by Jim Magary | Dec 10, 2015 | Tax Help
We are composed of AFFORDABLE former IRS agents and managers who have over 65 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
We are affordable tax experts for those who need help to resolve their tax debt including options for the need of a payment plan. You should know about the whole process and learn about other tax options before making a decision.
There are various ways of paying back taxes owed to the Internal Revenue Service and most are dependent on your current financial statement or state of affairs.
Sometimes you have other options than making payment plans with the IRS. It is best to know all your options before you make a concrete decision.
Many times taxpayers who need payment plans may find themselves in a hardship situation cannot afford to pay but because of their fear of Internal Revenue Service they may think that is the only option other taxpayers may want to learn that they can settle their tax debt for pennies on the dollar. you should know that IRS has a program called currently non-collectible. Believe it or not over 40% of people who will back taxes are put in this currently not collectible or hardship category.
Taxpayers who are currently not collectible have their cases suspended for a period of two or three years. penalties and interest run during these periods of time however IRS’s twisted the arm of people to make these payment agreements. They have put a strain a burden on them and because of fear they have caved in. As a former IRS agent I’m well aware of how current IRS agents are operating in the stress they put on taxpayers to close cases.
Other taxpayers who are considering making payments may be a qualified candidate through the offer in compromise program. Read more below.
In most cases in which a client has not paid back taxes there are several options available after the taxpayer completes a current financial statement on form 433F.
You can find this form on our website. if the cases in the local office a revenue officer will opt to use the longer version and we use form 433 a.
That financial statement must be completely documented along with bank statements, pay stubs, copy of all expenses and receipts matching those expenses.
Once IRS reviews your current financial statement IRS will apply the national standard tests of allowable expenses that the Service feels necessary in certain regions and counties in the United States.
IRS will use those standards and determine the type settlement that will be applicable in your situation. We can explain these standards when you speak to us.
The different settlement options for IRS back taxes.
1. After review of your current financial statement, IRS may deem you to be in a currently not collectible status, this means the Internal Revenue Service will suspend your case for two or three years and bring it back out to the field at a later point in time in which they will rework the case and asked for a new financial statement.
2. IRS may determine that you are a monthly installment candidate.
Over 6.5 million taxpayers enter into monthly installment payments each and every year and believe it or not at least a third of those taxpayers who enter into those agreements break them.
3. The other options include filing offer in compromise to settle your tax debt.
The offer in compromise is a long process and a very specific process. Your greatest chance of acceptance if you are a qualified candidate is through a true tax professional company knows the system and are well experienced in the process.
As a former IRS agent and teaching instructor I taught new IRS agents this program.
You should know there is an IRS pre-qualifier tool for those wanting to file an offer in compromise.
The Offer in Compromise Option
The Internal Revenue Service received 78,000 offers in compromise last year alone and accepted just over 38% for an average settlement of $6500 per case. remember this is a national average and everything is completely dependent on your current financial statement documentation.
If you want to settle your back taxes, IRS will require a current financial statement along with full documentation.
IRS will require form 433 OIC and form 656 OIC to be fully documented and complete before the submission of an offer in compromise.
Select a payment option for IRS Debt Settlements
Your initial payment will vary based on your offer and the payment option you choose:
• The IRS Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• The IRS Periodic Payment:
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.
If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.
Understand the OIC process to IRS Tax Debt Settlement
While your offer is being evaluated:
• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Please Note:
You Must have all tax returns filed before IRS will consider you settling your tax debt with an offer in compromise. We can prepare all back tax returns with little or no records.
Call us today for a free initial tax consultation and hear the truth about your case and will explain all the option for taxes owed.
When you call our office you will speak to a true tax professional who can help you both understand and bring you to a proper state of resolution so you do not need to worry and be free of any IRS consequences.
We have over 206 years of professional tax experience in over 65 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
Learn About IRS Payment Plan Options + Other Tax Settlement Options + Former IRS, Since 1982
by Jim Magary | Dec 10, 2015 | Tax Help
We are composed of former IRS agents and managers who have over 65 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service.
We are affordable tax experts for those who need help to resolve their tax debt including options for the need of a payment plan.
There are various ways of paying back taxes owed to the Internal Revenue Service and most are dependent on your current financial statement or state of affairs. Sometimes you have other options than making payment plans with the IRS. It is best to know all your options before you make a concrete decision.
Many times taxpayers who need payment plans may find themselves in a hardship situation cannot afford to pay but because of their fear of Internal Revenue Service they may think that is the only option other taxpayers may want to learn that they can settle their tax debt for pennies on the dollar.
They may be a qualified candidate through the offer in compromise program. Read more below.
In most cases in which a client has not paid back taxes there are several options available after the taxpayer completes a current financial statement on form 433F.
That financial statement must be completely documented along with bank statements, pay stubs, copy of all expenses and receipts matching those expenses.
Once IRS reviews your current financial statement IRS will apply the national standard tests of allowable expenses that the Service feels necessary in certain regions and counties in the United States.
IRS will use those standards and determine the type settlement that will be applicable in your situation. We can explain these standards when you speak to us.
The different settlement options for back taxes.
1. After review of your current financial statement, IRS may deem you to be in a currently not collectible status, this means the Internal Revenue Service will suspend your case for two or three years and bring it back out to the field at a later point in time in which they will rework the case and asked for a new financial statement.
2. IRS may determine that you are a monthly installment candidate.
Over 6.5 million taxpayers enter into monthly installment payments each and every year and believe it or not at least a third of those taxpayers who enter into those agreements break them.
3. The other options include filing offer in compromise to settle your tax debt.
The offer in compromise is a long process and a very specific process. Your greatest chance of acceptance if you are a qualified candidate is through a true tax professional company knows the system and are well experienced in the process.
As a former IRS agent and teaching instructor I taught new IRS agents this program.
You should know there is an IRS pre-qualifier tool for those wanting to file an offer in compromise.
The Offer in Compromise Option
If you want to settle your back taxes, IRS will require a current financial statement along with full documentation.
IRS will require form 433OIC and form 656OIC to be fully documented and complete before the submission of an offer in compromise.
Select a payment option for IRS Debt Settlements
Your initial payment will vary based on your offer and the payment option you choose:
• The Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• The Periodic Payment:
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.
If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.
Understand the OIC process to IRS Tax Debt Settlement
While your offer is being evaluated:
• Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
You Must have all tax returns filed before IRS will consider you settling your tax debt with an offer in compromise.
We can prepare all back tax returns with little or no records.
Call us today for a free initial tax consultation and hear the truth about your case and will explain all the option for taxes owed.
When you call our office you will speak to a true tax professional who can help you both understand and bring you to a proper state of resolution so you do not need to worry and be free of any IRS consequences.
We have over 206 years of professional tax experience in over 65 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
Owe IRS Taxes & Need Payment Plans + What You Need to Know + Affordable Settlement Options
by Jim Magary | Dec 10, 2015 | Tax Help
We are an Affordable full service tax firm specializing in IRS tax problems. We have over 65 years of combined IRS work experience, since 1982. Former IRS.
If you need a physical copy of the release of Federal tax Lien call us today.
We are the affordable professional firm that can walk you through this process.
With over 65 years of combined IRS work experience we know exactly how to get the release of a federal tax lien.
As you read below you will learn about the normal statute of limitations on most IRS cases.
At the end of the statute of limitations your federal tax lien can and should be released. you should be aware this is not an income generating procedure for Internal Revenue Service and they are more than sloppy about releasing federal tax liens. If you are having a problem call us today and we can help you through this process. We are the affordable professional tax from.
What You Need to Know about the Release of the IRS Federal Tax Lien.
As a former IRS agent and teaching instructor I used to sign hundreds upon hundreds of federal tax liens and I know the exact science and procedures to get a hard copy of your federal tax lien release.
If you have paid IRS in full, the IRS generally has within 30 days to you issue you a release of lien. However, this is hardly the case and IRS is getting worse.
If your statute has expired and IRS has not released your federal tax lien you should know you are not get up get a paper release. That lean will expire by statute alone. However we can obtain a hard copy for you if necessary.
As a former IRS and teaching instructor, I have found that most taxpayers do not understand that the federal tax lien is self releasing after its statutory time after collection periods have expired. At the end of the 10 year normal collection statute, federal tax liens are self releasing.
Most people or parties have a hard time understanding what this is. This simply means that IRS no longer has an enforceable right to collect a tax debt.
If you have not paid IRS in full they do not want to waste the time or spend the money to send you a hard copy in file you release a lien at the courthouse.
They feel this is not their obligation and IRS has no intentions of sending you a hard copy unless you force the issue. Call us today if this is happened to you, we have affordable tax options.
The Internal Revenue Manual as it related to the Federal Tax Lien
8.21.5.1.2 (04-20-2012)
Collection Statute Expiration Date
1. IRC 6502 provides that the length of period for collection after assessment of a tax liability is 10 years. Each tax assessment has a Collection Statute Expiration Date.
2. Any tax assessed on or after November 6, 1990, is collectible for 10 years from the date of assessment.
Previously, the collection statute ran for a 6 year period. Any tax assessed on or before November 5, 1990, on which the former 6 year statute of limitations had not expired on November 6, 1990, is collectible for 10 years from the date of assessment.
Once a tax liability is assessed, the statute of limitations for collection begins to run. The expiration of the collection statute ends the Government’s right to pursue collection of a liability.
Can the Collect Period Be Extended? You bet!
Certain things can extend the normal tenure statute of limitations.
Examples can be the
1. filing of the bankruptcy,
2. Certain litigation with the IRS,
3.CDP’s or the filing of a collection due process or,
4. the signing of a 900 waiver
The Self Releasing Lien
5.12.3.4.1.1 (07-15-2015)
Self-Releasing Lien
1. NFTLs filed on Form 668(Y)(c), Notice of Federal Tax Lien, show a “Last Day for Refiling.”
Language on the form states that if the NFTL is not refiled by that date, the lien shall be considered to be released.
This is known as a self-releasing lien.
Note:
The self-releasing language was incorporated into Form 668(Y) in December 1982.
In very rare situations, you may encounter a NFTL filed prior to that time.
Although such a NFTL would not have been self-releasing, it still required timely refiling to maintain its effectiveness.
Any such NFTLs that continue to be identified as active by the local recording office should be researched and addressed accordingly.
2. The primary reason for the self-releasing statement is to provide an efficient means to notify third parties that the lien is no longer enforceable. The self-release clause meets the 30-day requirement to release a lien. When the “Last Day for Refiling” passes and no refile has been done, both the statutory lien and the NFTL are immediately released.
3. A certificate of release is not systemically issued for self-releasing liens. there are ways to actually get a paper release of lien by calling us.
We are an affordable solution if you need a hard copy of the release of Federal tax Lien.
A. If the taxpayer requests a certificate of release and the underlying liabilities have been satisfied or are no longer enforceable, then a certificate of release should be issued and we can get these and achieve this for you.
PLEASE NOTE :
If the “Last Day for Refiling” is not specified on the NFTL, the self-release provision is not in effect and a certificate of release must be issued when the CSED expires.
Call us today for a free initial tax consultation and speak to a true expert. We have been in private practice since 1982, and are a true IRS tax specialty firm.
by Jim Magary | Dec 10, 2015 | Tax Help
We are an Affordable full service tax firm specializing in IRS tax problems. We have over 65 years of combined IRS work experience, since 1982. Former IRS.
If you need a physical copy of the release of Federal tax Lien call us today. This way you can permanently have and/or send to your credit reporting company.
We are the affordable professional firm that can walk you through this process.
What You Need to Know about the Release of the Federal Tax Liens.
As a former IRS agent and teaching instructor I used to sign hundreds upon hundreds of federal tax liens and I know the exact science and procedures to get a hard copy of your federal tax lien release.
If you have paid IRS in full, the IRS generally has within 30 days to you issue you a release of lien. However, this is hardly the case and IRS is getting worse.
If your statute has expired and IRS has not released your federal tax lien you should know you are not get up get a paper release. That lean will expire by statute alone. However we can obtain a hard copy for you if necessary.
As a former IRS and teaching instructor, I have found that most taxpayers do not understand that the federal tax lien is self releasing after its statutory time after collection periods have expired. At the end of the 10 year normal collection statute, federal tax liens are self releasing.
Most people or parties have a hard time understanding what this is. This simply means that IRS no longer has an enforceable right to collect a tax debt.
If you have not paid IRS in full they do not want to waste the time or spend the money to send you a hard copy in file you release a lien at the courthouse.
They feel this is not their obligation and IRS has no intentions of sending you a hard copy unless you force the issue. Call us today if this is happened to you, we have affordable tax options.
The Internal Revenue Manual
8.21.5.1.2 (04-20-2012)
Collection Statute Expiration Date
1. IRC 6502 provides that the length of period for collection after assessment of a tax liability is 10 years. Each tax assessment has a Collection Statute Expiration Date.
2. Any tax assessed on or after November 6, 1990, is collectible for 10 years from the date of assessment.
Previously, the collection statute ran for a 6 year period. Any tax assessed on or before November 5, 1990, on which the former 6 year statute of limitations had not expired on November 6, 1990, is collectible for 10 years from the date of assessment.
Once a tax liability is assessed, the statute of limitations for collection begins to run. The expiration of the collection statute ends the Government’s right to pursue collection of a liability.
Can the Collect Period Be Extended?
Certain things can extend the normal tenure statute of limitations. Examples can be the 1. filing of the bankruptcy,
2. Certain litigation with the IRS,
3.CDP’s or the filing of a collection due process or,
4. the signing of a 900 waiver
The Self Releasing Lien
5.12.3.4.1.1 (07-15-2015)
Self-Releasing Lien
1. NFTLs filed on Form 668(Y)(c), Notice of Federal Tax Lien, show a “Last Day for Refiling.”
Language on the form states that if the NFTL is not refiled by that date, the lien shall be considered to be released.
This is known as a self-releasing lien.
Note:
The self-releasing language was incorporated into Form 668(Y) in December 1982.
In very rare situations, you may encounter a NFTL filed prior to that time.
Although such a NFTL would not have been self-releasing, it still required timely refiling to maintain its effectiveness.
Any such NFTLs that continue to be identified as active by the local recording office should be researched and addressed accordingly.
2. The primary reason for the self-releasing statement is to provide an efficient means to notify third parties that the lien is no longer enforceable. The self-release clause meets the 30-day requirement to release a lien. When the “Last Day for Refiling” passes and no refile has been done, both the statutory lien and the NFTL are immediately released.
3. A certificate of release is not systemically issued for self-releasing liens. there are ways to actually get a paper release of lien by calling us.
We are an affordable solution if you need a hard copy of the release of Federal tax Lien.
A. If the taxpayer requests a certificate of release and the underlying liabilities have been satisfied or are no longer enforceable, then a certificate of release should be issued and we can get these and achieve this for you.
PLEASE NOTE : If the “Last Day for Refiling” is not specified on the NFTL, the self-release provision is not in effect and a certificate of release must be issued when the CSED expires.
Call us today to learn more and speak to true IRS tax experts.
Federal Tax Lien Release + Need A Hard Copy of the Release of Tax Lien + Former IRS
by Jim Magary | Dec 10, 2015 | Tax Help
We are a full service tax firm specializing in IRS tax problems. We have over 65 years of combined IRS work experience, since 1982.
If you need a physical copy of the release of Federal tax Lien call us today.
We are the affordable professional firm that can walk you through this process.
What You Need to Know
As a former IRS and teaching instructor, I have found that most taxpayers do not understand that the federal tax lien is self releasing after its statutory time after collection periods have expired.
At the end of the 10 year normal collection statute, federal tax liens are self releasing.
Most people or parties have a hard time understanding what this is. This simply means that IRS no longer has an enforceable right to collect a tax debt.
The Internal Revenue Manual
8.21.5.1.2 (04-20-2012)
Collection Statute Expiration Date
1. IRC 6502 provides that the length of period for collection after assessment of a tax liability is 10 years. Each tax assessment has a Collection Statute Expiration Date.
2. Any tax assessed on or after November 6, 1990, is collectible for 10 years from the date of assessment.
Previously, the collection statute ran for a 6 year period. Any tax assessed on or before November 5, 1990, on which the former 6 year statute of limitations had not expired on November 6, 1990, is collectible for 10 years from the date of assessment.
Once a tax liability is assessed, the statute of limitations for collection begins to run. The expiration of the collection statute ends the Government’s right to pursue collection of a liability.
Can the Collect Period Be Extended?
Certain things can extend the normal tenure statute of limitations. Examples can be the 1. filing of the bankruptcy,
2. Certain litigation with the IRS,
3.CDP’s or the filing of a collection due process or,
4. the signing of a 900 waiver
The Self Releasing Lien
5.12.3.4.1.1 (07-15-2015)
Self-Releasing Lien
1. NFTLs filed on Form 668(Y)(c), Notice of Federal Tax Lien, show a “Last Day for Refiling.”
Language on the form states that if the NFTL is not refiled by that date, the lien shall be considered to be released.
This is known as a self-releasing lien.
Note:
The self-releasing language was incorporated into Form 668(Y) in December 1982.
In very rare situations, you may encounter a NFTL filed prior to that time.
Although such a NFTL would not have been self-releasing, it still required timely refiling to maintain its effectiveness.
Any such NFTLs that continue to be identified as active by the local recording office should be researched and addressed accordingly.
2. The primary reason for the self-releasing statement is to provide an efficient means to notify third parties that the lien is no longer enforceable. The self-release clause meets the 30-day requirement to release a lien. When the “Last Day for Refiling” passes and no refile has been done, both the statutory lien and the NFTL are immediately released.
3. A certificate of release is not systemically issued for self-releasing liens. there are ways to actually get a paper release of lien by calling us.
We are an affordable solution if you need a hard copy of the release of Federal tax Lien.
A. If the taxpayer requests a certificate of release and the underlying liabilities have been satisfied or are no longer enforceable, then a certificate of release should be issued and we can get these and achieve this for you.
PLEASE NOTE : If the “Last Day for Refiling” is not specified on the NFTL, the self-release provision is not in effect and a certificate of release must be issued when the CSED expires.
Call us today for free initial tax consultation and speak to a true expert.
