by Fresh Start Tax | Aug 30, 2012 | FBAR, Tax Lawyer
Are you are US citizen living in Panama and need FBAR tax help and tax relief call us today and speak directly to a FBAR Tax Attorneys, Tax Lawyers, CPAs or Former IRS Agents.
Whether you have a Civil or Criminal Problem we can help you so stop the worry today.
1-866-700-1040. Panama, SKYPE available.
Because of the volume of US citizens living in Panama, the IRS will have a very active presence working the area of Panama and foreign tax compliance.
FBAR has resulted in the US government receiving over $5 billion in the inaugural years and the IRS intends to find fortunes of unreported income.
If you are in full compliance you have nothing to worry about whatsoever.
However if there are tax returns and FBAR reports outstanding, it would be in your best interest to contact a tax representative and find your way into full compliance with the IRS.
If you beat IRS to the punch by contacting them, the chance of criminal elements are virtual gone the majority of time. We can give you more info simply by calling us.
Bank Secrecy Act
The United States Congress passed the Bank Secrecy Act in 1970 as the first laws to fight money laundering in the United States.
The BSA requires businesses to keep records and file reports that are determined to have a high degree of usefulness in criminal, tax, and regulatory matters.
The documents filed by businesses under the BSA requirements are heavily used by law all major enforcement agencies, both domestic and international to identify, detect and deter money laundering whether it is in furtherance of a criminal enterprise, terrorism, tax evasion or other unlawful activity. This information is now share with many government agencies.
The IRS has there eyes set not only on terrorism and criminal drug activity but now have the resources to work and manage tax evasion.
The Internal Revenue Service is a partner in the U.S. National Money Laundering Strategy. This is a very power team of law enforcement agencies.
The IRS seeks to achieve a balance between enforcement of the money laundering laws and education.So far the IRS has done a very poor job regarding the education because the do it u r selvers are ages behind tax professionals.
New Reporting Requirements by U.S. Taxpayers Holding Foreign Financial Assets (Form 8938)
Taxpayers that have specified foreign financial assets that exceed certain thresholds must report those assets to the IRS on Form 8938, Statement of Specified Foreign Financial Assets.
The new Form 8938 filing requirement does not replace or otherwise affect a taxpayers requirement to file FBAR. A chart providing a comparison of Form 8938 and FBAR requirements, and other information to help taxpayers determine if they are required to file Form 8938.
Call us today for more details. 1-866-700-1040
Hear the truth and stop your worry.
by Fresh Start Tax | Jul 28, 2012 | FBAR, Tax Lawyer, Tax Returns
Click Link for FBAR Form.
www.irs.gov/pub/irs-pdf/f90221.pdf
Call 1-866-700-1040 for a no cost professional tax consult and speak directly to Tax Attorneys, Tax Lawyers, CPA’s or Former IRS Agents.
We have over 206 years of professional tax experience and over 60 years working directly for the IRS.
We are FBAR Filing Experts!
Who has to file for FBAR? Make sure you know your rights.
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions.
Make sure you file before the IRS contacts you first.
Civil and Criminal Tax Representation available. All calls confidential and free. 1-866-700-1040.
FBAR FORM , Tax Attorney, Former IRS, F Bar Tax Help, Former IRS, Criminal, Civil Representation
by Fresh Start Tax | Jul 20, 2012 | FBAR, Tax Lawyer
The word FBAR brings some sort of fear out of people. Yes it is a four letter word but we can help take the fear and worry out of FBAR.
We are an affordable tax specialty firm.
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents who were Managers and Former IRS instructors who taught Tax Law at the IRS.
We are IRS Tax Experts in FBAR. You may call us for a no cost professional tax consultation at 1-866-700-1040. You will speak directly to a tax professional. You will hear the truth and ways to alleviate your fears and worries. All calls can be made if requested under attorney-client privilege.
Why so much information about FBAR of late.
Once the Feds were able to get information from Swiss Financial and Banking institutions the US government found a huge amount of undisclosed monies. Billions and billions of dollars have seemed to go unreported and untaxed.
After the Swiss gave way so to did other countries from US pressure. The IRS has and is putting tax treaties in place to get a firm handle on this international market to collect all dollars it has coming in as revenue to its coffers. IRS is in a ruthless pursuit to catch tax cheats.
IRS has offered two programs thus far and has collected thru FBAR reporting over $5 Billion in tax and penalties. FBAR has made a big hit with the Congress. It is a pure revenue generator without taxation.
The fear of criminal prosecution and large fines have drove 33,000 taxpayers forward to file and pay large FBAR fines.
If you have a situation or a potential problem and you would like to speak about regarding FBAR or other issues, please call our Tax Attorneys, Tax Lawyers or Former IRS agents for a free consultation. Skype available.
What is an FBAR?
An FBAR is a Report of Foreign Bank and Financial Accounts. The form number is TD F 90-22.1 (PDF)
Who must file an FBAR?
A. 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.
FBAR ATTORNEY, – Former IRS, Tax Attorney, Lawyers, FBAR EXPERTS, “A” Plus Rated
by Fresh Start Tax | Jul 8, 2012 | Expatriate Tax, FBAR
We are tax specialty firm. We are tax experts in Ex-Pat and FBAR Tax Law.
The United States has tax treaties with various countries including England – UK. Each tax treaty is extensive and it is best to have your case review by a professional who specializes in Ex-Pat representation.
Under the recent tax appropriations bill under Obama Care the IRS is to receive over $500 million dollars.
IRS has publicly stated that the Service plans to go after Ex-Pat and FBAR cases because of the sheer volume of tax dollars available to collect. In the last few years the IRS collected over $4 Billion.
Expatriation Tax Provisions
The expatriation tax provisions under Internal Revenue Code (IRC) sections 877 and 877A apply to US citizens who have renounced their citizenship and long-term residents (as defined in IRC 877(e)) who have ended their US resident status for federal tax purposes. Different rules apply according to the date upon which you expatriated.
Taxation Provisions for Resident Purposes
For resident for tax purposes if you are in the country for 183 days or more per tax year you may met the test.
Days of arrival and departure are usually ignored.
If you go and work abroad for more than one year, you must not be back in the United Kingdom for more than 91 days, on average, in any 365 day period, for the duration of your time abroad.
Expatriates can work abroad for more than one full tax year and they become non-resident for tax purposes in their home country.
This will allow the expatriate to enjoy a number of tax advantages.
Other items that we will review for all Ex-Pats
1. Long time visitors,
2. Ordinary residence,
3. Domiciles,
4. General Tax Adm.
5. Other tax policies related to the current residence particular to the taxpayer.
6. Fraud issues,
7. Non- reporting issues,
8. Possible FBAR violations
9. Payment Agreements,
10. Tax Debt Settlements.
Areas of Professional Tax Practice:
- Same Day IRS Tax Representation
- Offers in Compromise or 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 if Tax Records are lost or destroyed
- Expatriates Tax Representation
- FBAR Tax Representation
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- 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”
- 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 90.3 and REACH FM Monthly Radio Show-Business Weekly
ExPat – England UK – IRS Tax Help, Tax Representation – Tax Attorney, Former IRS
by Fresh Start Tax | Jun 25, 2012 | Expatriate Tax, FBAR, Representation, Tax Lawyer
FBAR – Offshore Voluntary Disclosure – Tax Attorneys, IRS Tax Experts – Former IRS – Tax Representation
Have IRS Tax Experts in FBAR in the Offshore Voluntary Disclosure Program (OVDP) represent you before the Internal Revenue. Why call any other tax firm when we worked for the IRS and know there tax policies and procedures.
Our team is comprised of Board Certified Tax Attorneys, CPA’s and Former IRS agents, managers and teaching instructors with the IRS.
We have over 205 years of professional tax experience and over 60 years working directly with the IRS.
As you may know the Internal Revenue Service ( IRS ) reopened the Offshore Voluntary Disclosure Program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.
The third offshore program.
The Third and new Offshore Program comes as the IRS continues working on a wide range of international tax issues and follows ongoing efforts with the Justice Department to pursue criminal prosecution of international tax evasion.
This 3rd program will be open for an indefinite period until otherwise announced. The IRS has collected far more money than expected and this program will continue to generate large dollars of revenue into the federal government.
The new OVD program is similar to the 2011 program in many ways, but with a few key differences.
There is no set deadline for people to apply.
However, the terms of the program could change at any time going forward. For example, the IRS may increase penalties in the program for all or some taxpayers or defined classes of taxpayers – or decide to end the program entirely at any point.
The third offshore effort comes as Shulman also announced today the IRS has collected $3.4 billion so far from people who participated in the 2009 offshore program, reflecting closures of about 95 percent of the cases from the 2009 program. On top of that, the IRS has collected an additional $1 billion from up front payments required under the 2011 program. That number will grow as the IRS processes the 2011 cases.
In all, the IRS has seen 33,000 voluntary disclosures from the 2009 and 2011 offshore initiatives. We are expecting those numbers to soar.
Since the 2011 program closed last September, hundreds of taxpayers have come forward to make voluntary disclosures.
Those who have come in since the 2011 program closed last year will be able to be treated under the provisions of the new OVDP program.
The overall penalty structure for the new program is the same for 2011, except for taxpayers in the highest penalty category. It is best to look into the abate of certain penalties as it relates to FBAR.
Penalty Structure
For the new program, the penalty framework requires individuals to pay a penalty of 27.5 percent of the highest aggregate balance in foreign bank accounts/entities or value of foreign assets during the eight full tax years prior to the disclosure.
That is up from 25 percent in the 2011 program. Some taxpayers will be eligible for 5 or 12.5 percent penalties; these remain the same in the new program as in 2011.
Participants must file all original and amended tax returns and include payment for back-taxes and interest for up to eight years as well as paying accuracy-related and/or delinquency penalties.
Participants face a 27.5 percent penalty, but taxpayers in limited situations can qualify for a 5 percent penalty. Smaller offshore accounts will face a 12.5 percent penalty. People whose offshore accounts or assets did not surpass $75,000 in any calendar year covered by the new OVDP will qualify for this lower rate.
As under the prior programs, taxpayers who feel that the penalty is disproportionate may opt instead to be examined.
Call us today for a no cost professional consult and speak direct to a tax attorney who is a true IRS tax expert.
We specialize in all areas of Ex- Pats Tax Representation.
