Owe 401k or IRS Taxes = Let Former IRS Agents Resolve Your Problem, Since 1982.
We can help if you owe IRS taxes on a 401k or IRS distribution – Call us today at to speak with a tax professional.
Millions of individuals have taken distributions from their 401k and IRA or have liquidated their pension plan just to stay afloat in this troubled economy and will owe the IRS back taxes on their withdrawal.
There will be a record number of such individuals because of the economy, loss of jobs and business closures. Once a tax return is filed showing a balance due, within six weeks, the IRS will start sending out tax notices asking for payment in full.
Each individual will have to take the next step to deal with their situation.
The action that the IRS will take:
IRS will send out a first notice or tax bill, a second notice, then a Final Notice of Intent to Levy. This process will take about 90 days;
30 days after the letter of Final Notice of Intent to Levy, IRS will start taking enforcement action;
IRS will send out a Federal Tax Levy to third parties such as your bank or a wage garnishment to your employer;
IRS will also file a Federal Tax Lien which will show on your credit report;
IRS will continue to take enforced collection action until you contact them, settle and close your case.
This is what you need to do after the IRS contacts you
Be prepared to have an exit strategy;
Be prepared to contact the IRS with a completed Collection Information Statement and all documents supporting the Collection Information Statement;
Make sure you are current with all your taxes and all tax returns have been filed;
Be prepared to settle your case with an Offer in Compromise, Installment Agreement, or be placed in a Hardship Status.
We can help if you owe IRS taxes on a 401k or IRA distribution – Call us today at to speak with a tax professional.
IRS has ways to make this easy if you know how the system can work for you
The IRS must close your case off of their Collection Computer System. Once IRS secures a completed and documented Collection Information Statement (433A or 433F) from the taxpayer, they will close your case usually in one of three ways:
IRS will accept an Offer In Compromise to settle your back tax bill. The Offer In Compromise Program has been set up for individuals who need to settle their tax bill once and for all. The Offer In Compromise Program is not a simple process and only 11,000 Offers In Compromise were accepted last year. It is thought that 90% of all accepted Offers In Compromise are settled by tax professionals. Offers In Compromise should not be negotiated by the taxpayer themselves because of a lack of knowledge and the “digging into areas” the IRS will do when working these cases. Skill and expertise is needed when filing an Offer In Compromise. There are four different types of offers available and most individuals need to know which one their case naturally fits into.
IRS can and will accept an Installment Agreement or payment plan on the back taxes owed. IRS has a National Standards Test it uses to determine which payment plan works for your current financial state of affairs. The National Standards Test can be found online by going to www.IRS.gov and search National Standards. There are many professional tricks and skills that can be used to set up the lowest possible payment plan.
IRS can place your case in a Hardship Status. IRS will take a a completed and documented Information Collection Statement and by using the National Standards Test can place your case in a Noncollectable Status, What this means is at the present time, you do not have the ability to pay the tax in full and you prefer to have your cased worked at a later time. The IRS uses the National Standard Test and full documentation of the Collection Information Statement to make their decision. Penalties and interest will continue to accrue.
Why would you hire Fresh Start Tax
Fresh Start Tax knows all the loopholes and nuisances to get you the best deal;
Fresh Start Tax has professionals that have worked at IRS and know the programs inside and out;
Fresh Start Tax gets you your settlement fast and economically;
Fresh Start Tax is one of the the most reliable and honest company in the business today;
“I just cannot afford to pay IRS anything right now, we have no money, we are afraid will will lose everything”. Call and speak to a Fresh Start Tax Professional.
Disclaimer: No Rendering of Advice - The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional accountant.
Presentation of the information via the Internet is not intended
to create, and receipt does not constitute, an accountant-client relationship. Internet subscribers, users and online readers are advised not to act upon this
information without seeking the service of a professional accountant.
Any U.S. federal tax advice contained in this website is not intended to be used for
the purpose of avoiding penalties under U.S. federal tax law.
Accuracy of Information - While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information
contained in or made available through this website is accurate, complete, reliable, current or error-free.
We assume no liability or responsibility for any
errors or omissions in the content of this website or such other materials or communications. Call Fresh Start Tax at 954-492-0088.
Disclaimer of Warranties and Limitations of Liability - This website is provided on an "as is" and "as available" basis. Use of this website is at your own risk.
We and our suppliers disclaim all warranties. Neither we nor our suppliers shall be liable for any damages of any kind with the use of this website.
Links to Third Party Websites - For your convenience, this website may contain hyperlinks to websites and servers maintained by third parties. We do not
control, evaluate, endorse or guarantee content found in those sites. We do not assume any responsibility or liability for the actions, products, services and
content of these sites or the parties that operate them. Your use of such sites is entirely at your own risk.
Frank Andreacchi, Ed Vecchio and Scott Szaro are no longer with the company and are pictured on our site.
*Mr. Sullivan has been in private practice since 1982 in South Florida which gave roots to Fresh Start Tax LLC. The firm began as Sullivan & Powell PA and through the years transitioned to its now current form.