FBAR, Foreign Income Questions – Ask True Experts -Tax Attorneys, Lawyers, Former IRS    1-866-700-1040

We are FBAR and Foreign Tax Experts.

If you have any questions concerning your individual case call us today for a free initial tax consultation.

You will speak directly to tax attorneys, CPAs, were former IRS agents, managers and tax instructors.

Tips for Taxpayers with Foreign Income

Fresh Start Tax LLC a professional tax firm wants to reminds U.S. citizens and residents who lived or worked abroad in 2012 that they may need to file a federal income tax return.

If you are living or working outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship.

Here are  tips taxpayers with foreign income should know:

1. Report Worldwide Income.

The  federal law requires U.S. citizens and resident aliens to report any worldwide income. This includes income from foreign trusts, and foreign bank and securities accounts.

2. File Required Tax Forms.

In most cases, affected taxpayers need to file Schedule B, Interest and Ordinary Dividends, with their tax returns. Some taxpayers may need to file additional forms. For example, some may need to file Form 8938, Statement of Specified Foreign Financial Assets, while others may need to file Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts, with the Treasury Department.

See Publication 4261, Do You Have a Foreign Financial Account?, for more information.

3. Consider the Automatic Extension.

U.S. citizens and resident aliens living abroad on April 15, 2013, may qualify for an automatic two-month extension to file their 2012 federal income tax returns. The extension of time to file until June 17, 2013, also applies to those serving in the military outside the U.S. Taxpayers must attach a statement to their returns explaining why they qualify for the extension.

4. Review the Foreign Earned Income Exclusion.

Many Americans who live and work abroad qualify for the foreign earned income exclusion. This means taxpayers who qualify will not pay taxes on up to $95,100 of their wages and other foreign earned income they received in 2012.

See Forms 2555, Foreign Earned Income, or 2555-EZ, Foreign Earned Income Exclusion, for more information.

5. Don’t Overlook Credits and Deductions. Taxpayers may be able to take either a credit or a deduction for income taxes paid to a foreign country.

This benefit reduces the taxes these taxpayers pay in situations where both the U.S. and another country tax the same income.

6. Use IRS Free File. Taxpayers who live abroad can prepare and e-file their federal tax return for free by using IRS Free File.

People who make $57,000 or less can use Free File’s brand-name software. People who earn more can use Free File Fill-able Forms, an electronic version of IRS paper forms. Free File is available exclusively through the IRS.gov website.

FBAR Overview

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).

Filing Procedure

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.

Failure to file this form may result in civil and/or criminal penalties.

These civil penalties may be appealed.

Where to File FBAR

FBAR reports are filed at the Enterprise Computing Center (ECC) in Detroit, Michigan. Filings can be researched on the Currency and Banking Retrieval System (CBRS) or on FBAR penalties may come to Appeals as stand-alone cases or together with a related income tax or international penalty.

FBAR penalties are an Appeals Coordinated Issue (Category of Case) and require a referral to International Operations prior to holding the first conference. International issue guidelines are available from the Appeals International Technical Specialist (ITS).

The FBAR penalty case will usually be received in Appeals pre-assessment. However, upon request, Appeals will also conduct post-assessment hearings as provided in Title 31 CFR 5.4 and 900 to consider FBAR penalty liability and collection.

Call us today and learn more about foreign income and any Fbar procedures you need to learn about.

All initial tax consultations are free.

FBAR, Foreign Income Questions – Ask True Experts – Tax Attorneys, Lawyers, Former IRS

IRS Seizure Tax Help – Former IRS Agents & Managers – IRS Help Experts   1-866-700-1040

Let us stop the IRS.

If you are looking for IRS seizure tax help call the tax professionals at fresh start tax llc. With over 60 years of direct IRS work experience we can help resolve any IRS tax issue that you have including IRS Seizure Tax Help.

Re: IRS seizures

Being a former IRS agent and revenue officer I can tell you that the Department of Treasury, Internal Revenue Service can seize almost anything it wants to seize. Last year the IRS seized approximately 700 property units nationwide.

Before IRS can go ahead and seize property it must go through a series of regulations and tax procedures and must stay within the guidelines of their IRS policy statements.

IRS usually goes to great lengths not to seize property and usually gives the taxpayer many opportunities before seizing any assets. There are appeals processes before IRS seizures.

Should IRS be hot on your tail contact us today for free tax consultation and let us immediately stop the IRS in their tracks.

 IRS policy statement regarding IRS Seizures

Collection enforced through seizure and sale of the assets occurs only after thorough consideration of all factors and of alternative collection methods

The facts of a case and alternative collection methods must be thoroughly considered before determining seizure of personal or business assets is appropriate.

Taxpayer rights must be respected.

The taxpayer’s plan to resolve past due taxes while staying current with all future taxes will be considered.

Opposing considerations must be carefully weighed, and the official responsible for making the decision to seize must be satisfied that other efforts have been made to collect the delinquent taxes without seizing.

Alternatives to seizure and sale action may include an installment agreement, offer in compromise, notice of levy, or lien foreclosure.

Seizure action by the IRS is usually the last option in the collection process.

All seizures will be approved by the Chief, Collection Division, with other specific seizures also requiring District Director, Assistant District Director, or Counsel approval, or court order.

Click through this link to see Policy Statements

http://www.irs.gov/irm/part1/irm_01-002-014.html

Remember, IRS does not randomly seize assets belonging to taxpayers. It painstakingly goes through processes of sending notices, certified mail, and making every effort to contact taxpayers before seizures are made. The most common form of IRS seizure is an IRS bank levy or IRS wage garnishment.

Contact us today if IRS is threatening any seizure action and let us help stop the problem completely.

Real Estate Agents – IRS Help, Tax Audit, IRS Settlements       1-866-700-1040

We are tax specialty firm that deals with any IRS related problems or issues that you have. Do not be bullied by the IRS.

Due to the economy certain industries have been hit extremely hard and financial have had drastic effects on IRS related matters.

Due to the amount of foreclosures, lack of funding and the overall housing industry, real estate agents, brokers and those in the real estate industry in general have been crushed with many cash flow issues. The money is no longer there.

If you are undergoing such a problem and the IRS is on your back and you need to hire a professional tax from make sure you check the Better Business Bureau ratings before engaging any professional firm for IRS Help.

IRS tax audits may be very complicated and complex .In hiring a firm you should make sure there are former IRS agents and managers on staff that can keep you out of certain pitfalls that could be financial harmful.

As far as IRS settlements are concerned, the IRS initiated the new fresh start program which is allowing thousands of people to go ahead and settle their tax bill for pennies on the dollar.

If you are interested in such a program make sure you are qualified before you file for the offer in compromise.

You will find on our website the qualifier for the IRS settlement program.

You can call us at any time for free initial consultation for IRS Help for tax audits and settlements.

Why the IRS Audits Tax Returns

a. Front Loaded Programs

Front Loaded programs are those tax audits that IRS DC headquarters has determined are very important and a considerable amount of time must be spent on these programs and activities.

Each area has discussions within management as to what the programs should be for each region, district, and office. Some of the programs are:

a. Special enforcement programs – An example of this may be compliance of all flee market vendors, a program I was involved with.
b. High Income non-filers – The IRS would get their information from a match program of w-2′s and 1099′s and match up social security numbers against filed returns
c. Abusive Tax Avoidance – This could be in the area of offshore activities
d. Offshore credit card program
e. National Research programs – Those set forth by management after doing a trends project
f. FBAR filing  – IRS is currently targeting those with overseas bank accounts
g.Non- filers  -  IRS is presently forming a task force to seek non-filers though aggressive means.

b. The IRS makes sure there is balanced coverage  on all tax audits.

The National Office makes sure there is a balanced approach for audit return delivery and tax compliance. Resources and inventory and the size of personnel all go into this formula.

The focus is blended into these areas:

1. Individual returns less than $100,000.
2. Individual returns greater than $100,000 but less than $200,000.
3. Individual returns greater than $ 200,000.
4. Small Business Corporations.
5. Small Business Flow-Through Entities – S Corporations, Fiduciaries and Partnerships.

c. Classification Plan

The IRS will prepare a plan, which is classified. A National DIF score indicator is placed on all Federal Income tax returns that are filed.

Each individual tax return has certain factors that contribute to its score such as Gross Income, Adjusted Gross Income and line item expense.

There are several classified secrets that go into the DIF score. Each tax return is processed through the IRS computer line item by line item.

A DIF score label is placed on every tax return with its DIF number. A tax examiner or Revenue Agent manually eyeballs each and every tax return with a high DIF score.The examiner then determine which return has the highest probability of tax audit success.

d. DIF Cutoff Score

The IRS will calculate the Area DIF cutoff score for each activity code, giving consideration to the selection rate. This is the lowest DIF score necessary to secure the number of returns required for audit. For example, if the return plan shows 225 returns for an activity code and the selection rate is 70%,  the IRS will need to order 321 returns (225/70%).

The DIF Cut off Score is 500. The number of returns with DIF scores greater than 550 is 280, which is less than the number of returns required, so the lowest DIF score on an ordered return will be in the range of 500 to 550 and the DIF cutoff score is 500.

Real Estate Agents – IRS Help, Tax Audit, IRS Settlements

Tax Preparation Services, Company – Pompano, Deerfield Beach, Former IRS      954-492-0088

We are a professional tax firm who  have been preparing tax returns for South Floridians since 1982.

We are comprised of former IRS agents, managers and tax instructors. We can help audit proof your return from the Internal Revenue Service and assure that you are paying the lowest amount of tax allowed by law.

We are affordable, trustworthy and dependable.

Tax Tips Form Fresh Start Tax LLC

Home Office Deduction: a Tax Break for Those Who Work from Home

If you use part of your home for your business, you may qualify to deduct expenses for the business use of your home.

Here are fact to help you determine if you qualify for the home office deduction.

1. Generally, in order to claim a deduction for a home office, you must use a part of your home exclusively and regularly for business purposes. In addition, the part of your home that you use for business purposes must also be:

• your principal place of business, or

• a place where you meet with patients, clients or customers in the normal course of your business, or

• a separate structure not attached to your home. Examples might include a studio, workshop, garage or barn. In this case, the structure does not have to be your principal place of business or a place where you meet patients, clients or customers.

2. You do not have to meet the exclusive use test if you use part of your home to store inventory or product samples.

The exclusive use test also does not apply if you use part of your home as a daycare facility.

3. The home office deduction may include part of certain costs that you paid for having a home. For example, a part of the rent or allowable mortgage interest, real estate taxes and utilities could qualify.

The amount you can deduct usually depends on the percentage of the home used for business.

4. The deduction for some expenses is limited if your gross income from the business use of your home is less than your total business expenses.

5. If you are self-employed, use Form 8829, Expenses for Business Use of Your Home, to figure the amount you can deduct. Report your deduction on Schedule C, Profit or Loss From Business.

6. If you are an employee, you must meet additional rules to claim the deduction. For example, in addition to the above tests, your business use must also be for your employer’s convenience.

Tax Preparation Services, Company – Pompano, Deerfield Beach, Delray Beach – Former IRS

Real Estate Agent, Broker – IRS Tax Levy, IRS Tax Problem – Former IRS    1-866-700-1040

If you are a victim of a IRS Levy, call us today to get an immedaite release.

If you are a real estate agent or real estate the real estate industry and are having any IRS tax problems contact us today for free initial consultation.

The real estate industry has been hit extremely hard with the current economy and we are finding thousands and thousands of real estate agents and brokers having IRS problems. Unable to meet  estimate tax payments or current tax obligations many a real estate agents and brokers are are finding themselves behind the 8 ball.

The money that was commonly used to pay estimated tax payment is being used just to meet necessary living expenses. The real estate industry has been hit as hard as the construction industry and as the result the IRS problems continue to mount.

Do not be bullied by the Internal Revenue Service if you’re going through such a situation. IRS has provisions within its code to let you apply for an economic tax hardship or set up a current payment agreement or even apply for an IRS tax debt settlement called the offer in compromise.

Call us today and we will review your tax options with you and find a current solution for the problem that you are in.

 What is a Tax Levy

A levy is a legal seizure of your property to satisfy a tax debt.

IRS Levies are different from liens.

A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.

If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in.

For instance,

IRS has the ability to seize and sell property that you hold (such as your car, boat, or house), or
IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).

IRS usually levy only after these three requirements are met:

1. IRS assessed the tax and sent you a Notice and Demand for Payment;
2. You neglected or refused to pay the tax; and
3. IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.

IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.

IRS Audit – Trucking Industry – Hire Former IRS Managers/Agents   1-866-700-1040

IRS only Audits 1% of all tax returns.

However, the IRS found a gold mine in auditing those truckers and those in the trucking industry.

The IRS has found especially for truck drivers that they are poor record keepers.

As a result the IRS finds truck drivers easy targets for IRS tax audits. Since many truck drivers are on the road,  many fail to keep accurate records and file current tax returns.

If you’re in the situation and need professional tax help call us today for a no cost professional consultation. We have represented hundreds in this industry.

During an IRS audit you will be required to prove all your expenses.Please know that the IRS already has on their CADE 2 income computers list of all 1099′s and w-2′s from all 3 parties. There are all required report them to the IRS.

If you have lost your records

If you have lost  your records or you have failed to comply with  a IRS tax audit request contact us today and we can file for an IRS reconsideration. We are experts in tax reconstruction. We taught this program to new IRS agents.

If you have unfiled, back or past due returns

If you have not filed multiple year tax returns do not let that keep you from being current with the Internal Revenue Service. We can file all your back tax years and work out a tax settlement for you.

Do not be bullied by the Internal Revenue Service. Being a former IRS agents and managers we know exactly how to help the situations and limit your gap damage in exposure.

Some important information about IRS Audit – Tax examinations

IRS Audit  – Examinations
Enforcement of the tax laws is an integral component of the IRS’s mission.

IRS enforcement activities, such as examination and collection, target elements of
the tax gap and are a high priority for the IRS.
The IRS accepts most Federal tax returns as filed.

However, it examines (or audits) some returns to determine if income, expenses, and credits are being reported accurately.

Some examinations are handled entirely by mail, while others are conducted in a taxpayer’s home, place of business, IRS office, or office of an attorney, accountant, or enrolled agent.

The IRS enforces the tax law in a number of ways.

For individual taxpayers, some of the more common methods may include:

a. sending a notice to a taxpayer because the IRS has an information return
that indicates a taxpayer has income, but has not filed a tax return;

b. rectifying a taxpayer error by using its authority to correct math errors and
related problems on a return, as filed;

c. informing a taxpayer that he/she has a record of income that does not appear on a tax return;

d. conducting an examination by mail (correspondence examination); or

e. conducting a face-to-face audit (field examination

IRS has special Audit Techniques Guides (ATGs) it uses for most industries. You must be familiar with these IRS Audit guides.

These will be basis for your IRS tax audit.

These Audit Techniques Guides (ATGs) help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries.

While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who prepare returns.

ATGs explain industry-specific examination techniques and include common, as well as, unique industry issues, business practices and terminology.

IRS Guidance is also provided on the examination of income, interview techniques and evaluation of evidence. So they may be helpful for business and tax planning purposes.

Call us today to learn more. We are your IRS Trucking Industry IRS Audit experts.

IRS Audit – Trucking Industry – Hire Former IRS Managers/Agents

Trucking Industry – IRS Help – Tax Attorney, Tax Lawyer, Former IRS  1-866-700-1040

We are a professional tax firm that specializes in IRS issues and problems within the Trucking Industry.

With over 60 years with the IRS we can answer any questions you may have.

We are comprised of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents and managers.

If you owe back taxes or need back tax returns filed  call us today to immediately and permanently resolve these issues.

Over 206 years of specialized IRS Problem solving.

Call us for free tax consultation. We have are affordable tax experts.

Questions and answers often asked.

Who is required to file Form 2290 and pay Heavy Highway Vehicle Use Tax?

Anyone who registers a heavy highway motor vehicle in their name with a gross weight of 55,000 pounds or more must file Form 2290 and pay the tax.

Typically, owners of vans, pickup trucks, panel trucks and similar trucks are not required to file Form 2290 or pay tax on these smaller trucks.

Trucks that are used for 5,000 miles or less (7,500 for farm trucks) are also excluded from this tax.

Who is required to e-file Form 2290?

We encourage all 2290 filers to e-file. If you are reporting 25 or more heavy highway motor vehicles for any taxable period, you are required to e-file through an IRS-approved software provider.

Although you will have to pay a small service fee to your software provider or e-file transmitter, e-file offers many advantages. Electronic filing improves tax processing and saves you personal resources, including time and postage.

Why do I need an Employer Identification Number to e-file?

We need to have a system for protecting your privacy and making sure we know the identity of our filers. We use a combination of your EIN and your name as a unique identifier for each taxpayer.

My return was rejected by the Internal Revenue Service because the name control is not valid. What is my name control?

Your name control is assigned at the time the IRS approves your application for an Employer Identification Number. The name control consists of up to four alpha or numeric characters. Before the IRS can validate your electronically filed return, you must provide your name control and it must match what the IRS has in their records.

How do I determine my name control?

When you applied for your EIN you provided the name of your business, which is used to assign your name control and will remain so unless you request a name change. If you did not use a business name and instead used your individual name, your name control will be the first four letters of your last name.

If you applied for your EIN using a business name, the name control is assigned from the first four characters of your business name. There are some special rules. The ampersand (&) and hyphen (-) are the only special characters allowed in the name control. The name control can have fewer, but no more than four characters.

Spaces or blanks are not part of a name control. For example, the name control for Joe Doe Trucking is JOED. The word ”The” at the beginning of your business name is not used in your name control.

For example, The Jane Doe Trucking Company would have a name control of JANE. Blanks may be present only at the end of the name control. Do not include “dba” as part of the name control.

To help determine the name control for Hispanic, Asian and other ethnic surnames, see the Exhibits at the end of Publication 4164, Modernized e-File (MeF) Guide for Software Developers and Transmitters (PDF).

Can I still file my return electronically if I just received my EIN?

Yes, you may file your return electronically. However, you should wait two weeks from the date your EIN was assigned to allow your name control to be established in the IRS computer system.

Your return will be rejected if you try to file your return electronically before your EIN is fully established.

Where can I find an approved e-file provider?

You can find an approved provider for Form 2290 on the 2290 e-file partner’s page. We list approved providers for Form 8849, claim for Refund of Excise Taxes on the 8849 e-file partner’s page. Note: We do not endorse any particular providers and cannot make recommendations.

All listed transmitters and software providers are approved to submit returns to the IRS electronically. Expect transmitters and software providers to charge a small service fee for e-filing your return.

When are my Form 2290 taxes due?

Generally, the annual taxable period begins on July 1 of the current year and ends on June 30 of the following year. For vehicles that are in use at the beginning of the tax period, your 2290 filing deadline is August 31.

Taxes on the full tax period must be filed and paid in advance.

The due date for a partial period return depends on the month you first use your vehicle. If you place an additional taxable truck on the road during any month other than July, you are liable for 2290 taxes on it, but only for the months during which it was in service. You must file Form 2290 for these trucks by the last day of the month following the month the vehicle was first used on public highways.

You can find out when Forms 2290 are supposed to be filed in the table below, When Your Taxes Are Due.

These due date rules apply whether you are paying the tax or reporting the suspension of tax. It is important to file and pay all your 2290 taxes on time to avoid paying interest and penalties.

Tax Preparation Services, Company – Pompano, Deerfield Beach, Former IRS    954-492-0088

Use former IRS agents and managers who worked out of the local South Florida IRS offices to prepare your income tax or business tax returns and assure that you are paying the lowest amount of tax allowed by law.

We can help audit proof your tax return.

Having been trained by the Internal Revenue Service and being former IRS instructors you cannot possibly go to a more competent tax firm. Over 60 years of working for the local IRS.

We have been practicing in South Florida since 1982 and we have an A+ rating by the Better Business Bureau.

Contact us today for a free initial tax consultation.

We are fast, affordable,  and we love to build long-term relationships with all our clients.

Tax tips from Fresh Start Tax

Tax Rules for Children Who Have Investment Income

Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf.

There are special tax rules that affect how parents report a child’s investment income. Some parents can include their child’s investment income on their tax return.

Other children may have to file their own tax return.

Here are facts  about the tax-ability of your child’s investment income.

1. Investment income normally includes interest, dividends, capital gains and other unearned income, such as from a trust.

2. Special rules apply if your child’s total investment income is more than $1,900. The parent’s tax rate may apply to part of that income instead of the child’s tax rate.

3. If your child’s total interest and dividend income is less than $9,500, you may be able to include the income on your tax return. See Form 8814, Parents’ Election to Report Child’s Interest and Dividends. If you make this choice, the child does not file a return.

4. Your child must file their own tax return if they received investment income of $9,500 or more. File Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, with the child’s federal tax return.

IRS Audit – Ft.Lauderdale, Miami, West Palm  – Former Local IRS Agents  954-492-0088

IRS audits 1.1% of all personal income tax returns. If you won the IRS audit lottery you should never go into IRS unrepresented for an IRS audit. As a former IRS agent seeking good professional tax  will in the long run save you aggravation, grief, stress and keep money in your pocket in the long run.

If you have received an IRS letter or notice that you are going to undergo an IRS tax audit is in your best interest to call former IRS agents and managers who know all of the protocols, techniques and tax defenses to best defend your tax return that is undergoing an IRS tax audit.

We have represented thousands of clients before Internal Revenue Service and we have worked out of the local South Florida offices for over 60 years. We have also worked on the district and regional offices as managers and instructors.

Call our offices today and we will give you a free tax consultation and go over your IRS tax audit options.

Reasons why IRS selected your tax return for an IRS audit

1. High income.

If your income is $200,000.00 and over; the audit rate will be one-in-twenty seven of being audited. If your income is $1,000,000.00 or more, the audit rate will be one-in-eight of being audited.  This is just a fact of life.

2. Failing to report all of your taxable income.

The IRS receives copies of all 1099′s, W-2′s, W-2G’s and K-1′s that you receive.  If the income from the 1099′s, W-2′s, W2G’s and K-1′s are not shown on the tax return, the tax return will be audited.

3. Deducting the home office deduction.

The space used in your home must be used “exclusively and regularly” as your principal place of business. “Exclusive use” means that a specific area of the home is used only for trade or business.  If you can prove the home office deduction, then take it.  If you can’t prove it, don’t take it.

4. Deducting large charitable contributions.

If your charitable deductions are large compared with your income, the return will be audited. The IRS is aware of what the average charitable donation is for a given income level.  If you have donated and deducted a conservation easement to a charity, chances are good that you will be audited.

5. Deducting rental losses.

Normally, the passive loss rules prevent rental losses from being deducted.  There are two exceptions, if you actively participate in the renting of your property, you can deduct up to $25,000.00 of the loss against your other income; but this $25,000.00 limitation phases out as adjusted gross income exceeds $100,000.00.  The second exception applies to real estate professionals who spend more that 50% of their working hours and 750 or more hours each year materially participating in reals as a developer, broker, landlord or the like.  The IRS will be requesting that you prove the required hours, especially if are a full time employee.

6. Deducting business meals, travel and entertainment.

The IRS has specific record keeping requirements for these type of deductions. The IRS is aware that many taxpayers overstate these type of deductions.

7. Deducting losses from a hobby activity.

If you treat your favorite hobby as a business on your tax return with a net loss, you have a good chance of being audited.  If you are audited, you will need to prove that your activity is a profit making activity and not a costly hobby.  So make sure that you run your activity in a businesslike manner and can substantiate your expenses with supporting documents.

8. Running a cash business.

If you are in a cash-intensive business, like taxis, car washes, bars , hair salons, restaurants, you will be audited.  The IRS is aware that individuals who primarily receive cash, don’t report all of their taxable income.  The IRS has various audit techniques to determine unreported cash income.

9. Failing to report a foreign bank account.

If you fail to report a foreign bank, you will be assessed large penalties.  If you have any signature authority over a foreign bank account, you will need to consult with a tax professional to determine the correct reporting requirements for that account.

10. Engaging in currency transactions.

If you are engaged in cash transactions in excess of $10,000.00, the IRS will receive reports of these transactions from the financial institutions. Further, if you engage in suspicious cash activities, the IRS will receive a “suspicious-activity report” from the various financial institutions.  These transactions usually indicate that the the taxpayer is trying to hide income from the IRS. Try to avoid these type of transactions.

IRS Audit – Ft.Lauderdale, Miami – Former IRS Agents, Managers – Tax Audit Defense

Trucking Industry – Anything IRS Problem Related -Professional Tax Firm – Experts   1-866-700-1040

We are a professional tax firm that specialize in the trucking industry and any IRS issues, tax problems or tax situations you may have.

With over 60 years of direct IRS work experience in the local, district, and regional offices of the Internal Revenue Service we understand all the formats, protocol, and every available tax solution to fix any IRS or state tax issue, problems you have.

All work is done in house.

We have over 206 years professional tax experience and are comprised of tax attorneys, certified public accountants, and former IRS agents managers and instructors.

Contact us today for a free tax consultation and find out the truth about your case.

We are affordable and A+ rated by the Better Business Bureau. We have been practicing in private industry since 1982.

Tax Tips for the Trucking Industry

Good Record keeping
A good record keeping system can actually help you save money. Find out what kinds of records you should keep and learn how to create a record keeping system for your business. We have specialized forms for the Trucking Industry.

Cash vs. Accrual Accounting
There are two forms of accounting used by the small business – cash and accrual.

The best method for your company depends on a variety of factors which include the nature of your business, its legal business structure, and whether or not you extend credit.When we prepare back tax returns will will review your best course of action.

If you receive a IRS Notice or Bill

You must respond!
Receiving a notice from the IRS can be unnerving but you must respond to the given dates or you force the hand of the IRS. If a final notice is ever sent by the IRS and you do not respond IRS will follow up with liens and levies.

Haven’t Filed a Tax Return? Here’s What to Do

Simply give us your social security number and we will pull all of your past income records with the Internal Revenue Service. From there we can reconstruct your tax return for you. We are tax experts and reconstruction so do not be worried if you have not filed your back tax returns. It is very important that you get current on your tax filings so you find IRS before they find you.

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 Net Radio.com – Monthly Radio Show-Business Weekly

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