by Jim Magary | May 28, 2015 | Tax Help
We can get your IRS tax levy released within a 24-hour period of time and close your case at the same time. The Affordable firm.
If you are in receipt of an IRS tax levy, wage levy or bank levy garnishment contact us today and we can get your tax levy released in your case closed.
We will speak with you about settling your tax debt to the offer in compromise program. I am a former IRS offer specialist.
The Internal Revenue Service accepted 38,000 offers in compromise last year for average of $6500 per settlement. Last year there were 78,000 offers in compromise file.
I am a former IRS agent and instructor of the offer in compromise program when I worked at IRS. I am a true IRS tax expert for tax settlements.
Taxpayers should be aware that there is a pre-qualifier tool for the offer in compromise program. I suggest everyone the walk through this particular tool given by Internal Revenue Service to find out for a qualified candidate.
We do not file offers in compromise for taxpayers unless we know they are pre-qualified.
Before IRS will release a tax levy, a wage garnishment or bank seizure Internal Revenue Service will need a current documented financial statement.
If the cases are in the local IRS office form 433 a will be required and a much more detailed investigation will be made on your current financial statement. If this is the case a revenue officer out of the local office will be looking at your case.
All other cases will be handled in the ACS unit of the Internal Revenue Service or their phone banks.
Being a former IRS agent teaching instructors gives us a huge advantage and the benefit of our experience is invaluable to our clients. We know the system inside and out.
The filling out of your financial statement is critical into the settlement of your case. using former IRS agents and managers will give you a tremendous advantage. We understand and have knowledge of the system.
With that current financial statement you will need to provide IRS the last three months of your bank statements, copies of your pay stubs and your monthly expenses.
As a general rule IRS will not release your levy until all your tax returns are filed.
It is important you file all back tax returns if not the IRS can file for you under 6020 B of the Internal Revenue Code and they will make sure you get no deductions.
IRS will not give any non-filer any deductions or exemptions that they prepare under 6020B.
We can prepare all back, past-due and not file tax returns with little or no records.
After the review of your IRS financial statement we can let you know whether you are a possible debt settlement candidate for the offer in compromise program.
Call us today for free initial tax consultation.
IRS Tax Levy Releases NOW + Bank, Wage Garnishment, Settle Tax Debt Now, Offer in Compromise = FORMER IRS + Orem, Sandy, Ogden , Saint George, Layton
by Jim Magary | May 28, 2015 | Tax Help
Tips for Deducting Losses from a Disaster
If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are 10 tips you should know about deducting casualty losses:
1. Casualty loss. You may be able to deduct losses based on the damage done to your property during a disaster. A casualty is a sudden, unexpected or unusual event. This may include natural disasters like hurricanes, tornadoes, floods and earthquakes. It can also include losses from fires, accidents, thefts or vandalism.
2. Normal wear and tear. A casualty loss does not include losses from normal wear and tear. It does not include progressive deterioration from age or termite damage.
3. Covered by insurance. If you insured your property, you must file a timely claim for reimbursement of your loss. If you don’t, you cannot deduct the loss as a casualty or theft. You must reduce your loss by the amount of the reimbursement you received or expect to receive.
4. When to deduct. As a general rule, you must deduct a casualty loss in the year it occurred. However, if you have a loss from a federally declared disaster area, you may have a choice of when to deduct the loss. You can choose to deduct the loss on your return for the year the loss occurred or on an amended return for the immediately preceding tax year.
Claiming a disaster loss on the prior year’s return may result in a lower tax for that year, often producing a refund.
5. Amount of loss. You figure the amount of your loss using the following steps:
• Determine your adjusted basis in the property before the casualty.
For property you buy, your basis is usually its cost to you. For property you acquire in some other way, such as inheriting it or getting it as a gift, you must figure your basis in another way. For more see Publication 551, Basis of Assets.
• Determine the decrease in fair market value, or FMV, of the property as a result of the casualty. FMV is the price for which you could sell your property to a willing buyer. The decrease in FMV is the difference between the property’s FMV immediately before and immediately after the casualty.
• Subtract any insurance or other reimbursement you received or expect to receive from the smaller of those two amounts.
6. $100 rule. After you have figured your casualty loss on personal-use property, you must reduce that loss by $100. This reduction applies to each casualty loss event during the year. It does not matter how many pieces of property are involved in an event.
7. 10 percent rule. You must reduce the total of all your casualty or theft losses on personal-use property for the year by 10 percent of your adjusted gross income.
8. Future income. Do not consider the loss of future profits or income due to the casualty as you figure your loss.
9. Form 4684. Complete Form 4684, Casualties and Thefts, to report your casualty loss on your federal tax return. You claim the deductible amount on Schedule A, Itemized Deductions.
10. Business or income property. Some of the casualty loss rules for business or income property are different from the rules for property held for personal use.
You can call the IRS disaster hotline at 866-562-5227 for special help with disaster-related tax issues.
For more on this topic and the special rules for federally declared disaster area losses see Publication 547, Casualties, Disasters, and Thefts.
You can get it and IRS tax forms on IRS.gov/forms at any time.
by Jim Magary | May 28, 2015 | Tax Help
We are a “Affordable” full service tax firm that specializes in all IRS matters & problems. We are IRS experts!
We have over 206 years of professional tax experience, over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax office of the Internal Revenue Service. We are A plus rated.
If you have an IRS tax problem, owe back taxes, wish to file back/past due returns, enter into a IRS payment plan or wishing to settle your tax debt through an offer in compromise.
When you call our office shall speak to a true IRS tax expert and not a salesperson.
FST can file all back tax returns and work out a tax settlement at the same time. Anytime you owe money to the IRS there are different ways to negotiate your tax debt.
We know every tax solution available.
You will need to file all back tax returns before the IRS will close case.
If you have lost your records or have few records we can still prepare your back tax returns using reconstructive methods and IRS tax transcripts.
We can explain in detail how you can settle your IRS taxes if you are a qualified candidate for the offer in compromise program.
IRS Tax facts
The Internal Revenue Service receives approximately 80,000 offers in compromise every year and accepts approximately 38% of them. The average settlement is $6500 per case.
The IRS Settlement Program
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles the taxpayer’s tax liabilities for less than the full amount owed. If the liabilities can be fully paid through an installment agreement or other means, the taxpayer will in most cases not be eligible for a OIC.
In order to be eligible for a OIC, the taxpayer must have:
1. filed all tax returns,
2. made all required estimated tax payments for the current year and
3. made all required federal tax deposits for the current quarter if the taxpayer is a business owner with employees.
The IRS will not accept a OIC unless the amount offered by the taxpayer is equal to or greater than the reasonable collection potential (the RCP).
The RCP is how the IRS measures the taxpayer’s ability to pay. The RCP includes the value that can be realized from the taxpayer’s assets, such as real property, automobiles, bank accounts, and other property.
In addition to property, the RCP also includes anticipated future income, less certain amounts allowed for basic living expenses.
The IRS may accept a OIC based on three grounds.
1. First, acceptance is permitted if there is doubt as to liability.
This ground is only met when there is a genuine dispute as to the existence or amount of the correct tax debt under the law.
2. Second, acceptance is permitted if there is doubt that the amount owed is fully collectible.
Doubt as to collectibility exists in any case where the taxpayer’s assets and income are less than the full amount of the tax liability.
3. Third, acceptance is permitted based on effective tax administration.
An offer in compromise may be accepted based on effective tax administration when there is no doubt that the tax is legally owed and that the full amount owed can be collected, but requiring payment in full would either create an economic hardship or would be unfair and inequitable because of exceptional circumstances.
A simple phone call to our firm and speaking to a tax expert will probably get you immediate relief to know your tax problem can be handled and managed by a true affordable tax professional.
Before hiring any tax resolution company check on the bios, the experience, and the complaint history before hiring any firm.
Call us today for a free initial tax consultation.
IRS Taxes = Owe Back Taxes, Filing Back Past Tax Returns, IRS Payments, Negotiate to Settle Tax Debt, Orem, Sandy, Ogden , Saint George, Layton
by Jim Magary | May 28, 2015 | Tax Help
An “Affordable Professional Tax Firm” that specializes in IRS and state tax resolution. We are former IRS Agents & Managers who know the system, since 1982, A plus Rated!
We have been in private practice since 1982 and are true affordable tax experts in resolving individual, business and payroll taxes debt.
We are also composed of tax attorneys, CPAs and enrolled agents.
We have over 206 professional tax experience and are A+ rated by the Better Business Bureau.
If you owe the Internal Revenue Service back taxes or back tax debt, it only makes sense to hire former IRS agents and managers who know the system.
If you owe back taxes whether it be individual, business/corporate, back payroll taxes contact us today and we can review with you different tax solutions to go ahead and permanently and immediately remedy your problem from the Internal Revenue Service.
If you have not file tax returns our former IRS agents can prepare your back tax returns with little or no records and settle your tax debt at all at the same time.
As a general rule your financial statement will determine how IRS will close your settle your case. As a former IRS agent I cannot tell you how important it is to make sure you have a tax professional prepare your financial statement.
If you owe individual, business or payroll taxes, we will take a current financial statement contact the IRS and work out an affordable individual or business payment plan and/or file and settle the tax if applicable.
Your last 3 to 6 months of your financial condition is IRS’s determining factor on your case resolution.
Most cases in which back tax debt is owed to Internal Revenue Service, the IRS will require a current and verifiable financial statement.
You can find those financial statements directly on our website. (see homepage)
When you call us we will give you the financial statement applicable to your case.
The individual financial statement be on form 433F and the business financial statement will be on form 433B.
As a general rule, when taxpayers or businesses owe back individual or payroll taxes, IRS closes case out by putting them into hardships, asking for payments or the settlement through the offer in compromise.
40% of all taxpayers that owe back taxes to the IRS get put in the tax hardships, 6.5 million people get put into payment plans and 40,000 people get offers in compromise accepted. Once again your current financial statement will determine how IRS will closure case.
Since 1982 we have been resolving IRS tax debt for individuals, businesses and corporations that owe back federal taxes including payroll tax debt.
Since 1982 we have been re-solving tax debt for every type of taxpayer possible.
Owe Back Taxes, IRS Debt = Individual, Business, Payroll Taxes, Not Filed Tax Returns, Offer in Compromise + Orem, Sandy, Ogden, Saint George, Layton
by Jim Magary | May 27, 2015 | Tax Help
AFFORDABLE Former IRS agents and managers who know the system can permanently resolve any IRS tax problem matter.
Since 1982, we are a full service tax firm that specialize in IRS and state tax services.
We specialize in IRS tax problem help.
Since 1982 we have been resolving taxpayer issues in regard to filing, settlements, audits and the removal of IRS tax levies and wage garnishments.
I am a former IRS revenue officer and former instructor who taught IRS collection agents their jobs.
I am also a true expert when it comes to the offer in compromise which is the tax debt settlement program.
Our firm has over 206 years professional tax experience and over 60 years of working directly for the Internal Revenue Service.
IRS Tax Problems + Removal of IRS Tax Levies + IRS Wage Garnishments
The Internal Revenue Service levies approximately 1.8 million taxpayers each and every year and this figure includes wage garnishments. If you have been levied you are not alone.
If you have not responded to an IRS final notice they systematically send out an IRS tax levy from their CADE2 computer system. Before IRS will release the levy many times they want all on file tax returns in their hand to make sure you are in full compliance.
The IRS files close to 700,000 federal tax liens each and every year that will both ruin and destroy your credit.
If you have received a final notice of intent to levy from the Internal Revenue Service make sure you follow-up on the 30 day date, if you don’t IRS will take enforcement action.
Before IRS will remove a tax levy or wage garnishment they will need a current and verifiable financial statement.
If the cases in the local office the revenue officer will require form 433a.
Once we have your current verified financial statement in hand, we can usually get your tax levy or garnishment released within 24 hours.
It is important that your financial statement is completely documented.
IRS usually closes a case by putting a case and tax hardship, having a taxpayer into a monthly installment agreement or telling them they may qualify for an offer in compromise your tax debt settlement.
40% of all people who owe IRS tax debt have their cases put into what is called a currently not collectible file and 6.5 million taxpayers have their cases put into current installment agreement or payments.
If you have back tax returns to file, you can have former IRS agents ensure that you are paying the lowest amount of tax allowed by law.
If you going to owe tax, we can file your back tax returns and settle your debt all at the same time.
If you wish to settle your tax debt, we can have former IRS revenue officers who worked the offer in compromise program settle your tax debt if and only if you were a true candidate for a tax debt settlement called an offer in compromise.
Approximately 40% of all taxpayers who file an offer in compromise get accepted by the Internal Revenue Service however you must be a qualified candidate.
Call us today for a free initial tax consultation and hear the truth about your case.
We can resolve any IRS tax problem, since 1982.
We are the fast, friendly, and affordable professional tax firm.
Affordable IRS Tax Problem Services + IRS Levies, Garnishments, Audits, Back Tax Returns, Offer to Settle + Former IRS + Orem, Sandy, Ogden, Saint George, Layton
