by Jim Magary | May 20, 2015 | Tax Help
We are an AFFORDABLE full service tax firm that specializes in IRS tax problems. We are the affordable professional choice that have been in practice since 1982.
We have over 60 years of direct IRS work experience in the local, district, and regional tax offices of the Internal Revenue Service.
If you need to file back tax returns or owe the IRS a tax debt, we can go ahead and work out an effective tax settlement for you.
Taxpayers who owe back taxes generally can settle their case by IRS after reviewing your current financial statement putting them into a current hardship, asking for a monthly payment agreement or will consider the filing of an offer in compromise.
Do you have unfiled or not file tax returns?
Many people do not file back tax returns because they lost their records.It is important to remember IRS just want you back in the system so don’t let fear or panic set in.
If this is your case, we can go ahead and pull IRS tax transcripts and secure enough information to file back tax returns. If you have little or few tax records that is not a problem we can prepare your returns under reconstructive methods ensure you will pay the lowest amount allowed by law. being a former IRS agents we understand all the techniques to get you back in the system worry free.
Do not let not having records keep you from filing your back tax returns.
I caution those taxpayers who do not file to be very careful because IRS can file your tax return under 6020 B and you will pay the most amount allowed by law.
If you wish to settle your tax debt with Internal Revenue Service they will require a current documented financial statement on their forms.
We will give you a free evaluation or analysis on the best way to settle your case for the lowest possible dollar amount if you are a suitable candidate for an offer in compromise.
Call us today and speak directly to a former IRS agents who knows the system of filing back tax returns and settling your IRS tax debt.
We are the fast friendly and affordable professional tax firm, since 1982 A+ rated by the Better Business Bureau.
Unfiled Back Tax Returns, Tax Levy, Tax Liens, Payment Plans, Offer in Compromise Settlements, Former IRS + Salt Lake City, West Valley, Provo, West Jordan,
by Jim Magary | May 20, 2015 | Tax Help
ACA affects Employers with 50 or more Employees
Some of the provisions of the Affordable Care Act, or health care law, apply only to large employers, which are generally those with 50 or more full-time equivalent employees.
These employers are considered applicable large employers – also known as ALEs – and are subject to the employer shared responsibility provisions and the annual employer information return provisions.
For example, in 2016 applicable large employers will have annual reporting responsibilities concerning whether and what health insurance they offered in 2015 to their full-time employees.
All employers, regardless of size, that provide self-insured health coverage must file an annual return reporting certain information for individuals they cover. The first returns are due to be filed in 2016 for the year 2015.
Effective for calendar year 2015, ALEs with 100 or more full-time or full-time equivalent employees will be subject to the employer shared responsibility provision and therefore may have to make a shared responsibility payment.
This applies to employers that do not offer adequate, affordable coverage to their full-time employees and one or more of those employees get a premium tax credit.
The employer shared responsibility provisions will be phased in for smaller ALEs from 2015 to 2016.
Calculating the number of employees is especially important for employers that have close to 50 employees or whose workforce fluctuates throughout the year.
To determine its workforce size for a year an employer adds its total number of full-time employees for each month of the prior calendar year to the total number of full-time equivalent employees for each calendar month of the prior calendar year and divides that total number by 12.
Employers with more than 50 cannot purchase health insurance coverage for its employees through the Small Business Health Options Program – better known as the SHOP Marketplace.
However, Employers that have exactly 50 employees can purchase coverage for their employees through the SHOP.
by Jim Magary | May 20, 2015 | Tax Help
I am a former IRS agent and teaching instructor with the Internal Revenue Service .
I am an expert in tax debt forgiveness through the offer in compromise program.
It is the only program available within the internal revenue service that allows for tax debt forgiveness. Do not be fooled by false advertisng, check with us first.
Last year the internal revenue service received over 78,000 offers in compromise for taxpayers to get tax debt forgiveness.
38% of those offers in compromise for tax debt forgiveness were accepted for the Internal Revenue Service for an average of $6500.
Keep in mind that your financial statement alone will determine if and when IRS will forgive your back tax debt.
The tax debt forgiveness program, the offer in compromise, is not for everyone.
I would urge all taxpayers to walk to the offer in compromise pre-qualifier for tool to find out if they were eligible for tax debt forgiveness.
I also caution all taxpayers finding companies on the Internet to make sure they are true tax debt forgiveness specialists. Most companies you see on the Internet are no more than lead generation companies selling your information to third parties.
Please see below the offer in compromise or tax debt forgiveness program offered by Internal Revenue Service and the different rules and regulations that go with it.
Call us today for free initial tax consultation and we will walk you through the process to find out if you’re qualified in suitable candidate for tax debt forgiveness to the offer in compromise program of the Internal Revenue Service
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
IRS will consider your unique set of facts and circumstances:
• Ability to pay;
• Income;
• Expenses; and
• Asset equity.
IRS will generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time, payment options before submitting an offer in compromise.
The Offer in Compromise program is not for everyone.
Before IRS will consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer in compromise
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Select a payment option
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 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.
IRS Tax Debt Forgiveness, Offer in Compromise Program, Former IRS, Experts in Tax Debt Relief
by Jim Magary | May 20, 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
We have been in private practice since 1982 and are true affordable tax experts in resolving individual, business and payroll taxes debt. We can resolve IRS tax 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.
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.
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. 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.
We will explore every option and can get you the very best possible tax settlement.
Since 1982 we have been resolving IRS tax debt for individuals, businesses and corporations that owe back federal taxes including payroll tax debt.
We are the fast, and friendly, affordable professional tax firm. since 1982 we have been re-solving tax debt for every type of taxpayer possible.
IRS Taxes Debt = Owe Back Taxes = Individual, Business, Payroll Taxes, Not Filed Tax Returns, Offer in Compromise + Salt Lake City, West Valley, Provo, West Jordan, Sandy Hills
by Jim Magary | May 20, 2015 | Tax Help
As Former IRS Agents & Managers we specialize in AFFORDABLE immediate and permanent IRS Tax Relief. A plus Rated BBB, since 1982.
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
Not only were we former IRS agents and managers we were supervisors and tax instructors and taught new IRS agents there jobs. We know the system inside and out.
We know the working systems of the IRS, we have worked in almost every possible administration system within the Internal Revenue Service.
If you have received an IRS tax bill, final notice before levy or seizure, received a notice of levy on your wages or bank account, need to make a payment plan or settle your tax debt with the Internal Revenue Service contact us today for free initial tax consultation.
We’ve been in private practice since 1982 and have over 206 years of professional tax experience in dealing with IRS tax matters.
If you have received an IRS tax levy, within 24 hours of receiving your current financial statement we can get your tax levy released, if you have received an IRS federal tax lien, we can talk to you about different programs to get your lien released, if you need an IRS payment plan we will go over the different type of installment agreements they have for taxpayers.
A note to all taxpayers:
As a former IRS agent and teaching instructor those tax bill notices are all time sensitive and must be addressed by the due dates on your mail correspondence. IRS sends bills on billing cycles that are usually five weeks apart.
Failure to keep up with the due dates many times winds up as enforced collection actions by the Internal Revenue Service.
Therefore it is important to address these issues soon as the mail comes in. Also please understand that wait times are extensive and you can be holding on the phone for over one hour however you must persist and get through to the Internal Revenue Service.
Tax facts of interest:
1. IRS sends close to 2 million bank and wage garnishment levies each and every year,
2. Approximately 6.6 M people are on IRS payment plans,
3. Over 38% of all those who apply for an IRS tax settlement or approved by the Internal Revenue Service,
4. IRS sends out approximately 700,000 liens every year,
5. Over 40% of collection cases that IRS works winds of going into hardship.
6. Your chances of an IRS tax audit are less than 1%.
Call us today for a free initial tax consultation, since 1982, A+ rated by the Better Business Bureau.
I
RS Taxes + Tax Bill Notice, Certified Mail, Notice of Levy, Liens, Audits, IRS Payment Plans, Tax Settlement = Salt Lake City, West Valley, Provo, West Jordan, Sandy Hills
