by Jim Magary | Aug 12, 2015 | Tax Help
Reporting Guidance for Applicable Large Employers
Some of the provisions of the health care law apply only to applicable large employers, which is generally those with 50 or more full-time equivalent employees.
The law requires ALEs to file information returns in 2016 with the IRS and provide statements to their full-time employees about the health insurance coverage the employer offered.
Monthly Tracking
To prepare for the reporting requirements in 2016, applicable large employers should be tracking information each month of 2015, including:
• Whether you offered full-time employees and their dependents minimum essential coverage that meets the minimum value requirements and is affordable.
• Whether your employees enrolled in the self-insured minimum essential coverage you offered.
Annual Information Reporting
The first statements to employees must be provided by January 31, 2016, and the first information returns to the IRS must be filed by February 28, 2016, or March 31, 2016, if filed electronically.
• ALE members must file Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, and Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, with the IRS annually, no later than February 28 – March 31 if filed electronically – of the year immediately following the calendar year to which the return relates.
• ALE members are also required to provide a statement to each full-time employee that includes the same information provided to the IRS, by January 31 of the calendar year following the calendar year for which the information relates.
• ALEs that file 250 or more information returns during the calendar year must file the returns electronically. ALEs who are self-insured—who sponsor, self-insured group health plans—are subject to the employer information reporting requirements as well as the reporting requirements for providers of minimum essential coverage.
Other Reporting Requirements
• The Additional Medicare Tax applies to wages, compensation, and self-employment income.
As an employer, you must withhold and report an additional 0.9 percent on employee wages or compensation that exceeds $200,000.
• You may be required to report the value of the health insurance coverage you provided to each employee on his or her Form W-2.
by Jim Magary | Aug 11, 2015 | Tax Help
We are an Affordable Professional full service IRS tax firm that specialize in the resolution of all IRS tax matters. We are specialists for those who owe IRS back payroll taxes, 941 tax debt.
Being a former IRS revenue officer and teaching instructor, I worked hundreds upon hundreds of payroll tax cases and I understand the complexities and have immediate resolution options to go over to resolve any IRS tax debt problem. IRS is usually generally aggressive on back payroll tax issues. I would advise all taxpayers to be current in the present quarter. IRS tends to work with businesses and taxpayers that are rehabilitative and are attempting to stay current.
Hiring a professional tax firm can keep IRS out of your business so you can continue to manage and make your business profitable.
Each and every case has a viable solution. The key is knowing every possible option.
If you do not understand the IRS methods, IRS can dictate the way they choose to work your case. the fear of dealing with Internal Revenue Service and the threats that they can make can force taxpayers into decisions that is not in their best interest.
Unless you know the way the Internal Revenue Service operates you have no idea what you’re truly settling for.
As a former IRS agent revenue officer I can tell you that most taxpayers have no clue what’s going on in as a general rule they will believe anything the agent is telling them.
Don’t be trapped or tricked in to this mentality. It is well worth hiring a professional tax firm to deal with your back IRS tax debt payroll problem.
Due to our years of experience with the IRS, we know exactly how to handle IRS and find success in dealing with those who all back payroll tax debt to the Internal Revenue Service.
When you work with us we will submit an immediate power of attorney so the Internal Revenue Service only deals with us and you will never have to speak to IRS.
We will secure and review the necessary financial statements, the 433A& 433B, and talk to you about working out a viable solution to protect your business from the Internal Revenue Service.
Taxpayer should beware that IRS will impose a 6672 penalty, or the trust fund penalty for those responsible persons who were authorized to pay the back payroll taxes.
6672
a) General rule
Any person required to collect, truthfully account for, and pay over any tax imposed by this title who willfully fails to collect such tax, or truthfully account for and pay over such tax, or willfully attempts in any manner to evade or defeat any such tax or the payment thereof, shall, in addition to other penalties provided by law, be liable to a penalty equal to the total amount of the tax evaded, or not collected, or not accounted for and paid over.
No penalty shall be imposed under section 6653 or part II of subchapter A of chapter 68 for any offense to which this section is applicable.
(b) Preliminary notice requirement
(1) In general
No penalty shall be imposed under subsection (a) unless the Secretary notifies the taxpayer in writing by mail to an address as determined under section 6212 (b) or in person that the taxpayer shall be subject to an assessment of such penalty.
(2) Timing of notice
The mailing of the notice described in paragraph (1) (or, in the case of such a notice delivered in person, such delivery) shall precede any notice and demand of any penalty under subsection (a) by at least 60 days.
(3) Statute of limitations
If a notice described in paragraph (1) with respect to any penalty is mailed or delivered in person before the expiration of the period provided by section 6501 for the assessment of such penalty (determined without regard to this paragraph), the period provided by such section for the assessment of such penalty shall not expire before the later of—
(A) the date 90 days after the date on which such notice was mailed or delivered in person, or
(B) if there is a timely protest of the proposed assessment, the date 30 days after the Secretary makes a final administrative determination with respect to such protest.
(4) Exception for jeopardy
This subsection shall not apply if the Secretary finds that the collection of the penalty is in jeopardy.
Definition of wilfulness
1. The trust fund recovery penalty is a civil penalty; so the degree of wilfulness in failing to collect or pay over any tax leading to liability for this penalty is not as great as that necessary for criminal proceedings.
wilfulness in the context of the TFRP is defined as intentional, deliberate, voluntary, and knowing, as distinguished from accidental. “wilfulness” is the attitude of a responsible person who with free will or choice either intentionally disregards the law or is plainly indifferent to its requirements. Some factors to consider when determining wilfulness are:
• Whether the responsible person had knowledge of a pattern of noncompliance at the time the delinquencies were accruing;
• Whether the responsible person had received prior IRS notices indicating that employment tax returns have not been filed, or are inaccurate, or that employment taxes have not been paid;
• The actions the responsible party has taken to ensure its Federal employment tax obligations have been met after becoming aware of the tax delinquencies; and
• Whether fraud or deception was used to conceal the nonpayment of tax from detection by the responsible person.
Call us today for a free initial tax consultation and hear the truth. we will go over with you every option to go ahead and settle your tax debt with the Internal Revenue Service.
Owe IRS Payroll + Keep IRS Out of Your Business + 941 Payroll Tax Debt Settlements + IRS Payment Plans + Former IRS Agents Can Help
by Jim Magary | Aug 11, 2015 | Tax Help
We are the Affordable Professional Tax Firm consisting of tax attorneys, tax lawyers, certified public accountants, and former IRS agents, since 1982. We Know the System! A plus Rated
We have over 60 years of direct IRS work experience in the local, district, and regional tax offices of the Internal Revenue Service. We not only were former IRS agents but teaching instructors as well. We know every possible solution to any tax problem.
Our professional staff includes tax attorneys, tax lawyers, certified public accountants and array of former IRS agents, managers and teaching instructors.
We also have worked as IRS revenue agents, IRS revenue officers, IRS appeals officers and group managers. While employed Internal Revenue Service week taught income tax law, manual procedures as well as audit and collection manuals.
We’re true IRS tax experts and have over 206 years of professional tax experience.
Because of our years at the Internal Revenue Service we know and understand the system and can get you the immediate tax help you need for affordable pricing because of our streamlined processes.
We can make this a fast and seamless process for you.
If you have a problem that may be criminal in nature you can speak directly to an IRS tax attorney or tax lawyer.
Tax Levy
If you have received an IRS tax levy or wage garnishment levy, as a general rule within 24 hours of receiving your current financial statement we can get your bank or wage levy released.
Back Tax Returns
If you need to file back tax returns we can prepare your returns with little or no records by pulling tax transcripts. We can prepare your back tax returns under reconstructive methods. It is important you file a tax return with IRS if you don’t, the IRS has the option for preparing your tax return under 6020 b of the code.
Payment plans
If you need to make a payment plan with the Internal Revenue Service, we can review the different payment plan options and get you started so you can get this problem behind you, your case closed and settled with the IRS today. There are basically three type of payment plans. Last year over 6.5 million taxpayers in turn to installment agreements.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
When calling our office you will speak directly to a true IRS tax expert and not a salesperson.
Call us today to hear the truth about your tax situation and the easiest and most affordable way to remedy the problem.
IRS Taxes + Tax Attorneys, IRS Tax Lawyers + Instantly Remove Tax Levy, Payroll Tax Problem + File Back Tax Returns + IRS Payment Plans + Settle Tax Debt + Offer in Compromise
by Jim Magary | Aug 11, 2015 | Tax Help
An “Affordable Professional Tax Firm” that specializes in IRS and State tax resolution. Affordable New York Tax Experts.
We are former IRS Agents & Managers who know the system, since 1982. A plus Rated BBB.
We have been in private practice since 1982 and are true affordable tax experts in resolving individual, business and payroll taxes debt. We have over 206 professional tax experience.
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 inside and out.
We understand all the IRS systems protocols and procedures to get you immediate and permanent IRS tax relief.
We can help anyone who owes any federal, State, individual, business, or 941 payroll taxes including those who have not filed back tax returns and those wishing to settle IRS tax debt.
We have over 60 years of direct work experience at the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Please Note:It is important to understand, those who will owe back taxes that your current financial statement will usually determine the outcome of your case. Therefore the preparation and the completion of your financial statement is the key to success and negotiation with the IRS is critical. It is always best to have a tax professional help you with the preparation documentation in the submission of these forms.
Filing of Back IRS Income & Business Tax Returns
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.
Make sure you file your back tax returns because IRS enjoys the privilege of filing your back tax returns under 6020 B of the code if you fail to file back taxes.
They will file your return to make sure you pay the highest amount allowed by law. If this is happened to you, you can file for an IRS audit reconsideration.
IRS Required Financials Statements 433F, 433A
If you owe back taxes and as a general rule your financial statement will determine how IRS will close your settle your case.
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.
It is critical that you understand the importance of your current financial statement because it will determine the outcome of your case.
Your last 3 to 6 months of your financial condition is IRS’s determining factor on your case resolution.
IRS has the option to determine the period of time and wish they can review your financial records. 3 to 6 months is generally the time periods they choose and is a good reflection of your ability to pay or inability not to pay.
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.
These are the three most common ways that IRS close cases off their enforcement computer.
1. 40% of all taxpayers that owe back taxes to the IRS get put in the tax hardships,
2. 6.5 million people get put into payment plans and ,
3. 40,000 people get offers in compromise accepted.
Since 1982 we have been resolving IRS tax debt for individuals, businesses and corporations that owe back federal taxes including payroll tax debt.
Important : Make sure all your tax returns are filed.
Call us today for a free initial tax consultation.
IRS Taxes Debt Help = Owe Back Taxes = Individual, Business, 941 Payroll Taxes + Unfiled Tax Returns + Trust Fund Taxes + IRS Settlement
by Jim Magary | Aug 11, 2015 | Tax Help
We can get your IRS tax levy, IRS wage garnishment levy released within a 24-hour period of time and close your case at the same time. A plus Rated, the AFFORDABLE FIRM.
We have a combined 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service and know exactly how to settle your case with the Internal Revenue Service.
As former IRS agents we taught tax law and tax procedure to new IRS agents, we know the system inside and out. We can stop IRS tax levies and settle your case at the same time.
We are not a tax mill, we are professional tax firm.
We do exactly what we say we will do. if you are unhappy with any of our services will simply return any retainer or money.
We have an immaculate and sterling reputation.
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.
Within 24 hours of receiving your fully documented financial statement we guarantee that you will have a release of your IRS bank levy or wage garnishment levy.
OIC + We will speak with you about settling your tax debt to the offer in compromise program.
Our firm will not submit an offer in compromise until we walked through the offer in compromise pre-qualifier tool to make sure that you can settle your tax debt for pennies on dollar.
You should not give your money to any firm to file an offer in compromise unless they walked to this program with you.
I am a former IRS offer specialist.
As a IRS revenue officer agent, I both work this program was a teaching instructor for the tax debt settlement program. I’m a true IRS tax expert for the offer in compromise.
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 filed. Please keep in mind this is a national average. Your current financial statement will determine the outcome for this program.
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
IRS Tax Levy, IRS Wage Garnishment Releases and Removals and case closing.
The IRS filed 1.8 million the bank and wage garnishment levies last year. IRS filed over 700,000 federal tax liens.
So if you received a bank or wage garnishment levy/lien you are not alone.
Before IRS will release a tax levy, a wage garnishment or bank seizure, Internal Revenue Service will need a current documented financial statement. Your financial statement is the key to closing your case and settling your case.
If your case is in the automatic collection system, you will be filling out and documenting form 433F which you can find directly on our website. It is the only form the Internal Revenue Service will use.
When calling our office we will complete the form, speak to the Internal Revenue Service and within 24 hours of having your fully documented financial statement we can get your IRS tax levy released.
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.
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.
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. IRS does a thorough review of your financial statement therefore you want to make sure you are both honest and accurate. IRS has the ability to go back as far as they want for their financial review. 3 to 6 months is a general indicator of IRS’s review process.
As a general rule, IRS will not release your levy until all your tax returns are filed.
We can prepare all your back tax returns with little or no records.
Internal Revenue Service usually closes your case off the enforcement two general ways: Based on your current financial statement, IRS will put you in a currently uncollectible file or put you in a payment agreement.
Over 40% of collection cases wind up in a current tax hardship and 6.5 million other taxpayers are put into monthly installment payment plans.
IRS may fail to release an IRS tax levy wage garnishment or bank levy because taxpayers have failed to file back tax returns.
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.
One last note of interest, it is very critical all taxpayers respond to all IRS notices because IRS intends to follow-up on all the dates given on each and every notice sent.
Call for free initial tax consultation.
Immediately STOP IRS Tax Levy NOW = Stop Bank & Wage Garnishment + File Back Returns + Offer in Compromise + FORMER IRS + Staten Island, Buffalo, Jamaica, Rochester, Yonkers
