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www.powertaxconsultants.com |
585
Stewart Avenue, Suite 301, Garden City, NY 11530 |
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Tax Services
Tax Services
Personal Tax Services
1040 Individual Tax Preparation
- File form 1040 EZ
- File form 1040A
- File form 1040 (The long form)
Business Tax Services
- Become Incorporated
- Schedule C/SE Unincorporated business return
- Schedule 1120 - C Corporation
- Schedule 1120 S - S Corporation and related K-1
Schedules
- Schedule
1065 - Partnerships and LLCs and related K-1 Schedules
- Book Keeping - Profit & Loss Statements, Balance
sheets, etc.
Estate/Gift Tax Services
- File form 1041 - Income tax return for Estates and
Trusts
- File form 706
- Estate Tax Return
- File form 709 - Gift Tax Return
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Advanced or Estate Planning: Protecting your estate may be a big concern or perhaps an analysis is required to see if estate
planning should be a concern. We have the tools necessary to evaluate estate tax consequences with the current laws that are place. There may be products
and services that can also address these concerns.
Offshore Foreign Accounts
The IRS
Offshore Bank Account Crackdown
What you need to know if you have undisclosed accounts
overseas
The IRS has the ability to tax all US persons on income made
anywhere around the world. Right now, the political climate is hostile
towards those who have not reported all their worldwide income. The IRS has
been given powerful tools and a large budget to crack down on taxpayers who
have not reported all their income overseas.
For collection tools, the
IRS has a new mandatory reporting requirement in addition to the FBAR, Form
8938. In order to evade detection, one will have to file a fraudulent tax
return. Additionally, even banks located in the Middle East and Hong Kong are
now complying with FACTA --- reporting bank account information straight to
the IRS. And for those who opened an account with the foreign passport, the
IRS is well aware of this tactic and claims FATCA is designed to detect such
clandestine activity.
For enforcement tools, by the end of 2013, the IRS
will have hired 900 new auditors with a focus on international compliance.
The IRS believes that the vast majority of foreign account holders is in the
Tri-state area and is in the process of a new Offshore Super Center for this
purpose. The IRS also is using its Criminal Division to go after the most
significant cases. But the real threat for even the oldest account holders is a
Civil Audit. Which thanks to an incredible aggressive FBAR penalties, an
auditor will be able to impose penalties well in excess of the entire net
worth of a taxpayer --- even for modest non-compliance as the Penalty is
based on the accounts values, not the taxes evaded.
For those who want to
end this nightmare, the IRS is continuing its 2012 Offshore Voluntary
Disclosure Initiative. To give taxpayers a chance to end their worries about
getting caught and either paying an agreed upon penalty of 27.5% of the highest
account (for those who engaged in completely intentional evasion) or argue
for a much smaller penalty by explaining there was some partial ignorance or
innocence or confusions to the non-compliance. In either case, taxpayers are
advised to come clean as the IRS has invested billions into this Offshore
Compliance detection and claims it will not stop.
For updates to the IRS'
crackdown and updated regarding foreign account reporting, visit the IRS OVDI
blog
here.
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