem, Tax Lawyer
Unfiled, Delinquent FBAR – Liechtenstein: A Sign of What’s to Come
Stop the worry today! We have handled many successful FBAR clients, including those with an unfiled or delinquent FBAR.
Call us today and we can explain to you how to get back in the system. do not let Unfiled or Delinquent FBARs stress you out. We can settle your case without worry.
There has been a natural fear built in the FBAR program and we can help relieve you of the fear and worry. We can file all back FBAR reports, file your amended 1040’s and work out a successful tax settlement.
Most of the time we will recommend “quiet settlements.”
We have over 205 years of professional tax experience and over 60 years of direct experience at the IRS in the local, district and regional offices of the Internal Revenue Service.
We taught Tax Law at the IRS and know all the tax polices and tax procedure to settle your case. 1-866-700-1040.
Liechtenstein
With the explosion of the UBS the domino’s started to fall and one of the questions everyone was asking was, ” would Liechtenstein fall ?”.
It did and now, taxpayers are scrambling.
Liechtenstein finally informed on their Bank Clients on the U.S. Tax Evasion Request
Liechtenstein has told American clients of the principality’s oldest bank that U.S. authorities have requested their account data as they widen a tax evasion and potential tax fraud probe.
Accounts at‘ Liechtensteinische Landesbank AG (LLB)” that contained at least $500,000 at any time since the beginning of 2004 are covered by the information request, according to a May 30 letter sent to a client by the principality’s tax authority.
Liechtenstein facilitated the so-called group request from the U.S. by amending a tax law in March.
Liechtenstein’s second-biggest bank, also known as LLB, is one of 11 financial firms, including Credit Suisse Group AG (CSGN) and Julius Baer Group Ltd. (BAER), being investigated as part of a U.S. probe of offshore tax evasion.
The Stakes
The stakes for Swiss banks were raised after the Department of Justice indicted Wegelin & Co. on Feb. 2 for allegedly helping customers hide money from the Internal Revenue Service. The IRS is taking a very aggressive approach to collect monies on FBAR and are funding huge amounts of revenue to go after the deep foreign taxpayers pockets of monies.
The Motivation.
“The motivation for the law is the Landesbank issue, which has accelerated the process,” said Mario Frick, a partner at Liechtenstein law firm Seeger, Frick & Partner. “For a certain period of time, it will be possible to make group requests to clean up the past and the issue of legacy assets.”
Landesbank, which had 48.1 billion Swiss francs ($50 billion) of assets under management at the end of 2011, confirmed it has received a group request via the Liechtenstein authorities, Cyrill Sele, a spokesman for the bank in Vaduz, said in an e-mailed response to questions.
Third Parties
“The ruling to extend the period of applicability back to the tax year 2001 in the administrative assistance law with the U.S. is limited to 12 months from the date it comes into force,” said Sele. It “is closely linked to the ongoing U.S. offshore voluntary disclosure program.”
Those affected by the U.S. request for information have the right to appeal, according to the letter.
In the Liechtenstein group request, U.S. authorities are also targeting lawyers, accountants, financial advisers, asset managers and those responsible for professional “asset protection,” who “conspired with a U.S. taxpayer to commit U.S. crimes or provided assistance,” according to the letter.
The sign of what is to come
“It’s a sign that the U.S. is not just focused on Switzerland, but on all offshore jurisdictions with Singapore, Dubai and Hong Kong very much on the radar screen,” said Milan Patel, a partner at Zurich-based law firm Anaford AG. “This request appears to be much more expansive than the agreement with Switzerland and aims to get information on third parties.”
UBS Precedent
Swiss banks are seeking a settlement with the U.S. as Liechtenstein’s larger Alpine neighbor, the world’s biggest center for offshore wealth, tries to shed its image as a haven for undeclared assets. That may involve negotiating separate deferred prosecution agreements with U.S. authorities.
UBS AG, the biggest Swiss bank, avoided prosecution in 2009 by paying $780 million, admitting it fostered tax evasion and giving the IRS data on more than 250 accounts. It later turned over data on another 4,450 accounts. Before the UBS deferred- prosecution deal, U.S. prosecutors said the bank managed $20 billion in undeclared assets for American clients.
Landesbank declined to comment on whether the handover of account data under the group request would allow the bank to enter a deferred prosecution agreement.
Christof Buri, a spokesman for larger Liechtenstein rival LGT Group, which had 86.9 billion francs of assets under management at the end of last year, said the bank only has tax- compliant U.S. clients. The bank, owned by Liechtenstein’s princely family, declined to comment further.
Unwinding Secrecy
Liechtenstein started to unwind secrecy after data stolen from LGT was used by Germany to prosecute tax evaders in 2008. Former Deutsche Post AG (DPW) Chief Executive Officer Klaus Zumwinkel was convicted of tax evasion and received a two-year suspended prison sentence plus a penalty of 1 million euros ($1.25 million).
Under pressure from the U.S., Germany and France, Liechtenstein said in March 2009 that it would conform with tax standards set out by the Organization for Economic Cooperation and Development to avoid being blacklisted as a tax haven.
Markus Amman, a spokesman for the Liechtenstein government, and Katja Gey, who helped negotiate a tax deal for the principality with the U.K., didn’t answer calls to their mobile phones.
“It’s only a question of time, say three to five years, when this type of group request will become standard for future business,” said lawyer Frick. “Liechtenstein is a small country that has had a reputation for not cooperating in the field of tax and that’s something that has to change. We have to find new areas of business.
”Contribution made by Bloomberg/ Dylan Griffiths in Geneva. thank you.
The Bottom Line. Unfiled, Delinquent FBAR
Taxpayers with worries should contact our office today for a no cost consult. We can inform you of the possibility of making a quiet disclosure. 1-866-700-1040.
Speak to a Expert FBAR Tax Attorney, Tax Lawyer, CPA or Former IRS Agents.
Unfiled, Delinquent FBAR – Liechtenstein: A Sign of What’s to Come
by Fresh Start Tax | Sep 25, 2012 | Abatements, FBAR
FBAR – How to get Rid of FBAR Penalties – Fresh Start Tax L.L.C – FBAR Penalties & Representation
There is fear when FBAR is mentioned. Disclosure, criminal, money and penalties are words attached with FBAR.
Many taxpayers are stuck as to whether to file or not.
My rule of thumb as a former IRS Agent, I recommend you find the IRS before they find you.
FBAR is here to stay and FBAR is becoming the beast of the IRS.
So much so that FBAR generated over $5.5 billion in Revenue to the Feds over the past couple years.
Not only is the Fed collecting the taxes but the IRS penalties will choke a horse. Part of the fear with taxpayers coming forward is the fear of not only paying the tax but also paying the penalties as well and having the money to do so.
It is not easy to get FBAR Penalties removed or abated because the IRS has set a tone and a theme of “just deny the claim.” The IRS will tell the IRS Auditing Revenue Agents to just disallow all penalty abatement claims unless the taxpayers fight for the abatement. A taxpayer must fight to have FBAR penalties abated.
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;
The U.S. person has a financial interest in the account or signature or other authority over the foreign financial account; and,
a. The aggregate amount(s) in the account(s) valued in dollars exceed $10,000 at any time during the calendar year.
The IRS code as it relates to FBAR Penalties – Its the Examiner Discretion
- The IRS tax examiner may determine that the facts and circumstances of a particular case do not justify asserting a penalty. There is tremendous discretion the examiner has on these case.
- If there was an FBAR violation but the examiner determines that a penalty is not appropriate, the examiner should issue the FBAR warning letter, Letter 3800.
- When a tax penalty is appropriate or justified , the IRS has established penalty mitigation guidelines to aid the examiner in applying penalties in a uniform manner.
- The IRS tax examiner may determine that a penalty under these guidelines is not appropriate or that a lesser penalty amount than the guidelines would otherwise provide is appropriate or that the penalty should be increased (up to the statutory maximum). The examiner must make such a determination with the written approval of the examiner’s manager and document the decision in the work papers.
- Factors to consider when applying examiner discretion may include, but are not limited to, the following:
- Whether tax compliance objectives would be achieved by issuance of a warning letter;
- Whether the person who committed the violation had been previously issued a warning letter or has been assessed the FBAR penalty;
- The nature of the violation and the amounts involved; and,
- The cooperation of the taxpayer during the examination.
- Given the magnitude of the maximum penalties permitted for each violation, the assertion of multiple penalties and the assertion of separate penalties for multiple violations with respect to a single FBAR form, should be considered only in the most egregious cases.
Did you know that the the FBAR penalty is calculated not on your account earnings, but rather, on your account value?
As an example, if you have an account that is worth $1,000,000, the IRS, for one year, can assess a $500,000 FBAR penalty.
For two years, the FBAR penalty could be equal to the amount of the account. You see, the IRS is not limited to just two years, the IRS could potentially assess the FBAR for 6 or more years.
This is the very reason taxpayers need professional representation for both the reporting , filing and for the abatement of penalties and interest.
So you can see the FBAR penalty can be particularly devastating. So you need great professional tax advice on how to best deal with your unique and personal tax situation.You should seek the counsel of a tax attorney.
If you call Fresh Start tax LLC 1-866-700-1040 and speak directly to our FBAR tax excerpts you can get the best counsel available. All initial consultations are free of charge.
You only pay us if we begin work.
Go to our home page, on the left side you will find Penalty Abatement’s, open that box and you will find a very comprehensive list of reasons IRS will accept as reason cause.
Call us today for a free tax consult. 1-866-700-1040
by Fresh Start Tax | Sep 1, 2012 | FBAR, Tax Lawyer
Find the IRS before they find you.
After 38 years of professional IRS tax experience that is my best advice to you.
If you need FBAR & Voluntary Disclosure help call Fresh Start Tax LLC and speak directly to Tax Lawyers, Tax Attorneys, Former IRS – FBAR Tax Representation
Call today for a no cost professional tax consultation. 1-866-700-1040.
With much in the news about FBAR and Voluntary Disclosure, there are some very common questions asked.
Within the advent of UBS and FBAR the IRS has been hopped up about bringing into tax compliance offshore monies that have not been reported to the feds. Yes, IRS will make these cases federal investigations because of the huge scale of revenue that is brought in through FBAR alone. IRS received over the past three years over $5 billion.
IRS has found the pot of gold and the pursuit is expected to be ramped up even more in the upcoming years.
Voluntary Disclosures
Why you should make a voluntary disclosure.
Taxpayers or individuals with undisclosed foreign accounts or entities should make a voluntary disclosure ( VD ) because it allows them to become tax compliant, avoid substantial civil penalties and generally eliminate the risk of criminal prosecution.In cases of extreme willfulness this may not be the case.
Talk to us if you fall in this categorize. Believe this criminal prosecution element, the FEAR of IRS should be enough to make sure you do the correct thing. IRS posts the criminal violators on their website. Go to IRS.gov
Getting professional tax help will assure you the very best possible results, the avoiding of criminal prosecution and the reduction of penalties and interest.
Making a voluntary disclosure also provides the opportunity to calculate with a reasonable degree of certainty the total cost of resolving all offshore tax issues.
You may not like what you hear however you must be tax compliant.
Taxpayers ( individuals ) 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.
What is the IRS’s Voluntary Disclosure Practice? ( VDP )
The Voluntary Disclosure Practice is a longstanding practice of IRS Criminal Investigation ( CI ) 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. There are specific code sections that deal with these matters.
When a taxpayer truthfully, timely, and completely complies with all provisions of the voluntary disclosure practice, the IRS will usually not recommend criminal prosecution to the Department of Justice.
Remember, find IRS before they find you.
What form should my voluntary disclosure take?
You may either contact the nearest Special Agent in Charge, ( each office has there won special agent for this matter ) IRS Criminal Investigation, stating that you wish to make a voluntary disclosure, or provide a letter outlining information needed to assist the IRS in determining your acceptance into the voluntary disclosure program. a word of caution here, do this with retention of a tax attorney, tax lawyer or former IRS agent who knows the system. Do not be foolish.
Call us today to find out more details. 1-866-700-1040.
FBAR & Voluntary Disclosure, Tax Lawyers, Tax Attorneys, Former IRS, FBAR Tax Representation
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
