by Fresh Start Tax | Sep 27, 2012 | Back Taxes, FBAR, Tax Lawyer
We are comprised of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents. We have over 205 years of professional tax experience and over 60 years working directly for the IRS.
Why use us? We can take away your worry through our experience at the IRS
We taught Tax Law at the IRS and we are familiar with tax policies and tax settlements.
No cost consults, 1-866-700-1040. We are FBAR and Ex Pat Experts
All the countries are going down like domino’s including Japan.
First it was UBS and yes even Lichtenstein. Nobody thought Lichtenstein.
Liechtenstein finally informed on their Bank Clients on the U.S. Tax Evasion Request to report on certain foreign accounts.
Liechtenstein has told there American clients of the principality’s oldest bank that U.S. authorities have requested their account data as they widen a tax probe for potential tax evasion and potential tax fraud. Investors are scrambling.
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. We have no idea how many accounts are included on this request however the word on the streets, “thousands”.
Many were set up by financial planners and attorneys who are now nervous about the request and investigation.
Liechtenstein facilitated the 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 United States probe of offshore tax evasion.
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.
IRS results up to this point.
So far the US has been very successful and collected north of $5 Billion large in the first three years of the FBAR Program. The IRS has just been funded another $500,000 million by the Obama administration to beef up the IRS enforcement arm and much of money will be dedicated to non-filers as well as FBAR compliance.
The Progress
Offshore banks must begin complying with the Foreign Account Tax Compliance Act and the Internal Revenue Service has been getting cooperation from other nations. Japan became one of the newest country to pledge its cooperation with the U.S.
The FATCA
FATCA requires foreign banks to disclose the identities of all account holders who are also U.S. taxpayers. In many countries, such disclosure violates that nation’s bank secrecy laws. Banks and financial institution have been caught in the middle. After all, they make loads of money on the clients. However, if the financial institutions do not comply with the IRS requests and the new FATCA law, they will be violating the law.
Most of the developed nations have indicated they will cooperate fearing US reprisal.
That means banks and financial institution in many countries will now have to identify and report Americans holding accounts. The current trend for bank compliance seems to be trending to eliminate the hassle by simply closing foreign accounts.
Japan is the latest country to indicate its willingness to cooperate. That means that U.S. taxpayers with unreported accounts in Japan could soon have IRS tax issues. Foreign accounts are legal, the penalties for not reporting those accounts are very expensive and could include prison time. Find the IRS before they find you.
Foreign bank and financial accounts such as CD’s, brokerage accounts, most retirement accounts must be reported annually to the IRS on Report of Foreign Bank and Financial Account, more commonly known as an FBAR. You can find the Form on our website.
Failure to file FBARs can be criminal and result in penalties of $100,000 or 50% of the highest account balance for each year the account remains undisclosed.
If you have an account in Japan that has not been properly reported call us today to find out your options. 1-866-700-1040. You may want to file a ” quiet disclosure”.
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 16, 2012 | Back Taxes, Expatriate Tax, Tax Help, Tax Lawyer, Tax Problem Help
We are Global Experts in Expatiates Taxes and US Citizens living Overseas.
Call us for a no cost consult. 1-866-700-1040. SKYPE available.
We can resolve all IRS tax problems and can help you with any tax issue that may arise.
Being former IRS agents we know the complete system. Let our experience work for you.
We are comprised of Board Certified Tax Attorneys, CPA’s and Former IRS Agents who have over 206 years of total tax experience and over 60 years of working directly for the IRS.
We can take all the worry and fear out of the process of dealing with the IRS.
Some of the new changes taking place for Expatriates.
The new exclusion amount.
The maximum foreign earned income exclusion is adjusted annually for inflation. For 2011, the maximum exclusion has increased to $92,900.
In the area of Housing Expenses.
The computation of the base housing amount (line 32 of Form 2555) is tied to the maximum foreign earned income exclusion. The amount is 16 percent of the exclusion amount (computed on a daily basis), multiplied by the number of days in your qualifying period that fall within your 2011 tax year. For 2011, this amount is $40.72 per day ($14,864 per year).
The amount of qualified housing expenses eligible for the housing exclusion and housing deduction has changed for some locations.
Filing requirements for Expatriates
The amount of income you can receive before you must file an income tax return has increased. Because they vary every year it is best to check with us.
Finally, Self-employment tax reduced.
For 2011, the rate of self-employment tax has been reduced from 15.3% to 13.3%. Hard to believe as reduction, count your blessings.
The maximum amount of net earnings from self-employment that is subject to the social security part of the self-employment tax remains at $106,800. All net earnings are subject to the Medicare part of the tax.
IRA deduction expanded.
You may be able to take an IRA deduction if you were covered by a retirement plan and your 2011 modified adjusted gross income (AGI) is less than $66,000 ($110,000 if married filing jointly or a qualifying widow(er)). If your spouse was covered by a retirement plan, but you were not, you may be able to take an IRA deduction if your 2011 modified AGI is less than $179,000. If you have question be sure to check with us.
Form 8938. If you had foreign financial assets in 2011, you may have to file new Form 8938 with your return.
If you have a Change of address.
If you change your home mailing address, notify the Internal Revenue Service using Form 8822, Change of Address. If you are changing your business address, use Form 8822-B, Change of Address—Business.
