by Jim Magary | Mar 2, 2015 | Tax Help
The news out of Washington is good for the taxpayer but bad for the budget.
Budget cuts forced the IRS to reduce the number of tax audits last year to the lowest level in a decade, IRS Commissioner John Koskinen said Tuesday. is hard to believe that with revenue needed to offset the federal national budget IRS would cut audits.
It is one of the main sources of revenue for the Internal Revenue Service. Taxpayers are getting comfortable with not being audited and are being more aggressive aggressive and financial and tax positions willing the risk to be audited.
Simply put, the number of audits could be even lower this year.
WHY ???
The math is pretty simple.
There are fewer audits because we have fewer auditors.
Commissioner Koskinen said in a speech to the New York State Bar Association.
“There are fewer audits because we have fewer auditors.” and just does not make sense because the only way to collect tax dollars by enforcing the tax law and have tax cheats pony up.
“IRS Audits fell in virtually every individual category and across income levels,” Koskinen said. “This continues a long-term trend that carries serious implications for our tax system and the nation.”
Numbers of Taxpayers Audited by IRS
Last year, the IRS audited 1.2 million individual tax returns. That’s less than 1 percent of the returns that were filed, the lowest rate since 2004.
Please keep in mind this number applies for those under $250,000 in adjusted gross income. The more money you make the more there is a chance your tax returns again to be audited.
IRS is down more than 2,200 IRS revenue agents since 2010.
Last year a little more than 11,600 revenue agents examined returns, and Koskinen is warning that the number of agents will decline again this year simply because Congress has cut the agency’s budget by $1.2 billion since 2010.
The IRS will receive $10.9 billion for the budget year that ends in September.
The New IRS Budget Proposal
Obama has proposed a $12.9 billion budget for the IRS in the coming budget year.
That’s is about an 18 percent increase. one must not believe that budget is going to fly with the public in led Congress. Being for the people certainly is not increasing the budget of IRS.
But What about the New Health Care Law
The agency’s budget cuts have come as the IRS is starting to play a bigger role in implementing Obama’s health care law.
For the first time, taxpayers have to report on their tax returns whether they have health insurance.
Millions of taxpayers who are receiving tax credits to help pay insurance premiums have to report them as well.He said the IRS is required to enforce the law, so other areas will have to be cut, including taxpayer services and enforcement.
Time off for employees, yes another furlough
The IRS projects that about half the people who call the IRS for assistance this filing season won’t be able to get through to a person. this is nothing new. As a practitioner when you do get through you can hold anywhere from 30 minutes to one hour.
The agency is also considering shutting down operations for two days later this year after tax season — resulting in unpaid furloughs for employees and service cuts for taxpayers, Koskinen said
by Jim Magary | Mar 2, 2015 | Tax Help
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by Jim Magary | Mar 2, 2015 | Tax Help
FST is a full service tax firm with an expertise in all IRS matters, problems and situations. We are the affordable professional tax firm.
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If the IRS has levied you are not alone.
The Internal Revenue Service levies approximately 1.8 million taxpayers each and every year and this figure includes wage garnishments.
The IRS also files approximately 800,000 federal tax liens each and every year.
The IRS sends out tax levies because taxpayers do not respond to final notices sent. The IRS sends out Levy notices to get the attention of many taxpayers and as a general rule works really well. When your money is frozen or seized by IRS you immediately call the Internal Revenue Service.
Before IRS will remove a tax levy or wage garnishment they will need a current and verifiable financial statement.
Once we have your current verified financial statement in hand, we can usually get your tax levy or garnishment released within 24 hours.
If you are undergoing an IRS tax audit, you can speak directly will former IRS audit manager.
If you wish to go to IRS appeals, we have a professional staff that deals with IRS appeals alone.
If you have back tax returns to file, you can have former IRS agents ensure that you are paying the lowest amount of tax allowed by law.
If you wish to settle your tax that we can have former IRS revenue officers who worked the offer in compromise program settle your tax debt if and only if you were a true candidate for a tax debt settlement called an offer in compromise.
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by Jim Magary | Feb 27, 2015 | Tax Help
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IRS is very methodical and system oriented on how they work cases involving back tax debt.
The IRS will make sure that all your tax returns are filed and as a general rule will attempt to secure current financial statement so they can take your case off of all IRS enforcement computers.
Compliance is very important to the Internal Revenue Service.
With that in mind, the Internal Revenue Service will generally remedy your case by putting it into a non-collectible file, asking you to make payments, or letting you know you could be a choice candidate to settle your debts through the offer in compromise program.
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by Jim Magary | Feb 27, 2015 | Tax Help
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Let me first start out by saying that we have over 60 years of direct work experience in the local, district, and regional tax offices of the Internal Revenue Service. As a former IRS agents we were auditors, revenue agents, revenue officers, supervisors and taught at the regional training centers
With that much experience we understand the codes, protocols, settlement theories , and all the avenues to resolve any IRS back tax debt problem. We worked almost any type of case you can with the IRS.
We can stop an IRS final notice, we can stop an IRS tax or wage garnishment levy and file any back tax returns that are currently not on file. It is very important that every taxpayer respond to letters and notices out by the Internal Revenue Service.
IRS enforcement computer CADE2 will follow-up on every action of a letter sent. IRS is the largest collection world
As a general rule within 24 hours we can get your money back from Internal Revenue Service.
Once we have your documented financial statement your case can will be resolved. Just for your information if you received an IRS wage levy by law your next paycheck goes to the Internal Revenue Service with some exemptions.
With a IRS bank levy there is a 21 day hold or freeze on the account. You can still continue to use your bank account.
On the 22nd day the banks will send the money to the Internal Revenue Service. Remember you are allowed to use your account freely during that period of time without fear of the second IRS levy.
IRS is very methodical and system oriented on how they work cases involving back tax debt.
The IRS will make sure that all your tax returns are filed and as a general rule will attempt to secure current financial statement so they can take your case off of all IRS enforcement computers.
Compliance is very important to the Internal Revenue Service.
With that in mind, the Internal Revenue Service will generally remedy your case by putting it into a non-collectible file, asking you to make payments, or letting you know you could be a choice candidate to settle your debts through the offer in compromise program.
Settling your tax debt
I am a former IRS revenue officer who not only worked the program at IRS but was a regional trainer of the program.
I caution any taxpayer wanting to settle their debt for pennies on the dollar to make sure they are qualified applicants for the program.
When you call our office we will give you an initial free consultation to make sure you qualify.
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