by Jim Magary | Oct 30, 2015 | Tax Help
Unemployment Compensation
The tax treatment of unemployment benefits you receive depends on the type of program paying the benefits.
Unemployment compensation includes amounts received under the laws of the United States or of a state such as:
• State unemployment insurance benefits
• Benefits paid to you by a state or the District of Columbia from the Federal Unemployment Trust Fund.
• Railroad unemployment compensation benefits
• Disability benefits paid as a substitute for unemployment compensation
• Trade readjustment allowances under the Trade Act of 1974 and
• Unemployment assistance under the Disaster Relief and Emergency Assistance Act of 1974
Unemployment compensation does not include:
• Workers’ compensation payments; see Publication 525, Taxable and Nontaxable Income, for information on these payments.
• Supplemental unemployment benefits received from a company-financed fund. These benefits are wages subject to income tax withholding and may also be subject to Social Security and Medicare taxes.
They should be reported to you on Form W-2 (PDF), Wage and Tax Statement. See Publication 15-A (PDF), Employer’s Supplemental Tax Guide, section 5, for more information about supplemental unemployment benefits,
• Unemployment benefits from a private fund to which you voluntarily contribute.
These benefits are taxable only if the amounts you receive are more than your total payments into the fund; however, this taxable amount is not unemployment compensation. Report it is as “Other income” on line 21 of Form 1040 (PDF).
If you received unemployment compensation during the year, you must include it in gross income.
You may be required to make quarterly estimated tax payments.
However, you can choose to have federal income tax withheld.
For more information, refer to Form W-4V (PDF), Voluntary Withholding Request.
You should receive a Form 1099-G (PDF), Certain Government Payments, showing the amount of unemployment compensation paid to you this year in Box 1, and any federal income tax withheld in Box 4.
Report the amount shown in Box 1 on line 19 of Form 1040 (PDF), line 13 of Form 1040A (PDF), or line 3 of Form 1040EZ (PDF), and include the withholding shown in Box 4 on line 64 of Form 1040, line 40 of Form 1040A, or line 7 of Form 1040EZ.
For more information on unemployment, see Unemployment Benefits in Publication 525.
by Jim Magary | Oct 30, 2015 | Tax Help
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Your current financial system will indicate the type of way IRS will close case.
IRS Tax Billing Notices, its systematic
If IRS sends you a document it is time sensitive and taxpayers must follow-up on all time sensitive letters. Never ignore an IRS tax notice, they will follow-up and do exactly what they say.
Once a tax return is filed or IRS initiates a tax assessment, IRS sends out a series of five notices and those notices are sent five cycles or five weeks apart.
IRS has the option, depending on the dollar amount and the history of the taxpayer to speed up those assessments.
These IRS tax notices are all sent out in five-week billing cycles.
1. CP 14 – This is the notice of balance due,
2.CP 501 – This is a Bill that you still owe tax,
3. CP503 – Important, Immediate Action Required
4. CP 504 – Urgent Notice – We Intend to Levy on Certain Assets, Please Respond Now
5. CP90/CP297/ – IRS Letter 1058 – Final Notice of Intent to Levy of Your Right to a Hearing
6.CP 91- CP298 -Final IRS Notice, You must answer his Notice!
It is important for taxpayers to keep up with their tax bills because lets you know where you are in the system.
You can find the CP notices in the top right corner of the bills.
It is extremely important you follow up on all final notices if not the Internal Revenue Service will plan to follow up with enforcement action.
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by Jim Magary | Oct 30, 2015 | Tax Help
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Remove or Release a IRS Tax Levies Garnishments
IRS usually levies 1.9 million taxpayers and businesses each and every year, so have you if you have received an IRS tax levy you are not alone IRS levies include wage garnishments as well.
IRS is the largest collection and billing machine in the world. IRS tax levy goes out systemically not a human hand catches a tax levy.
IRS levy information comes via your tax returns. IRS captures information from the banks and employers.
A IRS tax Levy usually comes in two forms, a bank levy or a wage garnishment.
Both IRS tax levies are different. It is important for you to understand the difference.
An IRS Bank Levy puts a freeze on your money for 21 days where an IRS wage garnishment levy is an immediate seizure of your paycheck.
The bank will send your frozen funds to IRS on the 22nd day.
The IRS will give you 21 days to work out a settlement before they receive the funds. your employer is mandated by law to send your next paycheck to the Internal Revenue Service if they have received a wage garnishment notice.
Certain exemptions apply but approximately 80% of your check will go to the Internal Revenue Service because of the IRS tax levy garnishment.
If you want your money back is a result of a wage garnishment levy you will have to communicate with the Internal Revenue Service.
Within 24 hours of receiving your current financial statement, and as a general rule we can get your IRS bank tax levy garnishment released and your case settled with the Internal Revenue Service.
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Due to the new IRS fresh start initiative it is much easier for taxpayers to settle cases.
IRS settles 38% of all offers and compromises that are filed and settles for an average of $6500.
Keep in mind this is a national average and differs because of everyone’s unique and individual financial statement.
If those who wish to make payments to the Internal Revenue Service to resolve their debt, we will walk you through the financial statement and make an affordable payment that you can live with. We will give you an exit strategy to permanently end your IRS problem.
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by Jim Magary | Oct 30, 2015 | Tax Help
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Current financial statements
As a general rule, any time monies are owed to IRS on back taxes, IRS will require a current financial statement. As a general rule they will do that on form 433F or 433 a.
Almost every taxpayer will have to complete a current financial statement and provide complete doc backup documentation to the Internal Revenue Service.
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Filing of Tax Returns
Please keep in mind any time you owe back taxes the IRS will require you to be current on the filing of all tax returns. We can prepare all back tax returns with or without records.
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by Jim Magary | Oct 30, 2015 | Tax Help
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Your Current Financial Condition Determines How IRS Closes your Case
If you owe any IRS or State back taxes of any kind we can work out different tax solutions depending on your current financial condition.
Your current financial statement, as a general rule will determine the outcome of your case. Another factory to keep in mind is that most governments have a national standard expense table that they used to determine the end result of your case.
You can find those national standards directly on our website and we will review them with you when reviewing your financial statement.
Keep in mind your financial statement will have to be verified by the Internal Revenue Service before they will render any determination on your case.
Included in that financial statement, the 433F, will be the last three months of canceled checks, copy of monthly expenses and a copy of pay stubs.
IRS does a full analysis of your financial statement before rendering a determination. You want to make sure you are completely honest giving any government agency a financial statement.
IRS generally closes case by putting them in hardship or asking for a payment agreement or you have the possibility of settling your debt for pennies on the dollar if you are qualified candidate.
Keep in mind not everybody is a settlement candidate we carefully review each and every case we get.
We will carefully review your case and give you an expert opinion on whether your case is eligible for the fresh start initiative called the offer in compromise.
Over 38% of all taxpayers and apply for the offer in compromise program get accepted settlements but you must be a true qualified taxpayer for the program. The average settlement for the current year is $6500 per offer in compromise.
To find out whether you qualify for the offer in compromise program you can simply call us today or fill out the IRS pre-qualifier tool for the tax debt settlement call the offer in compromise.
FST can file all back tax returns and get this problem behind you so you can move on with your life.
Many times the Internal Revenue Service will not close your case off the system until all back tax returns are current up to date and they feel you are in compliance with your estimate or current withholding for the year we are in.
As a side note:
You want to make sure you file all your back tax returns if not the Internal Revenue Service will file all unfiled back tax returns and that will wind up being a nightmare.
IRS has the right to prepare your tax return under 6020 B of the code and they will give you no allowances for exemptions or expenses.
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