by Jim Magary | Mar 29, 2016 | Tax Help
We are an Affordable professional tax firm with over 65 years of direct IRS work experience. Since 1982. A plus Rated!
We worked in the audit, collections, and appeals division as well as former IRS teaching instructors. If you have back and/or delinquent taxes contact us today and receive a free initial tax consultation and learn more about IRS and state tax settlements.
I am a former IRS agent teaching instructor of the offer in compromise which is the tax settlement program for the federal government.
I know both the state in the IRS system inside and out. We are affordable tax experts who can help resolve and reduce your IRS or state tax debt.
If you want to file an offer in compromise to help reduce your back or delinquent IRS or state tax debt, I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Much of the success of this program is due to the pre-qualifier tool.
The pre-qualifier to let you know ahead of time if you are eligible for the program to make sure you don’t spend needless money on tax resolution companies that may rip you off.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement. Knowing the formulas that IRS uses is the best way to settle your debt for the lowest amount possible.
We will not file for an offer in compromise unless you are a true candidate for the program. There is an IRS pre-qualifier tool that we review with our clients before we file for the offer in compromise.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
As a former IRS agent, I was a teaching instructor for the offer in compromise, the IRS tax debt settlement program. Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program.
However this program is not for everybody. That’s why it is best to be prequalified in the program.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
You could hear the truth about the offer in compromise program when you call us.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
I know the system inside and out. As a former IRS agent I used to accept and reject offers in compromise.
I have heard countless horror stories from taxpayers who called me about firms that have ripped them off promising settlements.
As a former IRS agent I taught the offer in compromise program at the district training center as a former employee.
The question is pennies on the dollar possible to settle a back or delinquent tax debt?
Yes, it is as a matter of fact, over 38,000 taxpayers got their debt settled with the Internal Revenue Service for average settlement of $6500 last year.
With that being said there is much to say about this pennies on the dollar program called the offer in compromise.
At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS and in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlements.
I would suggest anyone who wants to go ahead and settle their tax debt through the pennies on the dollar, offer in compromise program contact an experienced an honest tax professional, have them walk them through the pre-qualifier tool before they give their money to anybody.
If you have any questions or issues about the offer in compromise program to settle your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise. It is possible for the IRS to spend over 20 hours working an offer in compromise.
On cases over $100,000 it is typical they will check your credit report for the accuracy of your financial statement. The higher the dollar case the greater the due diligence.
Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
Right now there are over 7500 cases in the offer queue to be worked.
We are a full-service firm with an expertise in any IRS tax debt matter including offering compromise.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
TYPES OF OIC PAYMENTS
• Lump Sum Cash Payment:
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.
Understand the process of OIC
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.
Call us today for free initial tax consultation to see if you are a certified an eligible candidate for the offer in compromise program.
We call our office you will speak to a true IRS tax professional. So yes pennies on a dollar is possible, however make sure you’re a qualified candidate.
When you call our office you will speak to true IRS tax expert to learn more about the offer in compromise and tax debt settlement program to reduce your IRS tax debt. If you have the link went or back taxes you have options. Call us today to learn more.
Back & Delinquent IRS & State Tax Settlements + Former IRS + Reduce Tax Debt
by Jim Magary | Mar 29, 2016 | Tax Help
If you need to file back tax returns without tax records call us today and learn the process. We are affordable former IRS agents who know the system. Since 1982.
We can file all your tax returns with or without records. There is a process and we know the process.
If you need experience and affordable tax help to file your back tax returns without records call us today for a free initial tax consultation. We can file your back tax returns and settle your case all at the same time.
We have over 65 years of direct work experience in the local, district, and regional tax offices of the IR . As Former IRS agents we taught new IRS Agents
Being a former IRS agent I cannot tell you how many times I’ve been approached by taxpayers with lost records and have not been able to file back tax returns.
There is an easy and simple fix.
The first place to start is with Internal Revenue Service.
Internal Revenue Service keeps an income record of all your W-2s and 1099 s on records for the past six years.
You can write or order on-line the Internal Revenue Service and ask them for an income tax transcript. They will provide for you a list of all income, 1099s, mortgage interest, stock and dividend interest and a whole variety of information you may not know that IRS keeps.
You should know that third parties are required to report to Internal Revenue Service so IRS has in-depth information from third parties on your prior income.
The next place to look is to bank statements.
As a former IRS agent and teaching instructor it is easy to find out how much a taxpayer has made by adding up their bank statements for each and every year.
IRS will come up with the sum total of your deposits and classify that as income unless you can show the money deposited came from other sources. Many times they do, sometimes they come from loans, or monies from other persons. If you are ever audited by the IRS the bank statements are one of the first things IRS will ask for.
An IRS agent can summons those or subpoena those to get an idea of how much income you had available.
Some people may think, ” while I have dealt in cash, how can IRS determine income?
IRS is a simple solution. The Internal Revenue Service a cost-of-living analysis. IRS has a and internal chart that they use.
As a general rule , if you know someone’s rent you can pretty much back into their income. As a general rule taxpayers spend between 28 to 35% of their available income or funds on rent or mortgage. Using that factor you can generally back into income. Once you come up with an average month of income and expenses you simply multiplied by 12.
As a general rule and IRS agent will explore three avenues to make sure everything adds up. IRS will ask for bank statements, cost-of-living analysis, tax returns, and a financial statement. All four of those have to have a common thread of income to those.
You should also be aware that IRS uses the department of labor records to find out how much it cost to live in a particular area they are also available on our website under IRS standards.These standards are national, regional and local for every county, city or borough in the United States.
You must also be aware that IRS uses what is called an Accuriant search engine that has information on you going back for 20 years. That information has a plethora of information about all your financial activity more so than the average person realizes.
Also IRS can pull up your credit report. your credit report obviously contains all your charges and IRS has the ability to pull up financial statements that you given the third parties to apply for credit.
The bottom line here, IRS has a lot of cross-reference material to find out what your income is.
Remember IRS’ is trained to go ahead and determine what your income is so it is to your best advantage to go ahead and file correct and accurate return.
File Back Tax Returns + Have No Tax Records, No Problem + Former IRS
by Jim Magary | Mar 29, 2016 | Tax Help
Good Records Key to Claiming Gifts to Charity
The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2015 tax returns.
For any taxpayer, keeping good records is key to qualifying for the full charitable contribution deduction allowed by law. In particular, this includes insuring that they have received required statements for two contribution categories—each gift of at least $250 and donations of vehicles.
First, to claim a charitable contribution deduction, donors must get a written acknowledgement from the charity for all contributions of $250 or more.
This includes gifts of both cash and property. For donations of property, the acknowledgement must include, among other things, a description of the items contributed.
In addition, the law requires that taxpayers have all acknowledgements in hand before filing their tax return. These acknowledgements are not filed with the return but must be retained by the taxpayer along with other tax records.
Second, special reporting requirements generally apply to vehicle donations, and taxpayers wishing to claim these donations must attach any required documents to their tax return.
The deduction for a car, boat or airplane donated to charity is usually limited to the gross proceeds from its sale.
This rule applies if the claimed value is more than $500. Form 1098-C or a similar statement, must be provided to the donor by the organization and attached to the donor’s tax return.
The IRS also reminded taxpayers to be sure any charity they are giving to is a qualified organization. Only donations to eligible organizations are tax-deductible.
Select Check, a searchable online tool available on IRS.gov, lists most organizations that are eligible to receive deductible contributions.
In addition, churches, synagogues, temples, mosques and government agencies are eligible even if they are not listed in the tool’s database.
Only taxpayers who itemize their deductions on Form 1040 Schedule A can claim gifts to charity. Thus, taxpayers who choose the standard deduction cannot deduct their charitable contributions. This includes anyone who files a short form (Form 1040A or 1040EZ).
A taxpayer will have a tax savings only if the total itemized deductions (mortgage interest, charitable contributions, state and local taxes, etc.) exceed the standard deduction. Use the 2015 Form 1040, Schedule A to determine whether itemizing is better than claiming the standard deduction.
Besides Schedule A, taxpayers who give property to charity usually must attach a special form for reporting these Non-cash contributions. If the amount of the deduction for all Non-cash contributions is over $500, a properly-completed Form 8283 is required.
The IRS provided these additional reminders about the special rules that apply to charitable contributions of used clothing and household items, monetary donations and year-end gifts.
Rules for Charitable Contributions of Clothing and Household Items
• This includes furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition or better to be tax-deductible. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet this standard if the taxpayer includes a qualified appraisal of the item with the return.
Guidelines for Monetary Donations
• A taxpayer must have a bank record or a written statement from the charity in order to deduct any donation of money, regardless of amount. The record must show the name of the charity and the date and amount of the contribution. Bank records include canceled checks, and bank, credit union and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid. Credit card statements should show the name of the charity, the date and the transaction posting date.
• Donations of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. For payroll deductions, the taxpayer should retain a pay stub, a Form W-2 wage statement or other document furnished by the employer showing the total amount withheld for charity, along with the pledge card showing the name of the charity.
Year-End Gifts
• Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of 2015 count for 2015, even if the credit card bill isn’t paid until 2016. Also, checks count for 2015 as long as they were mailed in 2015.
by Jim Magary | Mar 29, 2016 | Tax Help
If you need to file back tax returns without tax records call us today and learn the process. We are affordable former IRS agents who know the system. Since 1982. A plus rated BBB.
If you need experienced and affordable tax help to file your back tax returns without records call us today for a free initial tax consultation.
We can file your back tax returns and settle your case all at the same time. We have over 65 years of direct work experience in the local, district, and regional tax offices of the IRS.
Being a former IRS agent I cannot tell you how many times I’ve been approached by taxpayers with lost records and have not been able to file back tax returns.
There is an easy and simple fix.
The first place to start is with Internal Revenue Service.
Internal Revenue Service keeps an income record of all your W-2s and 1099 s on records for the past six years.
You can write or order on-line the Internal Revenue Service and ask them for an income tax transcript. They will provide for you a list of all income, 1099s, mortgage interest, stock and dividend interest and a whole variety of information you may not know that IRS keeps.
You should know that third parties are required to report to Internal Revenue Service so IRS has in-depth information from third parties on your prior income.
The next place to look is to bank statements.
As a former IRS agent and teaching instructor it is easy to find out how much a taxpayer has made by adding up their bank statements for each and every year. That is one of the tools.
IRS will come up with the sum total of your deposits and classify that as income unless you can show the money deposited came from other sources. Many times they do, sometimes they come from loans, or monies from other persons. If you are ever audited by the IRS the bank statements are one of the first things IRS will ask for.
An IRS agent can summons those or subpoena those to get an idea of how much income you had available.
Some people may think while I have dealt in cash.
IRS is a simple solution. The Internal Revenue Service does a cost-of-living analysis. IRS has n chart that they use. It lists all common monthly expenses used by most taxpayers.
As a general rule , if you know someone’s rent you can pretty much back into their income.
As a general rule, taxpayers spend between 28 to 35% of their available income or funds on rent or mortgage. Using that factor you can generally back into income. Once you come up with an average month of income and expenses you simply multiply by 12.
As a general rule and IRS agent will explore three avenues to make sure everything adds up. IRS will ask for bank statements, cost-of-living analysis, tax returns, and a financial statement. All four of those have to have a common thread of income to those.
You should also be aware that IRS uses the department of labor stats to find out how much it cost to live in a particular area they are also available on our website under IRS standards.
These standards are national, regional and local for every county, city or borough in the United States.
You must also be aware that IRS uses what is called an Accuriant search engine that has information on you going back for 20 years. That information has a plethora of information about all your financial activity more so than the average person realizes.
Also IRS can pull up your credit report. your credit report obviously contains all your charges and IRS has the ability to pull up financial statements that you given the third parties to apply for credit.
The bottom line here, IRS has a lot of cross-reference material to find out what your income is.
Remember IRS’ is trained to go ahead and determine what your income is so it is to your best advantage to go ahead and file correct and accurate return.
How to File Back Taxes Without Records + Former IRS Agent Explains
by Jim Magary | Mar 28, 2016 | Tax Help
As former IRS agents we can get you back in the system worry free. We can file all Behind Tax Return Filings and Settle Tax Debt, Since 1982, We Know the System!
Call us today for free initial tax consultation and we will review with you various options and solutions you may have available. File & Settle!
We know all the systems employed by Internal Revenue Service, we are true specialists and experts can provide affordable tax solutions.
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.
I am a former IRS agent in revenue officer who both worked and taught the offer in compromise program. I am a true expert in IRS tax debt settlement.
If you owe back federal taxes and have an individual tax debt with the Internal Revenue Service we have various options and solutions depending on your current financial statement. We will explain to you the offer in compromise program by the IRS.
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 owe back federal individual or back business tax debt to the Internal Revenue Service and are looking for IRS tax debt relief on a federal, individual, business or payroll tax matter, call us today and hear the truth about your case.
The Internal Revenue Service may refuse to work with all clients who cannot keep up with current payment requirements.
You will also need to be in compliance with the filing of any back tax returns.
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.
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.
One further note, if you are behind on tax filings it is better to have professional tax representation because IRS has the ability to drag you through the mud.
Do not be bullied by the IRS.
Behind on Filing Tax Returns, + File/Settle At Once, + Former IRS,
