by Jim Magary | Dec 10, 2015 | Tax Help
Affordable Experts Since 1982, Former IRS Teaching Instructor
One of the advantages of getting your offer in compromise accepted by the Internal Revenue Service is after you’ve lived up to the terms of the agreement the IRS will release the federal tax lien that was filed against you.
As a general rule, the Internal Revenue Service release that lien within 30 days after you complete the payment terms of a doubt as to collectibility offer in compromise.
If you need to learn more call us today for a free initial tax consultation and we can walk you through the process of obtaining an IRS tax lien release through the offer in compromise program.
As former IRS agents and managers would have logged over 65 years of direct work experience in the local, district, and regional tax offices of the IRS.
As former IRS agents and managers we worked the offer in compromise program as teaching instructors and on-the-job instructors.
We are tax experts for IRS tax liens and with the offer in compromise program.
The Offers in Compromise.
An Offer in Compromise is an agreement that allows taxpayers to settle their tax debt for less than the full amount.
The new Fresh Start Program expanded and streamlined the OIC program.
The IRS now has more flexibility when analyzing a taxpayer’s ability to pay.
This makes the offer program available to a larger group of taxpayers.
Generally, the IRS will accept an offer if it represents the most the agency can expect to collect within a reasonable period of time.
The IRS will not accept an offer if it believes that the taxpayer can pay the amount owed in full as a lump sum or through a payment agreement.
The IRS looks at several factors, including the taxpayer’s income and assets, to make a decision regarding the taxpayer’s ability to pay.
More Info on the Offer Program
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:
• 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.
• 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.
IRS Federal Tax Lien Releases Through Offer In Compromises + Former IRS Settlement Agent for Offer in Compromise Program
by Jim Magary | Dec 10, 2015 | Tax Help
Affordable specialty IRS tax firm can explain your options if you have taxes owed. Since 1982, A+ rated BBB, former IRS agents and managers.
We are composed of CPAs and 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 for taxes owed.
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.
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.
The different settlement options for taxes owed
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.
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 + IRS Tax Debt Settlements+Pennies on a Dollar
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:
• 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.
• 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.
Taxes Owed + Affordable IRS Tax Solutions to Stop IRS Problems + Former Agents, Know the System
by Jim Magary | Dec 10, 2015 | Tax Help
If you need help the file back taxes who better than AFFORDABLE former IRS agents and managers who know the system.
We can help audit proof your tax returns.
We have over 65 years of combined former IRS agent experience.
We worked in the local, district, and regional tax offices of the Internal Revenue Service.
We know the system inside and out. We understand all the settlement there is, the methodologies in the exact process how we can prepare your back tax returns with little or no records.
We have worked both in the collection, audit, appeals, and teaching instructors position.
We are true experts for those who need help to file their back taxes.
If you have one year or multiple years or have never filed a tax return contact us today and we will give you a free initial tax consultation and walk you through the process to help file your back tax returns.
We want to make sure you understand the system and the process And understand how we can help waterproof your tax return
Return Filing For W-2 Wage Earners
Many taxpayers are W-2 wage earners and have withholding taken out of their checks.
If this is the case, you may have missed years of refunds and valuable Social Security credit when retirement time comes. IRS will allow refunds of no more than three years.
If this is the case, we can simply pull IRS transcripts and prepare your back tax returns through the IRS income transcript process. IRS keeps income and wage records on each taxpayer for six years and tax reconstruction to prepare your back years can be done simply.
Returns Filing For Self Employed taxpayers
Since we have prepared thousands of tax returns over the years and are former IRS agents and managers, tax reconstruction for self-employed persons is not a problem.
As a general rule there are national, regional standards that could be applied and ratios can be determined given the industry.
Many taxpayers who have not filed back years are self-employed and are missing records. Not to worry our reconstruction process is second to none and we can file is accurate returns as anybody in the business.
Returns Filing Lost all records to file back taxes, no problem for us.
We can file any tax return whether a client or taxpayers has back tax records or not.
Part of tax reconstruction strategies are to review of bank statements, review of cost-of-living analysis, assets, and exploring IRS transcripts in which IRS keeps W-2s and 1099s on file for the last six years.
There is always a way to reconstruct your tax returns. There are very definitive lists that we hand clients to aid in this processing cannot be worried.
IRS Can File Your Tax Return, Be Careful, yes they can!
While this may seem not a bad idea to get free tax help, the Internal Revenue Service will assure you will pay the highest amount allowed by law.
IRS can prepare your tax return under 6020 B of the Internal Revenue Code they will give you absolutely no extra deductions or business expense.
It is critical you file your own tax return to make sure you are paying the lowest amount allowed by law.
Applicable Code Section below
IRC 6020(a)
1. If the taxpayer will consent to disclose all information necessary for the preparation of the return(s), IRC 6020(a) states, “… the Secretary may prepare such return, which, being signed by such person, may be received by the Secretary as the return of such person.”
This does not include the taxpayer signing a waiver of restriction on assessment (e.g., Form 4549, Income Tax Examination Changes, or Form 870, Waiver of Restrictions on Assessment & Collection of Deficiency in Tax & Acceptance of Overassessment,) which does not constitute a return under IRC 6020(a).
2. Delinquency penalties are applicable.
IRC 6020(b)
1. IRC 6020(b) states, “If any person fails to make any return required by any Internal Revenue Law or regulation made there under at the time prescribed therefore, or makes, willfully or otherwise, a false or fraudulent return, the Secretary shall make such return from his own knowledge and from such information as he can obtain through testimony or otherwise.”
A. IRC 6020(b)(2) states, “Any return so made and subscribed by the Secretary shall be prima facie good and sufficient for all legal purposes.”
What happens if you will Owe Back Taxes.
You have options so don’t freak out. Millions of taxpayers do not pay back taxes.
The latest figures show 40% of all taxpayers who owe back taxes are placed in a non-collectible file, 6.5 million enter into monthly installment agreements and 38,000 taxpayers have their debt settle for the offer in compromise your tax debt settlement program.
If you will owe back taxes are several options available to you.
The first step in the process to know is we may be able to get an online payment. there are certain criteria for this and when you call us we will review this criteria.
For certain dollars owed in back taxes, IRS may require a 433F financial statement.
That financial statement will need to be documented with bank statements and copies of monthly expenses.
Once IRS reviews the financial documents they close their case out and usually one of two ways.
The Internal Revenue Service will entertain :
1. payment agreement based on your current monthly income and expenses or,
2. the IRS will see that you are going through her current hardship and put the case in a non-collectible or hardship file. Those cases in hardship will stay there for 2 to 3 years and reactivate themselves back out to the field for a secondary review. During the time that you’re in a hardship you MUST file all your tax returns currently and make sure all taxes are paid in full.
The Offer in Compromise Program/Tax Debt Settlements
If you wish to settle your tax debt for pennies on the dollar it is necessary to submit an offer in compromise.
Before filling out any offer in compromise I ask all taxpayers to walk to the IRS pre-qualify or tool to make sure they are a suitable candidate.
Selecting a IRS payment option for the OIC
Your initial payment will vary based on your offer and the payment option you choose:
1. 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.
2. 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
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.
When you call our office we will let you know if you are a suitable candidate for the OIC and we can let you know the lowest amount of law that IRS will accept on your case.
Call us today for a free initial tax consultation and hear the truth from true IRS tax experts.
Return Filing + Filing Back Taxes + File, Settle & Save + Former IRS + Audit Proof Tax Returns
by Jim Magary | Dec 10, 2015 | Tax Help
We are affordable former IRS agents and managers that can help review any letter you have received from IRS and explain the easiest way to get past the problem.
As a former IRS Agent, taxpayer after taxpayer would tell me, I hate to receive a letter from Internal Revenue Service.
As former we used to call these letters, nasty grams.
IRS sends out these notices or letters because there is an unresolved issue on the IRS CADE2 computer system.
We have worked thousands of cases since 1982 and a true tax experts regarding any IRS matter.
If you’ve received a letter from the Internal Revenue Service or a tax notice and need a sufficient explanation and resolution, call us today and speak directly to former IRS agents and managers who have over 65 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices in the IRS.
Time Sensitive Letter From the IRS
All letters that are sent out from the Internal Revenue Service are time sensitive, that is a follow-up date are usually on those letters. Few letters require no follow-up. they will specifically state on the letter or notice.
IRS will always follow-up certain letters and they will let we know exactly what their next move is going to be.
Being a former agent, I can tell you that many taxpayers have placed their heads in the sand and do not believe IRS’s is going to follow-up. I can tell you, the IRS computer systems are programmed to make sure follow-up action is taken and rest assure this case will not go away until it’s resolved off the computer.
Many of these time sensitive letters are almost all computer-generated and it is best to deal with them as soon as you get them to stop the process of IRS taking further action and in some cases issuing bank levies, wage garnishments or issuing audit reports.
As a side note all of IRS’s billing letters are on five-week cycles.
Call us today for a free initial tax consultation and we can review all your options and make this problem go away.
We are an A+ rated company by the Better Business Bureau and free consultations are always available.
When you call our office you will speak specifically to a true IRS tax expert who could give you the best possible consul and help take your worry away.
We look forward to hearing from you.
by Jim Magary | Dec 10, 2015 | Tax Help
Affordable IRS Debt Tax Settlement Company, Former IRS Agents & Managers who know the system. Since 1982.
As a former IRS agent and teaching instructor I taught the offer in compromise or tax debt settlement program to seasoned and new IRS agents. I and my company are true tax expert for the offer in compromise program for IRS Debt Settlements.
I have over 40 years of professional tax experience and know the system inside and out. by knowing the system, and knowing the methodologies of tax settlement you can settle for less.
Knowing the internal workings in the system of IRS is huge advantage to settle IRS tax debt. Your current financial statement and documentation is the key to settle for less.
Last year 78,000 taxpayers filed for an IRS tax debt settlement in over 38% of those were accepted for average settlement a $6500 per case.
Keep in mind this is the national average and every case depended on its own financial statement and its own set of facts. It is very possible to settle for pennies on the dollar.
There is an IRS pre-qualifier tool that you can walk through to find out if you are a certified in acceptable candidate to get an IRS tax debt settlement. On your free initial tax consultation we will walk you through the process.
We are experienced and professional IRS tax debt settlement company.
Because of our years of experience in working for the Internal Revenue Service we can assure you of the lowest possible tax settlement if you are a suitable candidate for offer in compromise.
We have a combined 65 years of direct work experience at the Internal Revenue Service. We are composed of tax attorneys, CPAs, and former federal and state tax agents.
If you have any back tax issues with the Internal Revenue Service or have not filed back income/business tax returns, we can settle your case all at the same time.
As a former IRS revenue officer I have worked hundreds of cases and can be very instrumentally in the settling of your case.
Why is Fresh Start Tax LLC is a much different firm than other IRS Tax Debt Settlement Companies.
We do our own work in-house, most companies sub their work out to backend offices.
We have over 65 years of direct work experience working in the local, district and regional tax offices of the IRS. We have worked as managers, instructors, and teaching agents.
Some of our staff have put on joint forums with the Internal Revenue Service. We have an excellent working relationship with Uncle Sam.
Offer in Compromise + IRS Tax Debt Settlements
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:
• 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.
• 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
Over 16 million taxpayers do not file annual tax returns.
At some point if you do not file the Internal Revenue Service will catch up with you do not keep your head in the sand.
If you have not filed tax returns we can prepare your returns with little or no records do our reconstructive methods we learned IRS.
If you did not file your back tax returns, IRS can prepare them for you and you will owe more money than you should. IRS as the ability under 6020B to file for you.
If you do not respond to the IRS bills and notices they send out as a result of filing your tax returns IRS will follow-up with tax levies in the filing a federal tax liens.
We can prepare your back or on file tax returns with little or no tax records.
If the IRS has already filed your back tax returns and they are grossly inaccurate, call us today for us to file for an IRS audit reconsideration.
Do not be afraid of filing your tax returns with IRS because at some point in time they will catch up with you.
Call us today for a free initial tax consultation and you will speak to a true IRS tax expert.
We walk you through the process and with an excellent degree of accuracy let you know how you can resolve your case and achieve the best possible results.
Debt Services + IRS Tax Company Specialty + IRS Problems & Affordable Resolutions + Former IRS
