by Fresh Start Tax | Jul 29, 2012 | FBAR, Tax Lawyer, Tax Returns, Tax Settlements
We specialize in FBAR tax issues. We are experts in IRS FBAR.
By calling us you could avoid criminal prosecution and could potentially save millions of dollars. We can take the fear and worry out of your FBAR tax issue.
Call today and speak directly to a Tax Attorney, Tax Lawyer, CPA or Former IRS Agents.
1-866-700-1040. In Germany Skype is available.
We can file all tax returns necessary for full compliance and negotiate a tax settlement on your case.
We know the tax laws and the tax system. We taught Tax Law at the IRS. We have over 60 years of direct work experience at the local, district and regional office of the IRS.
Call us directly for filing dates and a privileged conversation.
Tax Settlements on FBAR Cases.
How cases are settled for FBAR.
The IRS voluntary disclosure examiners do not have discretion to settle cases for amounts less than what is properly due and owing. That is for security and consistency purposes.
Because the 25 percent offshore penalty is a proxy for the FBAR penalty, other penalties imposed under the Internal Revenue Code, and potential liabilities for years prior to 2003, there may be cases where a taxpayer making a voluntary disclosure would owe less if the special offshore initiative did not exist. We can perform work ups on all cases.
Under no circumstances will taxpayers be required to pay a penalty greater than what they would otherwise be liable for under the maximum penalties imposed under existing statutes. This is finally some good news but no bargain.
IRS tax examiners will compare the amount due under this offshore initiative to the tax, interest, and applicable penalties at their maximum levels and without regard to issues relating to reasonable cause, willfulness, mitigation factors, or other circumstances that may reduce liability for all open years that a taxpayer would owe in the absence of the 2011 OVDI penalty regime.
The taxpayer will pay the lesser amount. If the taxpayer disagrees with the result, the taxpayer may request that the case be referred for an examination of all relevant years and issues .
Remember each case is different than the next, call us to hear the truth from true tax experts.
FBAR – Germany – FBAR IRS Tax Experts – File, Settle – Attorneys, Lawyers, Former IRS – FBAR, Expats
by Fresh Start Tax | Jul 19, 2012 | IRS Tax Problem, Tax Help, Tax Lawyer, Tax Returns, Tax Settlements
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents, Managers and Instructors.
We have over 60 years of direct work experience at the IRS and over 205 years of professional tax experience.
You can call us anytime for a free tax consult and speak directly to Tax Attorneys, Lawyers, CPAs or former IRS agents. 1-866-700-1040.
The IRS is seriously cracking down on overseas taxpayers, FBAR and EX-PATS.
The IRS found a whopping $4.4 Billion in the FBAR Program alone. US Citizens who live abroad who file and pay correctly have nothing at all to worry about.
One of the best save to minimize to minimize your tax debt is know and understand the Foreign Tax Credits and the laws that surrounding tax credits.
Because of our extensive background with the IRS we can really help minimize your IRS taxes or tax debt.
Trends and Facts
U.S. taxpayers claimed over $90 billion of foreign tax credits on US individual and corporate tax returns in 2005.
Foreign tax credits allow US taxpayers to avoid or reduce double taxation. You may choose to take a deduction for foreign taxes paid instead of choosing a credit. In most cases, it is to your advantage to take foreign income taxes as a tax credit.
How to Qualify for Foreign Taxes
You can claim a credit only for foreign taxes that are imposed on you by a foreign country or US possession. Generally, only income, war profits and excess profits taxes qualify for the credit.
What Foreign Taxes Qualify For The Foreign Tax Credit?
Generally, the following four tests must be met for any foreign tax to qualify for the credit:
1. The tax must be imposed on you
2. You must have paid or accrued the tax
3. The tax must be the legal and actual foreign tax liability
4. The tax must be an income tax (or a tax in lieu of an income tax)
How you can claim the Foreign Tax Credit
File Form 1116 Foreign Tax Credit to claim the foreign tax credit if you are an individual, estate or trust, and you paid or accrued certain foreign taxes to a foreign country or U.S. possession. Corporations file Form 1118 to claim a foreign tax credit.
Tax Compliance Issues with the Internal Revenue Service
The amount of foreign tax that qualifies is not necessarily the amount of tax withheld by the foreign country.
If you are entitled to a reduced rate of foreign tax based on an income tax treaty between the United States and a foreign country, only that reduced tax qualifies for the credit.
If a foreign tax re-determination occurs, a re-determination of your US tax liability is required in most situations.
You must file a Form 1040X or Form 1120X. Failure to notify the IRS of a foreign tax re-determination can result in a failure to notify penalty.
A foreign tax credit may not be claimed for taxes on excluded income.
Call us today for a no cost professional tax consult. 1-866-700-1040
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by Fresh Start Tax | Jul 16, 2012 | Back Taxes, Expatriate Tax, IRS Penalties, IRS Tax Problem, Tax Lawyer, Tax Returns
We are International Tax Experts for Expatriates Tax Services, Consultations and IRS Tax Relief.
We can take all the worry and fear out of your IRS tax situation. We are former IRS Agents and Managers and have over 60 years of direct IRS work experience. We have a total of 206 years of total tax experience.
Call us for a free tax consult,1-866-700-1040.
We can file all current tax returns, file all back tax years and settle any back taxes you may owe.
Filing Dates for Tax Returns.
March 15th Form 1120 and 1120S.
Due date for US Corporations and Sub-Chapter S corporation unless extended with Form 7004
March 15th Due Date.
Form 3520A for foreign trusts
April 15th Due Date.
For any payment of any taxes due for previous calendar year (though if you are living abroad on 4/15 your tax return gets an automatic extension until 6/15)
April 15th Form 1040 ES.
First payment for current years first installment of quarterly income and self employment taxes to avoid penalties.
June 15th Form 1040 ES.
Second payment on current years second installment of quarterly income and self employment taxes to avoid penalties.
June 15th Due Date
Expatriate tax return (for expatriate living abroad on 4/15) or time to file for an extension on Tax Form 4868.
June 30th Form.
TDF 90-22.1 US Treasury Form Report of Foreign Bank Accounts Due Date.
July 30th Due date.
Self administered Pension Plan and 401K Tax Return From 5500 or 5500EZ
September 15th Form 1040 ES.
Third pay current years third installment of quarterly income and self employment taxes to avoid penalties.
September 15th Extended Due Date.
For U.S. Corporation Returns 1120 and 1120S
October 15th Final Expat Form 1040 Due date .
You may not get another tax extension.
January 15th Form 1040 ES Fourth installment of quarterly income and self employment taxes to avoid penalties.
Please Note the following If any of days list above fall on a weekend or national holiday, the due date is automatically moved to the first week day following the weekend or holiday.
The IRS recently announced that the due date for 2010 individual federal income tax returns will be Monday, April 18, 2011. Each year dates differ, please check with us for yearly changes.
Expatriate Tax Help – All Countries – England, Australia, Japan, UAE – Filing, Back Taxes, Penalties – Expat Experts
by Fresh Start Tax | Jul 15, 2012 | Back Taxes, Expatriate Tax, IRS Tax Debt, Tax Help, Tax Lawyer
If you feel like the IRS may be coming your way, breathing down your neck or you know that the time is right to get things in order, call us for a no cost professional tax consult. 1-866-700-1040.
We can take all the worry and fear out of this process so you will never have to speak to the IRS, ever. We know how to win because of our 60 years of direct working experience at the IRS in the local, district and regional offices of IRS. We taught Tax Law at the IRS.
We can file all your tax returns or any back tax years and if you owe IRS taxes we can settle your taxes with an offer in compromise upon qualification.
You can speak directly to a Tax Attorneys, Lawyers, CPAs or Former IRS Agents and Managers. We are Expat IRS Tax Help experts.
Since 2011, the IRS has really stepped up their enforcement activities for Expatriates Tax.
The high end targets of IRS for Expat Tax activity will be in the area of non filers and accounts that owe over $1500 per year in tax. The IRS is setting up specialized Revenue Agent Groups or task forces to handle this world wide activity and global tax problem of not filing, not paying.
Taxpayers usually fall in two categories with the IRS. Those who did not know about filing requirements ( innocent ) and those that willfully neglected filing.
We can help both. At some point, the IRS will be tracking down everyone. IRS has just started these processes. Over 33,000 non filers have come forward so far and the IRS knows there is a goldmine of revenue to collected in Expat taxes.
How to save tax dollars. Requirements:
If you meet certain requirements, you may qualify for the foreign earned income and foreign housing exclusions and the foreign housing deduction.
If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income.
You may however qualify to exclude from income up to an amount of your foreign earnings that is now adjusted for inflation.
Exclusion Dollar Amounts:
$91,400 for 2009,
$91,500 for 2010,
$92,900 for 2011,
$95,100 for 2012.
In addition, you can exclude or deduct certain foreign housing amounts.
Penalty imposed for not filing for expatriation
Anyone who has expatriated or terminated his U.S. residency status must file Form 8854, Initial and Annual Expatriation Information Statement .
Form 8854 must also be filed to comply with the annual information reporting requirements of Internal Revenue Code section 6039G, if the person is subject to tax under Section 877 of the Code.
IRS Penalty:
A $10,000 penalty may be imposed for failure to file Form 8854 when required.
IRS is sending notices to expatriates that have not complied with the Form 8854 requirements, including the imposition of the $10,000 penalty where appropriate.
Expatriate Tax , IRS Tax Help , IRS EXPAT EXPERTS , Former IRS, Attorneys , Filing Returns, Back Taxes, Settle Taxes
by Fresh Start Tax | Jul 9, 2012 | Back Taxes, FBAR, Offshore Program, Offshore Tax Problems, Representation, Tax Lawyer
We are a Tax Specialty Firm. We are IRS Tax Experts in Offshore Tax Issues, Compliance and Tax Problems.
Call us for a no cost tax consult, 1-866-700-1040.
We are comprised of Tax Lawyers, Board Certified Tax Attorneys, CPA’s and Former IRS Agents.
We can handle all IRS filings, file back or lost tax returns, settle and negotiate Tax Debt and fully handle all IRS Tax Representation or Tax Problems.
You will never speak to the IRS.
Offshore Tax is one of the many specialties at Fresh Start Tax LLC, a Global Company.
We have over 60 years of direct IRS work related experience in the local, district and regional tax offices.
We taught Tax Law at the IRS.
Terms of Compliance of Offshore Tax Compliance.
What are the terms of the 2011 Offshore Voluntary Disclosure Initiative?
Under the new terms of the 2011 Offshore Voluntary Disclosure Initiative, taxpayers absolutely must:
1. Taxpayers are to provide copies of previously filed original (and, if applicable, previously filed amended) federal income tax returns for tax years covered by the voluntary disclosure;
2. Taxpayers are to provide complete and accurate amended federal income tax returns (for individuals, Form 1040X, or original Form 1040 if delinquent) for all tax years covered by the voluntary disclosure, with applicable schedules detailing the amount and type of previously unreported income from the account or entity e.g., Schedule B for interest and dividends, Schedule D for capital gains and losses, Schedule E for income from partnerships, S corporations, estates or trusts.
3. Taxpayer are to file complete and accurate original or amended offshore-related information returns (see FAQ 29 for certain dissolved entities) and Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts, commonly known as an “FBAR” for calendar years 2003 through 2010;
4 Taxpayers are to cooperate in the voluntary disclosure process, including providing information on offshore financial accounts, institutions and facilitators, and signing agreements to extend the period of time for assessing tax and penalties;
Offshore Penalty Provisions:
1. Pay 20% accuracy-related penalties under IRC § 6662(a) on the full amount of your underpayments of tax for all years;
2.Pay failure to file penalties under IRC § 6651(a)(1), if applicable;
3.Pay failure to pay penalties under IRC § 6651(a)(2), if applicable;
4. In lieu of all other penalties that may apply, including FBAR and offshore-related information return penalties, a miscellaneous Title 26 offshore penalty, equal to 25% (or in limited cases 12.5% (see FAQ 53) or 5% (see FAQ 52)) of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the period covered by the voluntary disclosure,
5.Submit full payment of all tax, interest, accuracy-related penalty, and, if applicable, the failure to file and failure to pay penalties with the required submissions set forth in FAQ 25 or make good faith arrangements with the IRS to pay in full, the tax, interest, and these penalties (see FAQ 20 for more information regarding a taxpayer’s ability to fully pay) (the suspension of interest provisions of IRC § 6404(g) do not apply to interest due in this initiative); and
Taxpayers must also execute a Closing Agreement on Final Determination Covering Specific Matters, Form 906.
Offshore Tax Lawyer – IRS Tax Experts – Former IRS, File, Settle, Negotiations, Representation
