by Fresh Start Tax | May 7, 2012 | Tax Help, Uncategorized
If you are need a Offer in Compromise/Tax Debt Settlement you may first want to see if you qualify for the Offer in Compromise Program/ Tax Debt Settlement before running off and filing to settle your back taxes.
Most taxpayers simply do not qualify for the Offer Program and get ripped off from tax resolution companies claiming they have high success rates and these back taxes. 12,000 Offer cases are accepted by the IRS last year and over 58,000 were filed. My guess thousands of taxpayers were ripped off into the filing of Offers in Compromise that never had a chance.
I recommend qualifying your case with Fresh Start Tax LLC, a tax company who knows the system. Save yourself time and a lot of money.
Call us today for a free tax consult and hear more. 1-866-700-1040
We are IRS Tax Experts and know the Offer in Compromise Program like the back of our hand.
This that said, we have never seen the Offer in Compromise Program so backed up, it is a huge mess.
The Offer in Compromise cases are just sitting in piles being unattended to because of the large volume of cases that the IRS has received.
The combined impact of a weak economy and efforts by the Internal Revenue Service (IRS) to promote the Offer in Compromise (OIC) Program has increased the number of requested offers by 28 percent between Fiscal Year 2007 and FY 2011.
At the very same time sadly, the IRS resources available to work the offers in compromise have decreased, creating a huge inventory.
These are the findings of a report publicly released by the Treasury Inspector General for Tax Administration (TIGTA).
An tax settlement program called the Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS to settle a tax liability for payment of less than the full amount owed.
TIGTA’s audit was initiated to assess the effectiveness of the OIC Program to timely process requests, consistently apply OIC guidelines, accurately measure Program results, and effectively promote the Program.
TIGTA reviewed a statistically valid sample of offers and found that the IRS did not process all offers timely.
In 73 (74 percent) of 99 offers, the IRS failed to contact the taxpayer by the promised date. The report estimates that 9,509 taxpayers who submitted offers between July 1 and December 31, 2010, may not have been contacted when promised. A promised date, will never happen.
Additionally, as of October 25, 2011, there were 7,472 unassigned offers in holding ( WOW )queues awaiting assignment to OIC staff.
TIGTA found that one processing site had more than four times as many unassigned offers from self-employed taxpayers compared with the other site, and 37 percent of those offers were more than six months old.
TIGTA auditors also determined that an incorrect date was used when offers were returned to the IRS because of some IRS processing errors. The report estimates that the wrong date may have been used for 712 taxpayers who submitted offers between July 1, 2010, and December 31, 2010. Finally, the IRS does not have formal performance measures for the streamlined offer process, which allows IRS employees to make taxpayer contact by telephone rather than by mail so they can quickly make a determination on an OIC request.
TIGTA recommended that the IRS revise OIC processing procedures, train employees, and add a formal performance measure for the streamlined offers or apply the streamlined process to all offers.
IRS officials agreed with TIGTA’s recommendations and the report’s outcome measures and plan to take appropriate corrective actions. Specifically, the IRS plans to:
1) try to better inform taxpayers by lengthening the time by which they will be contacted or issued an interim letter,
2) initiate reassignment of offers between IRS sites as needed, and
3) apply most aspects of the streamlined process to the remainder of the OIC cases.
If you need to hear the truth about Offers in Compromise, Tax Debt Settlement call us today.
We have on staff, Tax Attorneys, CPA’s and Former IRS agents.
by Fresh Start Tax | May 4, 2012 | Back Taxes, IRS Notice or Letter, IRS Tax Debt, IRS Tax Problem, Representation, Tax Help, Tax Settlements
IRS Letter/Notice 1058 – Former IRS Agents – Insider Tips – Tax Relief on Back Taxes
Have Former IRS agents stop IRS today. Over 60 years with the IRS in the local, district and regional offices of the IRS.
Free tax consults 1-866-700-1040.
Have Former IRS Agents and Managers stop the IRS with the filing of a Collection Due Process, Right to Hearing and get you the time and settlement you need to go on with your life.
Stop the back tax problem with one phone call from a team member of Fresh Start Tax LLC. call 1-866-700-1040.
You can speak directly to the tax professionals handling your case.
We have worked and closed thousands of cases, IRS Letter/Notice 1058 since 1982. We are “A” rated by the BBB.
Call us for a free tax consult with a true tax professional. You will either speak to a Board Certified Tax Attorney, CPA or Former IRS Agents.
If you have just received a IRS Letter 1058 or LT- 11 this is a Final Notice from the Internal Revenue Service usually sent by certified mail. This Final Notice lets you know that you have not addressed your back taxes.
If you do not respond to this Letter/Notice 1058 the Internal Revenue Service has definitive plans to send out a bank levy, a wage levy sometimes called a wage garnishment and will probably file a Federal Tax Lien within 30 days from the date shown on the letter. You can stop this action by calling the IRS with a plan of action.
IRS will always send out a CP 504 letter/notice before the filing of the last and Final Notice, Form 1058 Collection due Process, Right to a Hearing Notice.
What to do when you receive this letter.
The first thing you always do is to take note of the final date allowed to contact the IRS.
You can either pay the balance you owe on your back taxes, or contact the IRS using the phone number on the notice to setup an IRS Installment Agreement, Payment Plan or have ask to have your case put into a tax hardship.
You will be required to fill out a form 433F which is a detailed IRS financial statement before IRS decides on how your tax case on your back taxes will be closed.
If you disagree with the Notice/Letter 1058 and you believe the notice is incorrect, you have the right to an appeal hearing. If you have sent prior letters those do not constitute a formal appeal.You must do so within your notice of appeal dates only.
Insider Tax Tips:
1. Always have a third party review your financial statement to make sure it makes sense before giving it to the Internal Revenue Service,
2. Make sure all your tax returns are filed before calling the IRS,
3. Make sure you have enough withholding being taken out or your ES payments are up to date.
4. If you are going to hire any firm make sure you use Former IRS Agents who know how the system works,
5. Be sure not to be ripped off. Check the BBB rating of any and all companies you may want to consider.
by Fresh Start Tax | May 4, 2012 | Back Taxes, IRS Payment Plans, IRS Tax Problem, Tax Levy and Wage Garnishments
IRS Tax Levy, IRS Tax Lien – Get IMMEDIATE TAX RELIEF – Former IRS Agents, Managers – Affordable 1-866-700-1040
The way to get the tax help you need is to hire Former IRS Agents and Managers that have of 60 years of direct IRS experience in the field, in management and as teaching Instructors with the IRS.
We can get your situation resolved immediate and get permanent tax relief on your back taxes.
We have released thousands of tax levies and tax liens since we have been in practice.We are “A: rated by the BBB and our firm has a total of 205 years of professional tax experience.
Chose one of the most trusted tax firms in the industry, we are without complaint.
Call us for a free tax consultation. 1-866-700-1040
Many of our clients and taxpayers and seem to get confused regarding a tax levy and a tax lien.
The term “IRS Tax Levy” is used to describe a collection method the IRS employs to collect back taxes from taxpayers.
Tax levies actually redirect funds to the IRS as a repayment of a past due tax debt
.
Different type of tax levies:
1. Wage garnishments – 668W – actually fall under the levy heading.
Wage garnishments redirect a very large portion, usually about 90% of your wages.Once you call the IRS with a valid document financial statement and all your returns are current and up to date IRS will release the tax levy ( wage garnishment ) with some sort of tax debt settlement. Most cases close with a part payment agreement or installment plan.
2.Bank Levy ( levies ) 688A are one-time events.
The IRS freezes assets in a bank account up to the amount owed plus interest for 21 days then takes those funds to repay your tax debt. There is a 21 day grace period. The 21 day grace period allows you to call the IRS and take care of the matter. Most tax levies are released within that 21 days.
IRS also has the option to make property seizures in extreme cases. This could be a car, a boat, RV, jewelry, art work, even a house or a residence. Again, this is not common and usually only used in extreme cases of tax abuse or large dollar cases.
IRS must send out sufficient notices before IRS decides to levy. IRS is required to send you form 1058 which is a right to a hearing which you have the opportunity to file a Collection Due Process and have a right to a hearing.It is always best to hire a tax professional to defend these issues.
At Fresh Start Tax LLC we have on staff Former IRS Agents, Tax Attorneys and CPA’s to handle your case and win!
A Federal Tax Lien:
A Federal Tax Lien is a filing that take place at the courthouse at closest to your residence.It lets the public know you the Internal Revenue Service monies. As a result of this Federal Tax Lien filing the Internal Revenue Service has a secured interest in all your assets including real and personal property. This will damage your credit score.
Federal Tax liens usually have a life of ten years and can be released with full payment.
If you have any questions regarding a IRS tax levy, bank levy or wage levy call us today for a free consultation.
We are fast , affordable and very user friendly and would love to have your business.
IRS Tax Levy, IRS Tax Lien – Get IMMEDIATE TAX RELIEF
by Fresh Start Tax | May 3, 2012 | IRS Tax Problem, Owe Payroll Taxes, Tax Lawyer, Tax News
941 payroll taxes, change is here!!!!
If you have payroll tax issues call us today to work out tax settlement. Former IRS agents know the effective tax strategies.
New Tax Legislation for Payroll Tax signed into Law.
This is Great News and a long time coming. finally some middle class tax relief coming our way.
This past Feb. 22, President Barack Obama finally signed into law the Middle Class Tax Relief and Job Creation Act of 2012, H.R. 3630.
On Feb. 23, the IRS released a revised Form 941, Employer’s Quarterly Federal Tax Return, to reflect the extended payroll tax cut. I never thought i would live too see the day.
This act extends the 4.2% rate for the employee portion of Social Security Tax through the end of 2012.
It also extends certain unemployment benefits and blocks a cut in Medicare Payments to doctors. This act also repeals earlier-enacted shifts in the timing of corporate estimated tax payments.
The act raises revenue through an auction of the spectrum of public airwaves, currently reserved for television, to allow for more wireless Internet systems.
A 2% recapture tax enacted in the December legislation that extended the payroll tax cut through Feb. 29, which effectively capped the amount of wages eligible for the payroll tax cut at $18,350, was also repealed by the act.
If you need to have questions answered or have any IRS tax issues call our team of Tax Attorneys, CPA’s of Former IRS Agents.
by Fresh Start Tax | May 2, 2012 | IRS Tax Debt, Representation, Tax Lawyer, Tax Levy and Wage Garnishments
What is the difference between a Federal Tax Lien and a IRS Levy? 1-866-700-1040
Get your Levy Released today.
This is one of the most common questions asked by our clients and taxpayers.
Being a Former IRS Agent I want to explain this is in very simple terms so everyone can understand the difference.
A IRS Tax Levy is an immediate seizure of assets. It is usually sent to a Bank or is put on a taxpayers wages. These are also called Bank Levy Garnishments or Wage Levy Garnishments. They are sent to banks and businesses on tax forms 668A, 668W.
A Bank Levy has special rules applied to the procedure. The day a Bank Levy is received by a Banking Institution the account is immediately frozen for the amount shown on the Tax Levy. Only those funds are frozen. Monies deposited after the levy are not effected by the Bank Levy or Tax Levy.
The bank MUST hold the frozen funds for 21 days before sending the money to the IRS. The IRS gives that 21 day grace period as a time for the taxpayer to get the bank levy released.
A Wage Levy or Wage Garnishment has a different feature.
After a business receives a levy the wages are immediately frozen and the employer must send the applicable proceeds to the IRS on the next scheduled pay period. There is no grace period.
As a general rule the taxpayer can keep around 10% that is exempt from the levy. IRS will send out a form that details the exact exempt amount.
IRS does not wish to levy. The hope is that the taxpayers call the IRS to work out or make a tax settlement to resolve the tax problem or tax situation.
Tax Levies can usually be released within one week sometimes even that day if we can get records from the taxpayer.
A Federal Tax Lien is a notice filed at the Public Courthouse in the area of your residence putting the public and creditors on notice you owe IRS taxes. It is not a seizure just a notice.
Anyone has access to public records and everyone can has access to your tax information.
Your credit score will be badly damaged as a result of a Federal Tax Lien. A Federal Tax Lien cannot be removed until it is paid in full or the statute of limitations runs. Other rules apply call us for more details.
IRS must file a Federal Tax lien if you owe over $5000.
If you need immediate tax relief from a federal tax levy or a federal tax lien call Fresh Start Tax LLC today. 1-866-700-1040. IRS Tax Debt Settlement Relief today.
On staff Tax Attorney’s, CPA’s and Former IRS Agents for professional tax representation.
What is the difference between to IRS Tax Levy and Tax Lien – Former IRS Agents/ Tax Attorneys – IRS Experts
