by Jim Magary | Mar 30, 2016 | Tax Help
We are a affordable professional tax firm that are IRS tax experts, since 1982. Former IRS agents for over 65 years.
If you are in receipt of an IRS tax levy and need to have immediate tax relief call us today for a free initial tax consultation.
IRS has the right to seize almost anything may want including your pension plan, 401(k), or other benefits. please see below.
NOTE:
Before the Internal Revenue Service will levy a pension plan, 401(k) or other retirement benefits the IRS must use discretion to the point that must be signed off by the higher-ups within the system and supervisory positions.
They just do not levy retirement income unless they have a justifiable reason. The applicable code section below.
5.11.6.1 (01-22-2010)
Retirement Income
1. Use discretion before levying retirement income. See IRM 1.2.44.4, Delegation Order 5-3 (Rev-1), which outlines the authority to levy on property in the hands of a third-party (not to include Levy Form 668-B, Levy). For more information on pre-levy considerations, see IRM 5.11.1.3.1,Pre-Levy Considerations.
2. A notice of levy is continuous for wages and salary.
Other levies only reach property a third-party is holding when the levy is received.
Reminder:
References to property include rights to property.
3. As long as the taxpayer has a fixed and determinable right to property, a levy attaches that right.
Therefore, a levy on retirement income can reach payments in the future whether or not the taxpayer has begun receiving payments when the levy is served.
This often means that a levy on retirement income reaches future payments. Because this type of levy may begin attaching payments long after the levy is served, follow-up when the taxpayer is expected to become eligible to receive payments.
Also see IRM 5.11.5.6.2(6) Systemic Monitoring of Continuous Levy Payments regarding input of transaction code (TC) 971 action code (AC) 687 and IRM 5.11.7.2.5.1, FPLP and Paper Levy (Form 668-A/668-W), for discussion regarding the Federal Payment Levy Program (FPLP) and paper levies. Consider setting a mandatory follow-up for Bal Due accounts reported currently not collectible.
4. If the taxpayer has the right to receive future payment but has not opted to do so, the levy attaches that right.
5. A levy served while the taxpayer is receiving periodic payments reaches payments due then, as well as payments as they become due later, as long as there is already a fixed and determinable right to the future payments.
6. A levy on a fixed and determinable right to receive future payment (e.g., retirement or pension income, Social Security benefits), made within the statutory period for collection, remains enforceable to the extent of the value of the property levied even if the property itself is not turned over within the statutory period for collection.
If the IRS is levied you and you need immediate and permanent tax relief call us today for a free initial tax consultation
by Jim Magary | Mar 30, 2016 | Tax Help
As Former IRS Agents and managers, we are your best course of action to immediately a levy on income and settle your debt all at the same time. Since 1982, A plus Rated BBB.
We are the affordable professional firm that knows the system inside and out. We can get your levy on your income or wages released, get your money back and close your case at the same time.
Being former IRS agents and managers we are tax specialty experts in the area of income tax levies. As former teaching instructors we know this system inside and out.
We have release thousands of IRS federal tax levies both bank account levies, wage garnishment levies and third-party levies.
If you have been levied by the Internal Revenue Service you are not alone.
Last year over 1.8 million taxpayers received a Federal IRS bank levy or wage garnishment levy. Not only does IRS file 1.8 million tax levies also file over 600,000 federal tax liens.
The Tax Levy on income and wages is one of the largest collection tools used in employed by the Internal Revenue Service to collect back taxes.
We have agents at her office that have a specialty and expertise to get your levy released in your case closed at the same time.
We are a true IRS tax levy release center that gets immediate and permanent results.
What actions must the Internal Revenue Service take before a levy can be issued?
The IRS will usually only serve a Federal Tax levy only after these three requirements are met:
• The IRS assessed the tax and sent you a Notice and Demand for Payment (a tax bill);
• You neglected or refused to pay the tax; and
• The IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
The IRS may give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Please note: If the IRS levies your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
We are composed of CPAs and former IRS agents who have over 65 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
As former IRS agents we used to levy bank accounts and wage garnishments, so it only makes sense we know this process inside and out. There is a very specific system used to get an IRS Federal tax levy released, whether it be a bank levy or wage garnishment levy.
We understand all the systems, formulas, and all the protocols to get an immediate relief of a IRS tax levy.
Knowing the system makes this a streamlined process and is able to get faster and quicker tax relief.
Not only can we stop your IRS Federal tax levy right now and settle your case at the same time.
Within 24 hours of receiving your current documented financial statement we can get an IRS bank levy or wage garnishment levy released and settle your case all at the same time.
To get your levy released we call IRS with the documented financial statement and settle on a disposition of the case and IRS at that time will fax or mail out the release while on the phone.
We will file a power of attorney contact IRS close your case off the enforcement computer.
Generally, we can do this with a couple of days. If you’ve already received the tax levy as a general rule, within 24 to 48 hours of receiving your current financial statement we can get your levy released.
You will never speak to Internal Revenue Service.
How IRS will close your case off the IRS Enforcement Computer
IRS will close and settle your case generally one of three ways.
After a review of your current financial statement (433f ) IRS will place you either into :
1.currently not collectible status, this is also called hardship status.
2. ask you for a monthly payment agreement or and installment agreement,
3. you could submit an offer in compromise if you are a qualified and suitable candidate. When you call us on the phone we will go over the offer in compromise program with you.
We will review with you your options to find out which is the best fit based on your current financial condition.
Remember, your documented financial statement holds the key.
What You Need To Know about IRS Tax Levies
As a former IRS agent I can tell you, the IRS really does not want to levy your wages and take your paycheck or seize your bank account. as a former IRS agent I have levied thousands of taxpayer wages and bank accounts all because of a lack of communication from the taxpayer on how they were to resolve their tax debt.
IRS levy is usually issued when all else fails. IRS is required to send notices to the taxpayer of the last known address and when this fails the next step is enforcement action.
What IRS Wants From You To Get a IRS Tax Levy Released
1. Communication.
A. they want to hear immediately from you to find out how you plan to take care of the tax liability.
2. Compliance.
A. they want to make sure all your tax returns are current filed and up-to-date whether you owe back taxes are not. Full compliance is a must to Internal Revenue Service.
3. Financial information.
A. IRS wants a current financial statement to determine how they were closure case off the enforcement computer.
4. Staying current.
A. IRS wants to make sure in the future you will file all tax returns timely and make sure all tax returns are paid in full moving forward.
IRS Levies Can Be Stopped, Today, + Former IRS Explains, + Get Rid of Tax Levies,
by Jim Magary | Mar 30, 2016 | Tax Help
We can file all Unfiled Payroll Taxes and Settle With IRS all at one time, Since 1982, Affordable Former IRS agents.
Call us today for free initial tax consultation and we will review with you various options and solutions you may have available. File unfiled payroll tax returns and settle with the IRS all at the same time.
We know all the systems employed by Internal Revenue Service, we are true specialists and experts can provide affordable tax solutions.
Our former IRS agents have over 65 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS. Not only did we work as former agents we worked as managers and teaching instructors.
If you are behind on your tax return filings one simple call to us will help you understand the process and give you some immediate tax relief. The system is not as complicated as you think.
Since 1982 we have been resolving taxpayer’s issues for those who are behind on tax filing and settling their taxed at all at the same time.
With or Without Tax Records
With or without records we can file your tax returns contact IRS and work out a solution on how to permanently end your IRS tax problem.
Being former IRS agents we are experts in tax reconstruction and can assure you will pay the lowest amount allowed by law. There is a very specific system to prepare returns without records. We can break this down for you very simple and seamlessly.
If you will owe back federal taxes, let us take over from here and settle your tax debt.
You will never speak to the Internal Revenue Service.
We handle all correspondence with the IRS.
FST will lay out a complete working system for you to cooperate with Internal Revenue Service to ensure that you will get to deal you are looking for with the IRS, one that you can live with.
In the case of unfiled back payroll tax returns we will work with the records that you have and send them to the Internal Revenue Service. Keep in mind if you do not prepare your back payroll tax returns, IRS can prepare your unfiled back payroll tax for you under 6020 B of the Internal Revenue Code. You do not want this to happen because IRS will make sure you pay the highest amount allotted by law.
6020B of the IRC
(a) Preparation of return by Secretary
If any person shall fail to make a return required by this title or by regulations prescribed thereunder, but shall consent to disclose all information necessary for the preparation thereof, then, and in that case, the Secretary may prepare such return, which, being signed by such person, may be received by the Secretary as the return of such person.
(b) Execution of return by Secretary
(1) Authority of Secretary to execute return
If any person fails to make any return required by any internal revenue law or regulation made thereunder at the time prescribed therefor, 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.
After the tax returns are prepared we will prepare an exit strategy and deal with the collection part of the case. Please keep in mind the IRS has the right to go after responsible individuals to collect the tax on a personal basis. this is called the trust fund penalty.
Your current financial statement will determine how IRS will closer settle your case.
KEY FACT: Your current financial statement will determine how the Internal Revenue Service will close your case.
Most taxpayers who think IRS will just work out any deal with them find themselves caught in a dilemma once IRS starts reviewing your financial statement.
IRS applies national standards that are shocking to most taxpayers. You can find the national standards on our website. The national standards are a list of expenses the Internal Revenue Service will allow you air based on both national, regional and localized standards.
If you are dealing with the ACS unit you will need to use financial statement number 433F if you are dealing in the local office you will need financial statement form 433 a, both can be found on our website.
That financial statement will need to be completely verified and documented to support the numbers on it. IRS will want to verify your financial statement via bank statements, copy of monthly expenses and a copy of pay stubs to verify income.
You must be very accurate and honest with your financial statement.
Make sure your financial statement is completely documented.
As a general rule, cases will end in one of two ways people either the Internal Revenue Service after reviewing your financial statements.
IRS will either place you into a:
1.currently not collectible status or
2. ask for a monthly payment.
Some taxpayers who have unpaid federal income or business taxes may be eligible for offer in compromise.
When you call our office we will walk you through the process.
38% of all offers in compromise are accepted by the Internal Revenue Service.
We will talk to you about settlements, and/or making payments depending on your current financial statement.
Unfiled Payroll Taxes + File Back Payroll Taxes & Settle For Less
by Jim Magary | Mar 30, 2016 | Tax Help
STOP a IRS Wage Garnishment Today, Since 1982.
We can get immediate release of IRS paycheck wage garnishments. Since 1982, former IRS agents who know the system. Affordable!
FAST AFFORDABLE! We have solutions to get your money back NOW!
We are a full service tax firm that specializes in the immediate releases of IRS paycheck levy wage garnishments.
To stop an IRS wage garnishment levy we have to know where you are in the system. If you are in the process of receiving a 1058 notice which tells you that IRS is threatening the levy we can immediately stop them by filing a power of attorney and having the case put on freeze until we can get certain information to them.
If you have already received the levy we file a power of attorney as well as a financial statement and get a wage levy released in settle your case all at the same time.
We are composed of former IRS agents, managers and teaching instructors who have over 65 years of direct IRS work experience.
We are the affordable professional tax firm that can get an IRS a paycheck wage levy garnishment released and settle your case all at the same time.
As a general rule, the IRS sends a paycheck wage levy garnishment out because a taxpayer has not responded to the final notice is for seizure.
As a general rule, the Internal Revenue Service sends out five notices to taxpayers before they seize. the paycheck levy is the quickest and fastest way for the Internal Revenue Service to get your attention.
Last year the IRS sent out 1.8 million bank and wage garnishment levies.
IRS collects billions of dollars a year by the use of its bank levy and wage garnishment or paycheck system.
They are set up on five-week billing cycles. Many times taxpayers have never received the IRS final notice.
When you call our firm and retainer our firm you’ll never have to speak to the Internal Revenue Service.
As a general rule, within 24 hours of receiving your current documented financial statement we can provide for you paycheck wage garnishment assistance and provide a tax levy relief for you. We will also settle your case at the same time.
Settlements include having your case put into:
1.currently not collectible,
2. making a monthly payment or,
3. settling your tax debt for pennies on a dollar.
The tax statistics show that 40% of all people who owe back taxes are placed in currently not collectible or hardship, 6.5 million people are placed into payment agreements, and close to 40,000 people have their cases settle to the offer in compromise program.
Your current financial statement fully documented will determine this course of action. The preparation of your financial statements key to any and all settlements.
Information about Paycheck Wage Levy Garnishments
The IRS generally uses Form 668–W(ICS) or 668-W(C)DO to levy an individual’s wages, salary (including fees, bonuses, commissions, and similar items) or other income.
Form 668-W(ICS) and/or 668-W(C)(DO) also provides notice of levy on a taxpayer’s benefit or retirement income.
The IRS generally uses Form 668–A(C)DO to levy other property that a third-party is holding. For example, this form is used to levy bank accounts and business receivables.
Employers generally have at least one full pay period after receiving a Form 668-W(ICS) or 668-W(C)DO, Notice of Levy on Wages, Salary and Other Income (or other levy form) before they are required to send any funds from their employee’s wages to the IRS.
Employers should encourage your employees that have a levy placed on their wages to contact the IRS as soon as possible to discuss a release of levy and resolution of their tax liability. These IRS levies are not going away until IRS’s contacted in the issue a release.
IRS Wage Levy garnishments levies are continuous
The Internal Revenue Code allows for continuous levies with respect to wages, salaries and certain other types of property.
This means that a levy on wages and salaries continuously attached until it is released. The quicker you call IRS with the current financial statement the sooner you will get your IRS wage garnishment levy released.
Examples of property continuously attached include:
1. Salary and wages, and
2. Deferred compensation payments, such as retirement or pension income.
Amount owed to IRS
Levy forms include a “Total Amount Due.” This amount is calculated through the date shown below the total amount due. Interest and any applicable penalties will continue to accrue after the date shown.
To get an updated payoff figure, the person who owes the tax liability will need to contact the IRS. This information cannot be released to the employer.
A continuous wage levy may last for some time. 688W.
When all the tax shown on the levy is paid in full, the IRS will issue a Form 668-D, Release of Levy/Release of Property from Levy.
The IRS may also release a levy if the taxpayer makes other arrangements to pay their tax debt.
IRS Paycheck Wage levy garnishments exempt amount:
In the case of a levy on wages, the employer will pay the employee any amounts exempt from levy. The IRS calculates the exempt amount based on the standard deduction and the number of personal exemptions the employee is allowed.
IRS Publication 1494 (PDF), which is mailed with the Form 668-W(ICS) or 668-W(C)DO, explains to the employer how to compute the amount exempt from levy.
A levy includes a Statement of Exemptions and Filing Status.
The employer gives this statement to the employee to complete and return within three days.
If the employer does not receive the statement in three days, the exempt amount is figured as if the person is married filing separately with one exemption.
The IRS will notify the employer when the taxpayer is not entitled to levy exemptions.
If a wage levy continues from one calendar year to the next, the employee may submit a new Statement of Exemptions and Filing Status and ask their employer to re-compute the exempt amount.
IRS bank and other IRS tax levies
When the levy is on a bank, credit union or similar account, the Internal Revenue Code provides for a 21-day waiting period before the bank must comply with the levy. T
he waiting period allows the taxpayer time to contact the IRS and arrange to pay the tax or notify the IRS of errors in the levy.
Generally, IRS levies are delivered via U.S. mail.
The date and time of delivery of the levy is the time when the levy is considered to have been made.
This means funds in the account are frozen as of the date and time the levy is received. Normally, the levy does not affect funds deposited to the account after the date of the levy.
If a release of levy from the IRS is not received within 21 days of receipt of the levy, funds in the account as of the date and time the levy was received must be sent to the IRS.
If you are in need of immediate IRS wage levy garnishment assistance call us today for a free initial tax consultation.
We are A+ rated by the better business and have been in private practice since 1982. When you call our office you will speak to a true tax professional about being able to stop a levy on wages right now.
How Can I Stop a IRS Wage Garnishment, + Former IRS Explains,
by Jim Magary | Mar 30, 2016 | Tax Help
Need More Time to File Your Taxes
The April 18 tax deadline is coming up. If you need more time to file your taxes, you can get an automatic six-month extension from the IRS.
Things to know about filing an extension:
1. Use IRS Free File to file an extension.
You can use IRS Free File to e-file your extension request for free. Free File is only available through IRS.gov. You must e-file the extension request by midnight April 18.
If you do request an extension, come back to Free File to prepare and e-file your taxes for free. You can access the program at any time through Oct. 17.
2. Use Form 4868.
You can also request an extension by filling out Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
You must mail this form to the IRS by April 18. Form 4868 is available on IRS.gov/forms.
3. More time to file is not more time to pay.
An extension to file will give you until Oct. 17 to file your taxes. It does not, however, give you more time to pay your taxes. Estimate and pay what you owe by April 18 to avoid a potential late filing penalty.
You will be charged interest on any tax that you don’t pay on time.
You may also owe a penalty if you pay your tax late. Interest is normally charged on any unpaid tax.
4. IRS Direct Pay.
Pay your tax with IRS Direct Pay. Visit IRS.gov/directpay to use this free and secure way to pay from your checking or savings account.
You also have other electronic payment options. The IRS will automatically process your extension – and you don’t have to file a separate request — when you pay electronically. You can pay online or by phone.
5. IRS helps if you can’t pay all you owe.
If you can’t pay all the tax you owe, the IRS offers you payment options.
In most cases, you can apply for an installment agreement with the Online Payment Agreement application on IRS.gov.
You may also file Form 9465, Installment Agreement Request.
If you can’t make payments because of financial hardship, the IRS will work with you
