by Fresh Start Tax | Mar 26, 2013 | Tax Help
Real Estate Agent, Broker – IRS Tax Levy, IRS Tax Problem – Former IRS 1-866-700-1040
If you are a victim of a IRS Levy, call us today to get an immediate release.
If you are a real estate agent or real estate the real estate industry and are having any IRS tax problems contact us today for free initial consultation.
The real estate industry has been hit extremely hard with the current economy and we are finding thousands and thousands of real estate agents and brokers having IRS problems. Unable to meet estimate tax payments or current tax obligations many a real estate agents and brokers are are finding themselves behind the 8 ball.
The money that was commonly used to pay estimated tax payment is being used just to meet necessary living expenses. The real estate industry has been hit as hard as the construction industry and as the result the IRS problems continue to mount.
Do not be bullied by the Internal Revenue Service if you’re going through such a situation. IRS has provisions within its code to let you apply for an economic tax hardship or set up a current payment agreement or even apply for an IRS tax debt settlement called the offer in compromise.
Call us today and we will review your tax options with you and find a current solution for the problem that you are in.
What is a Tax Levy
A levy is a legal seizure of your property to satisfy a tax debt.
IRS Levies are different from liens.
A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.
If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in.
For instance,
IRS has the ability to seize and sell property that you hold (such as your car, boat, or house), or
IRS could levy property that is yours but is held by someone else (such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions).
IRS usually levy only after these three requirements are met:
1. IRS assessed the tax and sent you a Notice and Demand for Payment;
2. You neglected or refused to pay the tax; and
3. IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
by Fresh Start Tax | Mar 25, 2013 | Tax Help
IRS Audit – Trucking Industry – Hire Former IRS Managers/Agents 1-866-700-1040
We have over 65 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
We are true IRS tax experts for IRS audits in the trucking owner and operating industry.
As former IRS agents we were teachers, instructors and supervisors both in the district and regional offices.
Call us today for a free tax consultation and stop the worry about an IRS tax audit
IRS only Audits 1% of all tax returns.
However, the IRS found a gold mine in auditing those truckers and those in the trucking industry.
The IRS has found especially for truck drivers that they are poor record keepers.
As a result the IRS finds truck drivers easy targets for IRS tax audits. Since many truck drivers are on the road, many fail to keep accurate records and file current tax returns.
If you’re in the situation and need professional tax help call us today for a no cost professional consultation. We have represented hundreds in this industry.
During an IRS audit you will be required to prove all your expenses.Please know that the IRS already has on their CADE 2 income computers list of all 1099’s and w-2’s from all 3 parties. There are all required report them to the IRS.
If you have lost your records
If you have lost your records or you have failed to comply with a IRS tax audit request contact us today and we can file for an IRS reconsideration. We are experts in tax reconstruction. We taught this program to new IRS agents.
If you have unfiled, back or past due returns
If you have not filed multiple year tax returns do not let that keep you from being current with the Internal Revenue Service. We can file all your back tax years and work out a tax settlement for you.
Do not be bullied by the Internal Revenue Service. Being a former IRS agents and managers we know exactly how to help the situations and limit your gap damage in exposure.
Some important information about IRS Audit – Tax examinations
IRS Audit – Examinations
Enforcement of the tax laws is an integral component of the IRS’s mission.
IRS enforcement activities, such as examination and collection, target elements of
the tax gap and are a high priority for the IRS.
The IRS accepts most Federal tax returns as filed.
However, it examines (or audits) some returns to determine if income, expenses, and credits are being reported accurately.
Some examinations are handled entirely by mail, while others are conducted in a taxpayer’s home, place of business, IRS office, or office of an attorney, accountant, or enrolled agent.
The IRS enforces the tax law in a number of ways.
For individual taxpayers, some of the more common methods may include:
a. sending a notice to a taxpayer because the IRS has an information return
that indicates a taxpayer has income, but has not filed a tax return;
b. rectifying a taxpayer error by using its authority to correct math errors and
related problems on a return, as filed;
c. informing a taxpayer that he/she has a record of income that does not appear on a tax return;
d. conducting an examination by mail (correspondence examination); or
e. conducting a face-to-face audit (field examination
IRS has special Audit Techniques Guides (ATGs) it uses for most industries. You must be familiar with these IRS Audit guides.
These will be basis for your IRS tax audit.
These Audit Techniques Guides (ATGs) help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries.
While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who prepare returns.
ATGs explain industry-specific examination techniques and include common, as well as, unique industry issues, business practices and terminology.
IRS Guidance is also provided on the examination of income, interview techniques and evaluation of evidence. So they may be helpful for business and tax planning purposes.
Call us today to learn more. We are your IRS Trucking Industry IRS Audit experts.
IRS Audit – Trucking Industry – Hire Former IRS Managers/Agents
by Fresh Start Tax | Mar 25, 2013 | Tax Help
Trucking Industry – IRS Help – Tax Attorney, Tax Lawyer, Former IRS 1-866-700-1040
We are a professional tax firm that specializes in IRS issues and problems within the Trucking Industry.
With over 60 years with the IRS we can answer any questions you may have.
We are comprised of Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents and managers.
If you owe back taxes or need back tax returns filed call us today to immediately and permanently resolve these issues.
Over 206 years of specialized IRS Problem solving.
Call us for free tax consultation. We have are affordable tax experts.
Questions and answers often asked.
Who is required to file Form 2290 and pay Heavy Highway Vehicle Use Tax?
Anyone who registers a heavy highway motor vehicle in their name with a gross weight of 55,000 pounds or more must file Form 2290 and pay the tax.
Typically, owners of vans, pickup trucks, panel trucks and similar trucks are not required to file Form 2290 or pay tax on these smaller trucks.
Trucks that are used for 5,000 miles or less (7,500 for farm trucks) are also excluded from this tax.
Who is required to e-file Form 2290?
We encourage all 2290 filers to e-file. If you are reporting 25 or more heavy highway motor vehicles for any taxable period, you are required to e-file through an IRS-approved software provider.
Although you will have to pay a small service fee to your software provider or e-file transmitter, e-file offers many advantages. Electronic filing improves tax processing and saves you personal resources, including time and postage.
Why do I need an Employer Identification Number to e-file?
We need to have a system for protecting your privacy and making sure we know the identity of our filers. We use a combination of your EIN and your name as a unique identifier for each taxpayer.
My return was rejected by the Internal Revenue Service because the name control is not valid. What is my name control?
Your name control is assigned at the time the IRS approves your application for an Employer Identification Number. The name control consists of up to four alpha or numeric characters. Before the IRS can validate your electronically filed return, you must provide your name control and it must match what the IRS has in their records.
How do I determine my name control?
When you applied for your EIN you provided the name of your business, which is used to assign your name control and will remain so unless you request a name change. If you did not use a business name and instead used your individual name, your name control will be the first four letters of your last name.
If you applied for your EIN using a business name, the name control is assigned from the first four characters of your business name. There are some special rules. The ampersand (&) and hyphen (-) are the only special characters allowed in the name control. The name control can have fewer, but no more than four characters.
Spaces or blanks are not part of a name control. For example, the name control for Joe Doe Trucking is JOED. The word ”The” at the beginning of your business name is not used in your name control.
For example, The Jane Doe Trucking Company would have a name control of JANE. Blanks may be present only at the end of the name control. Do not include “dba” as part of the name control.
To help determine the name control for Hispanic, Asian and other ethnic surnames, see the Exhibits at the end of Publication 4164, Modernized e-File (MeF) Guide for Software Developers and Transmitters (PDF).
Can I still file my return electronically if I just received my EIN?
Yes, you may file your return electronically. However, you should wait two weeks from the date your EIN was assigned to allow your name control to be established in the IRS computer system.
Your return will be rejected if you try to file your return electronically before your EIN is fully established.
Where can I find an approved e-file provider?
You can find an approved provider for Form 2290 on the 2290 e-file partner’s page. We list approved providers for Form 8849, claim for Refund of Excise Taxes on the 8849 e-file partner’s page. Note: We do not endorse any particular providers and cannot make recommendations.
All listed transmitters and software providers are approved to submit returns to the IRS electronically. Expect transmitters and software providers to charge a small service fee for e-filing your return.
When are my Form 2290 taxes due?
Generally, the annual taxable period begins on July 1 of the current year and ends on June 30 of the following year. For vehicles that are in use at the beginning of the tax period, your 2290 filing deadline is August 31.
Taxes on the full tax period must be filed and paid in advance.
The due date for a partial period return depends on the month you first use your vehicle. If you place an additional taxable truck on the road during any month other than July, you are liable for 2290 taxes on it, but only for the months during which it was in service. You must file Form 2290 for these trucks by the last day of the month following the month the vehicle was first used on public highways.
You can find out when Forms 2290 are supposed to be filed in the table below, When Your Taxes Are Due.
These due date rules apply whether you are paying the tax or reporting the suspension of tax. It is important to file and pay all your 2290 taxes on time to avoid paying interest and penalties.
by Fresh Start Tax | Mar 21, 2013 | Tax Help
Tax Preparation Services, Company – Pompano, Deerfield Beach, Former IRS 954-492-0088
Use former IRS agents and managers who worked out of the local South Florida IRS offices to prepare your income tax or business tax returns and assure that you are paying the lowest amount of tax allowed by law.
We can help audit proof your tax return.
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We have been practicing in South Florida since 1982 and we have an A+ rating by the Better Business Bureau.
Contact us today for a free initial tax consultation.
We are fast, affordable, and we love to build long-term relationships with all our clients.
Tax tips from Fresh Start Tax
Tax Rules for Children Who Have Investment Income
Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf.
There are special tax rules that affect how parents report a child’s investment income. Some parents can include their child’s investment income on their tax return.
Other children may have to file their own tax return.
Here are facts about the tax-ability of your child’s investment income.
1. Investment income normally includes interest, dividends, capital gains and other unearned income, such as from a trust.
2. Special rules apply if your child’s total investment income is more than $1,900. The parent’s tax rate may apply to part of that income instead of the child’s tax rate.
3. If your child’s total interest and dividend income is less than $9,500, you may be able to include the income on your tax return. See Form 8814, Parents’ Election to Report Child’s Interest and Dividends. If you make this choice, the child does not file a return.
4. Your child must file their own tax return if they received investment income of $9,500 or more. File Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,900, with the child’s federal tax return.
by Fresh Start Tax | Mar 21, 2013 | IRS Tax Audit
IRS Audit – Ft.Lauderdale, Miami, West Palm – Former Local IRS Agents 954-492-0088
You can hire Former Local IRS agents and managers who worked at the local IRS for a combined 60 years.
IRS audits 1.1% of all personal income tax returns.
If you won the IRS audit lottery you should never go into IRS unrepresented for an IRS audit. As a former IRS agent seeking good professional tax will in the long run save you aggravation, grief, stress and keep money in your pocket in the long run.
If you have received an IRS letter or notice that you are going to undergo an IRS tax audit is in your best interest to call former IRS agents and managers who know all of the protocols, techniques and tax defenses to best defend your tax return that is undergoing an IRS tax audit.
We have represented thousands of clients before Internal Revenue Service and we have worked out of the local South Florida offices for over 60 years. We have also worked on the district and regional offices as managers and instructors.
Call our offices today and we will give you a free tax consultation and go over your IRS tax audit options.
Reasons why IRS selected your tax return for an IRS audit
1. High income.
If your income is $200,000.00 and over; the audit rate will be one-in-twenty seven of being audited. If your income is $1,000,000.00 or more, the audit rate will be one-in-eight of being audited. This is just a fact of life.
2. Failing to report all of your taxable income.
The IRS receives copies of all 1099’s, W-2’s, W-2G’s and K-1’s that you receive. If the income from the 1099’s, W-2’s, W2G’s and K-1’s are not shown on the tax return, the tax return will be audited.
3. Deducting the home office deduction.
The space used in your home must be used “exclusively and regularly” as your principal place of business. “Exclusive use” means that a specific area of the home is used only for trade or business. If you can prove the home office deduction, then take it. If you can’t prove it, don’t take it.
4. Deducting large charitable contributions.
If your charitable deductions are large compared with your income, the return will be audited. The IRS is aware of what the average charitable donation is for a given income level. If you have donated and deducted a conservation easement to a charity, chances are good that you will be audited.
5. Deducting rental losses.
Normally, the passive loss rules prevent rental losses from being deducted. There are two exceptions, if you actively participate in the renting of your property, you can deduct up to $25,000.00 of the loss against your other income; but this $25,000.00 limitation phases out as adjusted gross income exceeds $100,000.00. The second exception applies to real estate professionals who spend more that 50% of their working hours and 750 or more hours each year materially participating in reals as a developer, broker, landlord or the like. The IRS will be requesting that you prove the required hours, especially if are a full time employee.
6. Deducting business meals, travel and entertainment.
The IRS has specific record keeping requirements for these type of deductions. The IRS is aware that many taxpayers overstate these type of deductions.
7. Deducting losses from a hobby activity.
If you treat your favorite hobby as a business on your tax return with a net loss, you have a good chance of being audited. If you are audited, you will need to prove that your activity is a profit making activity and not a costly hobby. So make sure that you run your activity in a businesslike manner and can substantiate your expenses with supporting documents.
8. Running a cash business.
If you are in a cash-intensive business, like taxis, car washes, bars , hair salons, restaurants, you will be audited. The IRS is aware that individuals who primarily receive cash, don’t report all of their taxable income. The IRS has various audit techniques to determine unreported cash income.
9. Failing to report a foreign bank account.
If you fail to report a foreign bank, you will be assessed large penalties. If you have any signature authority over a foreign bank account, you will need to consult with a tax professional to determine the correct reporting requirements for that account.
10. Engaging in currency transactions.
If you are engaged in cash transactions in excess of $10,000.00, the IRS will receive reports of these transactions from the financial institutions. Further, if you engage in suspicious cash activities, the IRS will receive a “suspicious-activity report” from the various financial institutions.
These transactions usually indicate that the the taxpayer is trying to hide income from the IRS. Try to avoid these type of transactions.
IRS Audit – Ft.Lauderdale, Miami – Former IRS Agents, Managers – Tax Audit Defense
