As a former IRS agent and teaching instructor with the Internal Revenue Service many people do not know that the federal tax lien has a self releasing aspect.yep, right there on the face of the Federal Tax Lien! Just Look.
The Internal Revenue has this self releasing aspect right in front of your eyes, however taxpayers and practitioners are kinda blind this may be because it’s right in the middle of the federal tax lien in big bold letters. plus, it is the last place you would look for release of the federal tax lien.Most people cal IRS and look and call all over for this info.
Many have no idea where to look for it, it is a big as day but it escapes our eye because that is the last place we expect to look.
The is a big catch, a big catch, is the statute expired???
Before you start throwing a party and showing your neighbors or got a release of the federal tax lien, you must best to pull an IRS transcript up to make sure the statutes of limitations have expired.
The normal statute of limitations on any federal tax lien is 10 years from the original date of assessment, however certain things such as offers in compromise, CDP’s, litigation, bankruptcies and other such actions extend the IRS the normal statutes limitations.
You must pull your transcript up to find out. or you can contact us to pull and read the tax transcript.
If you need a transcript call us today we can read the transcript and acknowledge whether your statute of limitations is expired on this.
So where do you look to find out this wonder information.
The self releasing aspect of the federal tax lien is right in the very middle of the federal tax lien about four sections down and it says this in bold print.
It will say;
Important release information; for each assessment listed below, unless the lien is refiled by the date given in column E, this notice shall, on the day following such date, operate as a certificate of release as defined in IRC 6325 .
The IRS has a 30 day period at the end of the statutory period to refile the lien.
The 30 day period is given if IRS has reason to believe they can collect there monies.
You will usually be alerted to this fact is in fact happening and these do not come out of the blue.
This very rarely happens.
If you need a hard copy of the Release the Federal Tax Lien you can do so by contacting the IRS lien release office in Cinn, Ohio.
Have any questions, always best to call a former IRS agents, us!
We have been in business since 1982.
Federal Tax Liens Self -Expire in 10 Years, just ask Former IRS Agents.
As a former IRS agent and teaching instructor with the Internal Revenue Service many people do not know that the federal tax lien has a self releasing aspect.yep, right there on the face of the Federal Tax Lien!
The Internal Revenue has this self releasing aspect right in front of your eyes, however taxpayers and practitioners are kinda blind this may be because it’s right in the middle of the federal tax lien in big bold letters. plus, it is the last place you would look for release of the federal tax lien.
Many have no idea where to look for it, it is a big as day but it escapes our eye because that is the last place we expect to look.
The is a big catch, a big catch.
Before you start throwing a party and showing your neighbors or got a release of the federal tax lien, you must best to pull an IRS transcript up to make sure the statutes of limitations have expired.
The normal statute of limitations on any federal tax lien is 10 years from the original date of assessment, however certain things such as offers in compromise, CDP’s, litigation, bankruptcies and other such actions extend the IRS the normal statutes limitations.
You must pull your transcript up to find out.
If you need a transcript call us today we can read the transcript and acknowledge whether your statute of limitations is expired on this.
So where do you look to find out
The self releasing aspect of the federal tax lien is right in the very middle of the federal tax lien about four sections down and it says this in bold print.
It will say;
Important release information; for each assessment listed below, unless the lien is refiled by the date given in column E, this notice shall, on the day following such date, operate as a certificate of release as defined in IRC 6325 .
One last thing, I promise:
The IRS has a 30 day period at the end of the statutory period to refile the lien.
The 30 day period is given if IRS has reason to believe they can collect there monies.
You will usually be alerted to this fact is in fact happening and these do not come out of the blue.
This very rarely happens.
Have any questions, always best to call a former IRS agent.
We have been in business since 1982.
Did Your Federal Tax Lien Did Self Expire Call Us Today, Former IRS Agents
Many taxpayers get nailed because of the IRS mismatch program need help? Call us today.
IRS history finds that the IRS didn’t start auditing tax returns until many months after tax returns were filed with the Internal Revenue Service.
The IRS was losing billions of dollars
IRS changed their stance around the 2017 tax year. Bad News for taxpayers.
The IRS started the mismatch program to keep up with this huge revenue producer.
They nailed 1.4 million taxpayer for a total of $ 11 billion dollars. Very little manpower is needed for this program because it is no more than a computer match, that is IRS matches your tax return to their computer records of W-2s and 1099s and other miscellaneous documents they received from third parties.
What IRS loves about this it involves very little manpower is all computer driven and at the end of the day collects billions and billions of dollars. Once the computer is set and programed, the dollar start flowing in.
What is the IRS Matching Program?
How does the IRS Matching Program Work?
1.The IRS receives your tax return,
2. The IRS matches your tax return against Forms W-2,1099’s and other income docs that they received from third parties.
3. If you wish to know what documents IRS has you, you can simply order a wage and income transcript for the last six years and you will find out all the information IRS has on stored up on your Social Security number.
4. If the IRS finds a mismatch, the IRS freezes the refund and sends a cp 200, the first tax notice to the taxpayer asking for more information to prove their income and withholding and then follows up and ask for payment.
Why did the IRS Start Income Matching?
Until 2017, the IRS couldn’t properly scrutinize tax returns before issuing refunds.
Their computers were not properly programmed to find all the errors and all fraud. IRS knew they had to put built-in filters to correct the tax returns so no money was escaping the federal revenue.They did was very effective. It helped stop tax cheats and started collecting revenue dollars.
The PATH ACT transformed this issue by helping the IRS fight stolen identity refund fraud and allowing the IRS to correct some of the fraud and tax cheats, and those who have made just simple mistakes but still cost the government revenue dollars before sending refunds.
If you have received mismatch notice or CP 2000 and you need to get it corrected or you can’t pay your bill call us today.
If You Are You a Victim of the IRS Mismatch Program & Received IRS CP2000, call us today, free consults.
Starting July 15th, taxpayers need to resume payments.
Taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments.
As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements and skipped any payments from March 25 and July 15 should start paying again to avoid penalties and possible default on their agreements.
Here’s what taxpayers should do to resume their payment agreements to the IRS, including Installment Agreements, Offers in Compromise, and Private Debt Collection program payments: Installment Agreements .
Taxpayers who suspended their installment agreement payments between April 1 and July 15, 2020, will need to resume their payments by their first monthly payment due date after July 15.
Taxpayers should be aware that the IRS didn’t default their agreement, but interest did accrue, and the balance remained.
Taxpayers who had their bank suspend direct debit payments should contact the bank immediately to ensure their first monthly payment due date occurring on or after July 15, 2020 is sent to avoid penalties.
If a taxpayer can’t meet their current installment agreement terms due to a COVID related hardship, they can call us today.
Offer in Compromise Pending Offers:
If the IRS is currently reviewing a taxpayer’s submitted offer but hasn’t accepted it yet, the taxpayer should resume their required payments starting July 15, 2020.
The IRS will amend the taxpayer’s offer to allow them to pay any skipped payments at the end of the offer period, if the offer is accepted.
Already Accepted Offers:
If a taxpayer has an Offer in Compromise agreement, and the taxpayer was unable to make the payments on their accepted offer because of a COVID-19 hardship, the taxpayer should resume payments and make up the missed payments by July 15, 2020.
If the taxpayer is unable to make up the missed payments, they can contact the number on the IRS notice to discuss their situation.
Private Debt Collection.
The IRS did not forward new delinquent accounts to Private Collection Agencies (PCAs) from April 1 through July 15, 2020, and PCA interaction with taxpayers was limited to inbound telephone calls unless requested by a taxpayer in a voicemail or correspondence.
Taxpayers who had their PCA payments on hold should resume payments by July 15. The IRS encourages taxpayers to work with their assigned PCA to establish a new payment arrangement or restructure an existing one based on their current situation.
Taxpayers Who Owe But Can’t Pay .
The IRS reminds taxpayers who are experiencing a hardship or who have questions about their payments to call the customer service number provided on their notice but be mindful that wait times could be very long.
I was a former IRS agent Revenue Officer and teaching instructor with the Internal Revenue Service. I am an expert in the Offer in Compromise
I worked in the collection division and was a seasoned, experienced, and awarded Revenue Officer. I worked the Offer in Compromise Program.
I accepted and rejected Offer in Compromise. I know the system and I am an expert in the Offer in compromise.
I can affordably review or file your offer in compromise.
The IRS Offer in Compromise is an art!
There are certain tips to know when you file an offer in compromise. As an IRS expert specialist it’s helpful if you review the following so you can get your offer in compromise accepted by the Internal Revenue Service.
1. There is an IRS pre-qualifier tool. Use It! It saves time and money.
You can find the pre- qualifer tool on our website site or find it on the government website.
Before you give your money to any company who claims they can settle your debt for pennies on the dollar, you best fill out the IRS pre-qualifier tool or call and experience firm to review your case to make sure you are in fact qualified.
Not everyone who wants to file an offer in compromise is qualified.
One call to us and you can find out within minutes.
2. How long does it take for professional specialist and expert to let you know you are qualified to have your OIC accepted?
An experienced tax professional can let you know within about a minute whether you are qualified to settle your tax debt.
By the time the person reviews the last page they will almost instantaneously let you know where you stand.
3. What is THE most important element of getting your offer in compromise accepted?
Your documented financial statement, 433oic, is the absolute key to getting your offer in compromise accepted.
That is the tool that the Internal Revenue Service uses to accept or deny your offer in compromise. It is an art to fill this out for acceptance.
4. What documentation will IRS need to accept your offer in compromise?
When you fill out the IRS financial statement, IRS will need complete documentation for any dollar number that is placed on the financial statement.
IRS will also need at least six months worth of bank statements( sometimes more), pay stubs and anything relative to any number that is on the 433oic form.
That form MUST be completely documented. Everything must match up.
IRS will be looking for inconsistencies on things that are not matching up on the financial statement and documentation.
As an example, does your tax return, much up to your cost of living, your bank statements, your tax return,and your bank statements.
The Agents will look closely at any inconsistencies. They will review what does not make sense.
5. How does IRS know your telling the truth and my financial statement? BEWARE
The Internal Revenue Service has many search engines to use to find out all about you. The Internal Revenue Service uses internal search engines as well as external searches to find out about you.
IRS will use the Accuriant search engine as well as credit bureaus.
You can pull up your own Accuriant report.
On larger cases IRS or use much more due diligence than on smaller cases.Larger the case, the more due diligence. Many times 20 hours are spent on examination.
6. Is there a specific formula that IRS uses to accept the offer in compromise?
Absolutely, there is a very simple formula.
IRS wants the sum total of your assets and they want to know what the value of your income and expenses. You must understand this formula.
Let me explain:
IRS will look at all your assets and find out what the fair market value of those assets are. Real estate will be discounted by 20%. IRS will use that as a base amount to compute the asset part of what is needed for case settlement.
IRS will look at your income and expenses and make sure you fit within the national standards. As you complete the 433oic IRS will apply the national standards expenses against your income. If there is a surplus and as an example I will use $500, IRS will take that $500 and multiply it by the life of the statute.
You can pull up and IRS tax transcript and find out the statues dates.
IRS will add the fair market value of your assets plus the value of your income and add them together. That will be the base amount for the IRS to accept the offer in compromise.
7. What is another important factor for getting your offer in compromise accepted?
I cannot tell you how important timing is. It is BIG.
It is best to make sure you’re not in the high season of income. It is best to file an offer in compromise when you are doing the worst. YES, the worst financial season.
As an example, if you are real estate salesman and you have just earned a $40,000 commission and you want to file for an offer in compromise you have jeopardized your offer because you’ve just made a large amount of money and that new income you received is going to jack up your average income for settlement.
Therefore, understanding where your income and expenses are will determine the best time to file the offer in compromise. The offer in compromise requires a great deal of planning on when the best time to file.
8. How long does an offer to compromise take to process?
You must relax and be very patient.
Currently the offer in compromise takes about nine months to process.Due to the number of cases it could take longer, you must be patient.
You will first receive a letter that they have received your offer and then you must wait to the offer is assigned and sent to a particular offer specialist to work your case.
It is best to make sure your offer in compromise is fully documented when sending so they don’t have to send it back because if they do you you may have to start the clock all over again.
9. Another important factor to keep in mind.
Before you send in your offer, you must’ve filed all current tax returns.
The first thing that IRS will do is pull up a summary of your case history and all tax returns must be filed or IRS will send the case back.
Also you must be current on withholding or estimate payments or IRS will immediately reject the offer in compromise because you are not current and up-to-date.
10. Understanding the national standards and has applied to your individual case. IRS has certain expenses that they are going to allow in every region and area. Without knowing what IRS’s rules are regarding to necessary expense your offer has a slim chance of getting accepted.
11. Fact: Accepted Offers in Compromise are a matter of Public Records!
The reason IRS is so picky about offers in compromise is because they are a matter of public record.
That’s right, for 18 months after your offer in compromise is accepted your file goes to one of six regional tax sites for public review.
There is an art to get your OIC accepted, call us to learn more, its free!
I am a Offer in Compromise Specialist & Expert.I was a Former IRS Revenue Officer & IRS Teaching Instructor.
