Dealing With IRS Tax Debt + Your Available Options + Former IRS Speaks

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Michael Sullivan Fresh Start Tax Expert

 

 

There are different Solutions to resolve Back IRS Problems if you owe back taxes, Since 1982, Former IRS Agents who Know the System.

 

Our firm will review with you the various options to help, get rid of, relieve or eliminate you of your current IRS tax debt in obligation.There are multiple solutions.

We will walk through all the programs to see what programs you qualify. Since 1982, Former IRS.

We are an affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.

If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.

We have over 95 years of direct IRS work experience. FST IRS Experience:

We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS experts in the area of IRS tax settlement services.

 

How does IRS dispose of Tax Debt Cases

 

The 5 basic ways or programs for IRS Tax Debt.

 

1. By Payment in full,

2.By Monthly Payments,

3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)

4. By statue expiration. (this is how your completely eliminate the tax debt)

5. For those who cannot pay their debt IRS has a non-collectible or hardship program.

 

Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.

The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.

Your current documented financial statement determines all.

IRS uses a very simple formula to determine their settlement process.

It is all about your assets and your income and your current necessary living expenses.There is a very specific formula.

IRS only allows certain expenses that are considered necessary living expenses.

There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.

A simple review of your current financial statement and we can let you know the different programs you may be eligible for.

You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.

It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.

 

IRS has a very specific formula that they use to compute the offer in compromise.

 

The only way you can pay less tax is through the offer in compromise program.There is also an IRS pre-qualifier form.

I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information

All your tax returns will have to be filed before IRS will work your offer in compromise.

If you need help with your tax preparation call us and we can have a staff of experts accountants and tax preparers complete all returns with or without records.

Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.
Beware of IRS tax settlement services companies.

We have been in this industry a long time there are many good companies in as many bad tax settlement service companies. For you to evaluate in IRS tax settlement service company you must ask to speak directly to the person who will be working your case.

Generally, when you call a tax services company, you are speaking to what is called a closer. That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.

When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement.

All IRS tax settlement service firms and companies are different.Check out the BBB rating and make sure you have a true tax professional working your case.

I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.

Other ways to Resolve Back IRS Taxes Debt or tax problems:

 

As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.

We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are placed into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.

With these programs you will not pay less tax. These programs are designed to keep IRS off your back.

The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.

If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.

At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.

Keep in mind this is a national average in your case is completely dependent on your individual financial statement.

We will not file for an offer in compromise unless you are a true candidate for the program.

There is a pre qualifer tool to find out if you are a settlement candidate for income or business tax debt.

Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.

Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.

Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.

There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.

There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.

Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt. At our firm we will take no clients money until we are no they are a true candidate for the settlement program.

There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlements.

 

The Offer in Compromise + The New Fresh Start Tax Initiative

 

If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.

The IRS spends a lot of due diligence before they accept an offer in compromise.

It is possible for the IRS to spend over 20-40 hours working an offer in compromise.

IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.

You want to make sure you are accurate and truthful on your financial statement.

The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.

The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.

One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.

One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.

Below you will find out what you need to know about the offer in compromise program.

The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.

This new policy does not apply to current year tax returns if there is a valid extension on file.

When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:

• Ability to pay;

• Income;

• Expenses; and

• Asset equity.

IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.

Right now that is appox. 9 months

Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.

Before IRS can consider your offer, you must be current with all filing and payment requirements.

You are not eligible if you are in an open bankruptcy proceeding.

Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.

Submit your offer in compromise to settle your tax debt on back IRS taxes.

You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:

• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;

• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;

• $186 application fee (non-refundable); and

• Initial payment (non-refundable) for each Form 656.

Select a payment option on an IRS offer settlement
Your initial payment will vary based on your offer and the payment option you choose:

• Lump Sum Cash:

Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.

• Periodic Payment:(most common)

Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.

If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.

Understand the process to settle your tax debt on an IRS settlement offer to pay less tax

 

While your offer to pay less taxes is being evaluated:

• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);

• A Notice of Federal Tax Lien may be filed;

• Other collection activities are suspended;

• The legal assessment and collection period is extended;

• Make all required payments associated with your offer;

• You are not required to make payments on an existing installment agreement; and

• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.

Call us today for free initial tax consultation and speak to a true IRS tax expert who will walk you through the process of how to negotiate with IRS over back taxes and see if you qualify to pay less taxes for an IRS tax settlement.

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Different Ways to STOP Your IRS Tax Problems + Ft.Lauderdale, Miami, West Palm Beach

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  There are different Ways to Solve Back IRS Problems if you owe back taxes, Since 1982, Former IRS Agents who Know the System. Get Free Advice.   We will review with you the various options to help, get rid of, relieve or eliminate you of your current IRS tax debt in obligation. We will walk through all the programs to see what programs you qualify. Since 1982, Former IRS. We are an affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service. If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation. We are an affordable IRS settlement tax firm. It only takes one free Tax Consult. We have over 95 years of direct IRS work experience. FST IRS Experience: We have worked out … Continue reading

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Itemize or Taking the Standard Deduction + What You Need to Know

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  Itemize or Choose the Standard Deduction   Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money by figuring taxes both ways.   Tips to help taxpayers decide:   1. Use IRS Free File. Most taxpayers qualify to use free, brand-name software to prepare and file their federal tax returns electronically. IRS Free File is the easiest way to file. Free File software helps taxpayers determine if they should itemize. It files the right tax forms based on the answers the taxpayer provides. Free File software does the math and allows the user to e-file the tax return – for free. Taxpayers can check on other e-file options if they can’t use Free File. 2. Figure Your Itemized Deductions. Taxpayers need to add up deductible expenses they paid during the year. These may include expenses such as: • Home mortgage interest • State and local income taxes or sales taxes (but not both) • Real … Continue reading

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Capital Gains and Losses + What You Need To Know + Former IRS

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  Capital Gains and Losses –  Helpful Facts to Know   When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are Facts that taxpayers should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as a home or a car. It also includes investment property, like stocks and bonds. 2. Gains and Losses. A capital gain or loss is the difference between the basis and the amount the seller gets when they sell an asset. The basis is usually what the seller paid for the asset. For details about inherited property, see IRS Publication 544, IRS Publication 550 and IRS Publication 551. 3. Net Investment Income Tax. Taxpayers must include all capital gains in their income. Capital gains may be subject to the Net Investment Income Tax if the taxpayer’s income is above certain amounts. The rate of this tax is 3.8 percent. For details, visit IRS.gov. 4. Deductible … Continue reading

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Learn Signs of Identity Theft + What You Need to Know

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    Learn Signs of Identity Theft No matter how careful you are, identity thieves may be able to steal your personal information. If this happens, thieves try to turn that data quickly into cash by filing fraudulent tax returns. The IRS, state tax agencies and the nation’s tax industry ask for your help in their effort to combat identity theft and fraudulent returns. Working in partnership with you, we can make a difference. That’s why we launched a public awareness campaign called “Taxes. Security. Together.” We’ve also started a new series of security awareness tips that can help protect you from cybercriminals.   Here are a few signs that you may be a victim of tax-related identity theft: 1. Your attempt to file your tax return electronically is rejected. You get a message saying a return with a duplicate Social Security number has been filed. First, check to make sure you did not transpose any numbers. Also, make sure one of your dependents, for example, your college-age child, did not file a tax return and claim themselves. If your … Continue reading

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Child Tax Credit + Reduce Your Tax Debt +What You Need To Know

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Five Things to Know About the Child Tax Credit The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit:   1. Qualifications. For the Child Tax Credit, a qualifying child must pass several tests: • Age. The child must have been under age 17 on Dec. 31, 2016. • Relationship. The child must be the taxpayer’s son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half-brother or half-sister. The child may be a descendant of any of these individuals. A qualifying child could also include grandchildren, nieces or nephews. Taxpayers would always treat an adopted child as their own child. An adopted child includes a child lawfully placed with them for legal adoption. • Support. The child must have not provided more than half of their own support for the year. • Dependent. The child must be a dependent that a taxpayer claims on their federal tax return. … Continue reading

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New IRS Scams 2017 + What You Need To Know + Important

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  Dangerous W-2 Phishing Scam Evolving: 1.Targeting Schools, 2.Restaurants, 3.Hospitals, 4.Tribal Groups and Others   The Internal Revenue Service, state tax agencies and the tax industry issued an urgent alert today to all employers that the Form W-2 email phishing scam has evolved beyond the corporate world and is spreading to other sectors, including school districts, tribal organizations and nonprofits. In a related development, the W-2 scammers are coupling their efforts to steal employee W-2 information with an older scheme on wire transfers that is victimizing some organizations twice. “This is one of the most dangerous email phishing scams we’ve seen in a long time. It can result in the large-scale theft of sensitive data that criminals can use to commit various crimes, including filing fraudulent tax returns. We need everyone’s help to turn the tide against this scheme,’’ said IRS Commissioner John Koskinen. When employers report W-2 thefts immediately to the IRS, the agency can take steps to help protect employees from tax-related identity theft. The IRS, state tax agencies and the tax industry, working together as the Security … Continue reading

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Fresh Start Tax LLC + Review + See BBB A+ Rating

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  Original Review:   My initial problem lies in a potential IRS tax lien in the total amount of $33,000. I had no idea that I would ever have this kind of problem and after some thought decided that I was going to need professional help. I tend to be procrastinator and had put this off for some time so that when I finally emailed Fresh Start Tax I had put it off until it was almost too late. I was contacted by at the beginning of October of 2016 by Fresh Start Tax and at that time the IRS was leaving me with little time to get things fixed. The people at Fresh Start Tax were positive that they could help me get things straightened out. Although I was really short on funds they were great about working with me to get things done without costing more than I could afford. They even offered me payment options that I never would have thought this kind of a company would have offered. Within one months time they were able to … Continue reading

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Choosing Your Correct IRS Filing Status + What You Need to Know

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  Choosing the Correct IRS Filing Status   When taxpayers file their tax return, it’s important they use the right filing status because it can affect the amount of tax they owe for the year. It may even determine if they must file a tax return at all. Taxpayers should keep in mind that their marital status on Dec. 31 is their status for the whole year. Sometimes more than one filing status may apply to taxpayers. When that happens, taxpayers should choose the one that allows them to pay the least amount of tax. When filing their tax return, taxpayers have IRS e-file as the easiest and most accurate way to file. Its tax software helps them choose the right filing status. Most people can use tax software and e-file for free with IRS Free File. This is a free service only available on the IRS website. Visit IRS.gov and click “Free File” on the home page. Here’s a list of the five filing statuses: 1. Single. Normally this status is for taxpayers who aren’t married, or who are … Continue reading

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IRS Exemptions and IRS Dependents Can Reduce Taxable Income + What you Need To Know

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  Exemptions and Dependents Can Reduce Taxable Income   Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2016 tax return. Here are  key points to keep in mind on dependents and exemptions: 1. Personal Exemptions. Taxpayers can usually claim exemptions for themselves and their spouses on a jointly filed tax return. For married taxpayers filing separate returns, an exemption can only be claimed for a spouse if that spouse: • Had no gross income, • Is not filing a tax return, and • Was not the dependent of another taxpayer. 2. Exemptions for Dependents. A dependent is either a child or a relative who meets a set of tests. Taxpayers can normally claim dependents as exemptions. List a Social Security number for each dependent. For more on these rules, see IRS Publication 501, Exemptions, Standard Deduction and Filing Information. 3. No Exemption on Dependent’s Return. If a … Continue reading

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