by Jim Magary | Feb 10, 2015 | Tax Help
We are Affordable Tax Professionals since 1982, A plus rated BBB. We completely resolve tax problems.
Our firm has over 206 years of professional tax experience and over 60 years of working directly in the local, district and regional tax offices of the Internal Revenue Service.
While we were formerly employed by the Internal Revenue Service, we taught tax law to new and seasoned IRS agents. Someone our staff helped write the IRM section 5 of the IRC.
We know the system, the formats, and the systematic way to dispose of any IRS cases.
We are true certified IRS tax experts for removing IRS tax levies, getting you the best possible results for a IRS tax audit and to trying to negotiate a tax settlement if you owe back taxes debt.
If you need to file back tax returns we can do so is well with or without tax records.
IRS Tax Levy Removal off bank levies or wage garnishment levies
Within 24 hours of getting your verified financial statement, we can generally get your IRS tax Levy released or removed and your case settled.
The IRS will want a fully verifiable 433-F, their version of the financial statement along with full documentation to support all the numbers and figures on the statement.
Once IRS reviews your financial statement they will release your tax levy at the same time. This process can happen within 24 hours.
IRS tax audit = IRS audits less than 1 percent of all taxpayers
You could have former IRS audit managers defend your tax return against additional tax being assessed by the Internal Revenue Service.
Being former IRS agents and managers we understand all the audit protocols and their settlements theories. If your case needs to go to IRS appeals we can do that as well.
IRS tax settlements – Offer in Compromise – 41 percent of all settlements are accepted by IRS.
On staff are former IRS revenue officers who know the system and worked the offer in compromise program while at Internal Revenue Service.
We will walk you through the pre qualifier tool to see if you are eligible.
File back tax returns, with and without records.
If you need to file back tax returns we can do so with or without records. We can pull IRS tax transcripts and prepare your tax returns with or without records. We can prepare them under reconstructive methods.
We can go ahead file your returns a workout a tax settlement at the same time.
Call us today for a free initial tax consultation and find out why we are A+ rated.
We are one of the most affordable tax firms in business today. All our work is done in-house by a true professional tax staff.
IRS Taxes – Tax Levy Releases, IRS Tax Audit, IRS Settlement, Owe Back Taxes, File Back Taxes *Affordable* Brooklyn Park Plymouth, Saint Cloud, Eagan, West Coon Rapids
by Jim Magary | Feb 10, 2015 | Tax Help
We are Affordable former IRS agents and managers who know the system!
We have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS. We taught Tax law as Former IRS Agents.
We have worked on hundreds and hundreds of cases and resolving IRS matters, problems and situations. We know every system that is used by 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.
Tax Facts of Interest:
1. IRS sends close to 2 million bank and wage garnishment levies each and every year,
2. Approximately 10,000,000 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. Your chances of an IRS tax audit are less than 1%. However do not play the audit lottery game like many taxpayers.
Warning:
As a former IRS agent I can tell you that when Internal Revenue Service sends you a notice, tax bill, final notice, intent to levy or seize they certainly plan to follow-up on that letter.
IRS systemically issues its notice of Levy’s wages garnishments without a human hand touching them.
Within approximately 6 weeks after your final notice you can expect to find a IRS tax levy at your employer or to your bank.
Do not let tax bills, tax notices and final notices go unnoticed.
Call us today for free initial tax consultation and speak to tax attorneys, certified public accountants, or former IRS agents and managers who worked in the IRS system for over 60 years.
IRS Tax Bill, Final Notice Levy, Remove Levy Garnishment, IRS Payment, Tax Debt Settlement * Former Affordable IRS* Minneapolis, Saint Paul, Rochester, Duluth, Bloomington
by Jim Magary | Feb 10, 2015 | Tax Help
We are an AFFORDABLE full service tax firm that specializes in immediate and permanent IRS tax relief for all IRS & State problems.
We can file all your back tax returns and settle your case all at the same time.
We are true tax experts who’ve been practicing since 1982 and A plus rated BBB.
When you contact us will never have to speak to the Internal Revenue Service.
We are one of the most trusted, experienced and honest firms in the tax resolution business.
From private practice to a nationwide tax firm we know exactly what it takes to get IRS off your back because we know the system as former IRS agents.
FST has over 60 years of direct work experience in the local, district, and regional tax offices of the IRS. We taught tax law and new IRS agents their jobs. We also help right part of the IRS collection division manual section 5.
Few people in the industry have the internal experience that we have been working for the IRS and almost all divisions.
If you need to file back past due tax returns contact us today and we can bring you current with the Internal Revenue Service.
We can prepare all your back income, business or corporate tax returns filed them with Internal Revenue Service and work out a tax settlement with the Internal Revenue Service.
Over 16 million taxpayers do not file annual tax returns. So you are not alone.
As a former IRS agent, I can specifically tell you that the Internal Revenue Service will make this a very easy and seamless process for you.
Most people do not file because they do not have the proper records.
We can get your information to file your tax returns.
If that is the case, we can reconstruct your tax returns and file your back or past-due returns within a matter of days.
Taxpayers have options to pay back taxes.
Taxpayers can have the option to make payments, be put in hardship or settle with the IRS.
FST can go ahead and work out a payment arrangement that’s agreeable to your current financial condition.
Last year alone the Internal Revenue Service issued close to 6 million part pay installment agreements. Most of the IRS payment plans were result of the streamlined payments.
If you are an offer in compromise candidate and wish to make a settlement with Internal Revenue Service we can explain to you the offer process and work out a tax settlement if you are a viable, and suitable candidate for the offer program.
I was a former revenue officer and teaching instructor of the offer in compromise program.
When you call our office we walk you through the program and find out which of the three programs you could possibly be eligible for.
Call us today for a free initial tax consultation and you could speak to a true IRS tax expert.
We are one of the honest, affordable and most trustworthy firms in the tax resolution and tax relief business.
We can file your back, past-due tax returns, help you get out of payment agreement or have your case written off is currently non-collectible if you truly are having a financial crisis at the present time.
We can also determine if you are a tax debt settlement candidate for the offer in compromise program.
When you call our office you will hear the truth.
Do not be ripped off by firms on the Internet claiming to be true experts.
Most of these companies are lead generation companies for third-party trying to gather your information and try to sell you services by offering your information to other parties.
We are a true tax firm.
File Back, Past Due Tax Returns, Make Payments to IRS, Settle with IRS Resolve Tax Debt = AFFORDABLE = Minneapolis, Saint Paul, Rochester, Duluth, Bloomington
by Jim Magary | Feb 10, 2015 | Tax Help
Uncle Sam has is eye out for this Scam
The Internal Revenue Service today warned that taxpayers should watch for improper claims for fuel tax credits, one of the “Dirty Dozen” tax scams for the 2015 filing season.
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter any time but many of these schemes peak during filing season as people prepare their returns or people to help with their taxes.
Fraud involving the fuel tax credit is considered a frivolous tax claim and can result in a penalty of $5,000.
Furthermore, illegal scams can lead to significant penalties and interest and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice (DOJ) to shutdown scams and prosecute the criminals behind them.
The fuel tax credit is generally limited to off-highway business use or use in farming.
Consequently, the credit is not available to most taxpayers. But yet, the IRS routinely finds unscrupulous preparers who have enticed sizable groups of taxpayers to erroneously claim the credit to inflate their refunds.
Fuel Tax Credit Scams – What You Need to Know
The federal government taxes gasoline, diesel fuel, kerosene, alternative fuels and certain other types of fuel. Certain commercial uses of these fuels are nontaxable.
Individuals and businesses that purchase fuel for one of those purposes can claim a tax credit by filing Form 4136, Credit for Federal Tax Paid on Fuels.
The tax is on fuels used to power vehicles and equipment on roads and highways.
Taxes paid for fuel to power vehicles and equipment used off-road may qualify for the tax credit and may include farm equipment, certain boats, trains and airplanes.
Improper claims for the fuel tax credit generally come in two forms.
Individual or business may make an erroneous claim on their otherwise legitimate tax return. Or an identity thief may claim the credit in a broader fraudulent scheme.
The IRS has taken a number of steps to improve compliance processes involving fuel tax credits.
IRS compliance filters are preventing a significant number of questionable fuel tax credit claims from being processed.
For example, new identity theft screening filters have also improved the IRS’s ability to identify questionable fuel tax credit claims during return processing, including preventing the issuance of $33 million in questionable credit claims in 2013.
For the upcoming filing season, the IRS has taken additional steps to identify returns for review that claim fuel tax credits, including broadening the identification criteria to ensure a more comprehensive compliance approach in selecting questionable tax returns.
As a former IRS agent in teaching instructor the public should know that the Internal Revenue Service is taking a much more aggressive approach to put filters in their Cade 2 computer system to catch tax cheats.
I’m than I expect to see a huge increase in criminal and civil penalties very soon. IRS will catch up with the system.
by Jim Magary | Feb 10, 2015 | Tax Help
Advance Payments of the Premium Tax Credit and Your Tax Return
The Affordable Care Act includes financial assistance in the form of the premium tax credit for eligible taxpayers with moderate incomes who purchase coverage through the Health Insurance Marketplace.
When you purchased coverage for 2014 through the Marketplace, you may have chosen to have the government send advance payments of the premium tax credit to your insurer to lower your monthly insurance premiums.
At that time, the Marketplace estimated these credits based on information you provided about your expected household income and family size for the year.
If you chose to have advance credit payments sent to your insurer, you must file a federal income tax return, even if otherwise not required to file.
Taxpayers will need to reconcile these payments with the amount of premium tax credit you’re eligible for on your tax return.
Taxpayers receiving too much or too little in advance can affect your refund or balance due when you file.
Advance credit payments that are lower than the amount of premium tax credit on your tax return will reduce your tax bill or increase your refund.
On the other hand, if your advance credit payments are more than the premium tax credit you are eligible for based on your actual income, you will need to repay the excess amount, subject to certain caps.
This usually will result in a smaller refund or a larger bill when you file your return.
The repayment amount is based on your household income and family size. For more information on the repayment if your household income is less than 400 percent of the federal poverty line, the repayment amount is limited.
Taxpayers with household incomes of 400 percent or more of the federal poverty line must repay all of the excess amount. See the instructions for Form 8962, Premium Tax Credit (PTC) for more information on the federal poverty line amounts.
Normally, taxpayers may owe certain penalties for late payments or underpayment of estimated tax.
To help smooth the process for the first year of the Affordable Care Act, the IRS will waive these penalties for eligible taxpayers if they resulted from repayment of excess advance payments of the premium tax credit.
This has no effect on the fee individuals will pay if they chose not to buy affordable health coverage.
You must complete Form 8962 to claim the premium tax credit and reconcile your advance credit payments with the premium tax credit you are eligible to claim on your return.
You should receive Form 1095-A, Health Insurance Marketplace Statement from your Marketplace by early February.
This form provides information you will need when completing Form 8962. If you have questions about the information on Form 1095-A for 2014, or about receiving Form 1095-A for 2014, you should contact your Marketplace directly.
Use Fresh Start Tax to help audit proof your tax return.
