Tax Levy, Tax Audit, Tax Debt Settlement, Back Tax Returns, Affordable IRS Taxes Help – Neptune Beach, Mascotte, Midway, Minneola, Mulberry

April 22, 2014
Written by: Fresh Start Tax
Fresh Start Tax

 

Our former IRS agents worked out of the Florida IRS offices in know the systems. We get it done.

If you are looking  for professional tax help contact us today for a free initial tax consultation and speak directly to tax attorneys, tax lawyers, CPAs, and former IRS agents.

All initial tax consultations are free. We can offer you a plan of resolution to affordably resolve your IRS tax problem and situation.

Our firm has over 206 years of professional tax experience in over 60 years of working directly for Florida’s IRS offices.

We are A+ rated by the Better Business Bureau.

 

Tax Levy

Internal Revenue Service sends out close to 2 million tax levies each year on bank accounts and on wages yearly.

You’ll need to complete an IRS financial statement form 433-F have it completely documented including bank statements and pay stubs as well copy of all monthly expenses.

With that in our FST hand, we can get an IRS levy release for you generally within 24 hours. You will need to have all your tax returns filed current and up-to-date.

 

IRS tax audit.

If you ever received that dreadful letter from the Internal Revenue Service you really have some bad luck is IRS audits less than 1% of all taxpayers.

It is a very important you have a tax audit defense strategy in place.

When you call our office you will speak directly to a former IRS audit or audit manager to offer you the best possible tax defense and to limit any potential IRS damage.

 

Back Tax Returns

If you need a file back tax returns simply call us and we can file back your tax returns with little or no records.

Most taxpayers who have not filed for many years are afraid to come forward and file.

We can assure you that we can get you back in the system painless and worry free.

 

Tax Debt Settlement

An IRS tax debt settlement is called an offer in compromise. You may as, what is an offer compromise? read the following.

The Internal Revenue Service has another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially distressed taxpayers to clear up their tax problems and in many cases more quickly than in the past.

“This phase of Fresh Start will assist some taxpayers who have faced the most financial hardship in recent years,” said IRS Commissioner Doug Shulman.

“It is part of our multiyear effort to help taxpayers who are struggling to make ends meet.”

In certain circumstances, the changes announced today include:

 

  • Revising the calculation for the taxpayer’s future income.
  • Allowing taxpayers to repay their student loans.
  • Allowing taxpayers to pay state and local delinquent taxes.
  • Expanding the Allowable Living Expense allowance category and amount.

 

In general, an OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.

An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or a through payment agreement.

The IRS looks at the taxpayer’s income and assets to make a determination of the taxpayer’s reasonable collection potential. OICs are subject to acceptance on legal requirements.

The IRS recognizes that many taxpayers are still struggling to pay their bills so the agency has been working to put in place common-sense changes to the OIC program to more closely reflect real-world situations.

When the IRS calculates a taxpayer’s reasonable collection potential, it will now look at only one year of future income for offers paid in five or fewer months, down from four years, and two years of future income for offers paid in six to 24 months, down from five years.

All offers must be fully paid within 24 months of the date the offer is accepted. The Form 656-B, Offer in Compromise Booklet, and Form 656, Offer in Compromise, has been revised to reflect the changes.

Other changes to the program include narrowed parameters and clarification of when a dissipated asset will be included in the calculation of reasonable collection potential. In addition, equity in income producing assets generally will not be included in the calculation of reasonable collection potential for on-going businesses.

Allowable Living Expenses

The Allowable Living Expense standards are used in cases requiring financial analysis to determine a taxpayer’s ability to pay. The standard allowances provide consistency and fairness in collection determinations by incorporating average expenditures for basic necessities for citizens in similar geographic areas. These standards are used when evaluating installment agreement and offer in compromise requests.

The National Standard miscellaneous allowance has been expanded to include additional items. Taxpayers can use the miscellaneous allowance for expenses such as credit card payments and bank fees and charges.

Guidance has also been clarified to allow payments for loans guaranteed by the federal government for the taxpayer’s post-high school education.

In addition, payments for delinquent state and local taxes may be allowed based on percentage basis of tax owed to the state and IRS.

This is another in a series of steps to help struggling taxpayers under the Fresh Start initiative.

Call us today to learn more about the offer in compromise your tax debt settlement program.

 

Tax Levy, Tax Audit, Tax Debt Settlement, Back Tax Returns, Affordable,IRS Taxes Help, – Neptune Beach, Mascotte, Midway, Minneola, Mulberry,

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