by Fresh Start Tax | Feb 27, 2020 | Tax Help
A Limited Liability Company (LLC) is a business structure allowed by state statute.
Each state may use different regulations, you should check with your state if you are interested in starting a Limited Liability Company.
Owners of an LLC are called members.
Most states do not restrict ownership, so members may include individuals, corporations, other LLCs and foreign entities.
There is no maximum number of members.
Most states also permit “single-member” LLCs, those having only one owner.
A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check your state’s requirements and the federal tax regulations for further information. There are special rules for foreign LLCs.
Classifications
Depending on elections made by the LLC and the number of members, the IRS will treat an LLC as either a corporation, partnership, or as part of the LLC’s owner’s tax return (a “disregarded entity”). Specifically, a domestic LLC with at least two members is classified as a partnership for federal income tax purposes unless it files Form 8832 and affirmatively elects to be treated as a corporation.
For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation.
However, for purposes of employment tax and certain excise taxes, an LLC with only one member is still considered a separate entity.
Effective Date of Election
An LLC that does not want to accept its default federal tax classification, or that wishes to change its classification, uses Form 8832, Entity Classification Election (PDF), to elect how it will be classified for federal tax purposes.
Generally, an election specifying an LLC’s classification cannot take effect more than 75 days prior to the date the election is filed, nor can it take effect later than 12 months after the date the election is filed. An LLC may be eligible for late election relief in certain circumstances.
by Fresh Start Tax | Feb 27, 2020 | Tax Help
Owe IRS Trust Fund Recovery Tax Debt? We Can Offer Tax Relief Solutions With Former IRS Agents, Revenue Officers. We are affordable tax experts in tax problems with the IRS & State. Since 1982.
We can handle anything from a simple IRS notice or letter, tax representation at all levels filing of back tax returns including appellate and Tax Court.
We have over €200 professional tax experience and over 100 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
As former IRS Agents, we both worked and taught the IRS tax debt settlement programs.
The Internal Revenue Service will individually engage those responsible under section 6672 of the Internal Revenue Code. This is the Trust Fund Tax Assessment.
Once these assessments are made, IRS collects the funds as if personal taxes are owed and the same procedures are followed.
We also are specialists for appeals and abatments.
Tax Debt Options for Settling Back IRS Trust Fund Recovery Tax Debt
There are three basic ways that taxpayers settle their current tax situation for back taxes with the Internal Revenue Service.
There are different ways to settle IRS tax debt and there are generally three programs that the taxpayer can qualify for to pay back taxes owed to IRS.
1. The first is a hardship or currently non-collectible program.
There is good news and bad news about this program. After IRS takes a current documented financial statement, IRS may determine you are not collectible at the current time. IRS will suspend your case for a period of 1 to 3 years and put a freeze on it.
The good news is IRS’s off your back for a couple of years and the bad news is penalties and interest still run on it.
Taxpayer should also be aware that the case will come out every couple of years to be reviewed. Its only a part time fix.
2. The second program is the installment agreement or monthly payment.
After IRS takes a current financial statement they will determine how much money they expect from you on a monthly basis. IRS has certain national standards test that they use to determine if the taxpayer will be placed into a payment agreement.
You can find the national standards on our site.
3. The third way to sell your debt is to qualify for an offer in compromise, this is where you can settle your debt for pennies on the dollar. it’s important for taxpayers to understand that not all are eligible for the offer in compromise program.
FACTS:
* There are 78,000 offers filed each year,
* 38% usually approved,
* The average tax debt settlement $9500.
Before you get excited, there is a pre-qualifier tool.
I suggest everyone who wants to go the route was the direction of the offer make sure they are truly qualified before wasting time and money.
As a former IRS agent I taught the offer in compromise program at the IRS. I can tell you within seconds of your settlement candidate.
After review of your current financial statement we will let you know which of the program to qualify for and start to remove IRS out of your life and help pay back taxes.
Call us today for free initial tax consultation and we will walk you through the process and tell you how many years you have to file and let you know the different tax strategies based on your current financial conditions. <><
You will never have to speak to the Internal Revenue Service, ever. We handle all the communication.
Feel free to call us by voice or Skype us directly.
We are a full-service firm with all work being done in-house.
When you call our office you will speak to a true tax professional and not a salesperson.
We know the system inside and out and have saved thousands of dollars for clients over the years.
IRS Trust Fund Recovery + Tax Debt Help + Abatement’s + IRS Appeals + Former IRS Agents, Since 1982
by Fresh Start Tax | Feb 27, 2020 | Tax Help
We are affordable professional Christian IRS tax lawyers, Christian IRS tax attorneys, Christian CPA’s, Christian former IRS agents. We are payroll and trust fund tax specialists. <><
We are affordable tax experts in tax problems with the IRS & State.
We can handle anything from a simple IRS notice or letter, tax representation at all levels filing of back tax returns including appellate and Tax Court.
We have over €200 professional tax experience and over 100 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
As former IRS Agents, we both worked and taught the IRS tax debt settlement programs and are seasoned experts in payroll, the trust fund penalty law and application.
We are a group of Christian Tax of Professionals, Lawyers, Attorneys, CPA’s, Former IRS Agents.
Reminders from Scripture for advice:
Psalm 37: 30
The godly offer good counsel, they know what is right from wrong.
Proverbs 18: 2
Fools have no interest in understanding; they only want to offer their own opinions.
We are also referred by Crown Financial Ministries, a national Christian ministry.
Resolve IRS BACK 941 PAYROLL TAXES & Trust Fund Taxes
“Being a former IRS agent and teaching instructor you should understand that the Internal Revenue Service is tougher on payroll taxes than any other taxes.”
WHY ? The reason for this is very simple, this tax is money held in trust in not an actual tax.
It is one of few taxes that the Internal Revenue Service not only go after the company it can in addition can go after the responsible persons or individuals.
This is a tax that you should not fool around with because it is number one on the IRS to hit list.
The Internal Revenue Service will individually engage those responsible under section 6672 of the Internal Revenue Code
We should be able to make sure we can reach a reasonable settlement on your payroll tax liability and you can continue to operate your business without fear and worry from the Internal Revenue Service.
IRS does not want to seize your business for back taxes due on payroll taxes, however 941 payroll taxes are a big concern for the IRS.
The Process of receiving a IRS Payroll Tax Settlement
The Internal Revenue Service will want to fully review your company or corporation before you can obtain in IRS payroll tax settlement. You will need to provide IRS with the current financial statement along with proof that all payroll tax deposits and 941 tax forms have been filed.
Many times IRS will want a personal or individual financial statement for more responsible persons. For most company’s of the IRS payroll tax settlement may come in three forms.
IRS will review your current financial statement Internal Revenue Service may determine that you are a hardship candidate, monthly payment agreement candidate or an offer in compromise candidate and IRS payroll settlement.
IRS Payroll Taxes:
Steps to take to work out an affordable payment plan with the Internal Revenue Service:
1. Immediately stay current on all payroll tax deposits to show the IRS good faith;
2. Be prepared to give the IRS a current financial statement;
3. Make sure your personal tax liabilities are filed and paid;
4. Have all documentation on the financial statement prepared for the IRS.
If you do not pay your Payroll Taxes IRS can collect them from you individually!
To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the TFRP.( trust fund recovery penalty )
These payroll taxes are called trust fund taxes because you actually hold the employee’s money in trust until you make a federal tax deposit in that amount.
The TFRP may apply to you if these unpaid trust fund taxes cannot be immediately collected from the business.
The business does not have to have stopped operating in order for the TFRP to be assessed
WHAT ARE TRUST FUND TAXES, the 6672 penalty
Who can be Responsible for the TFRP ?????
The TFRP may be assessed against any person who:
Is responsible for collecting or paying withheld income and employment taxes, or for paying collected excise taxes, and
Willfully fails to collect or pay them.
A responsible person is a person or group of people who has the duty to perform and the power to direct the collecting, accounting, and paying of trust fund taxes.
This person may be:
An officer or an employee of a corporation,
A member or employee of a partnership,
A corporate director or shareholder,
A member of a board of trustees of a nonprofit organization,
Another person with authority and control over funds to direct their disbursement,
Another corporation or third-party payer,
Payroll Service Providers (PSP) ore responsible parties within a PSP
Professional Employer Organizations (PEO) or responsible parties within a PEO, or
Responsible parties within the common law employer (client of PSP/PEO).
For wilfulness to exist, the responsible person:
Must have been, or should have been, aware of the outstanding taxes and either intentionally disregarded the law or was plainly indifferent to its requirements (no evil intent or bad motive is required).
Using available funds to pay other creditors when the business is unable to pay the employment taxes is an indication of willfulness. You will be asked to complete an interview in order to determine the full scope of your duties and responsibilities.
Responsibility is based on whether an individual exercised independent judgment with respect to the financial affairs of the business.
An employee is not a responsible person if the employee’s function was solely to pay the bills as directed by a superior, rather than to determine which creditors would or would not be paid.
Figuring the Trust Fund Amount
The amount of the penalty is equal to the unpaid balance of the trust fund tax. The penalty is computed based on:
The unpaid income taxes withheld, plus
The employee’s portion of the withheld FICA taxes. For collected taxes, the penalty is based on the unpaid amount of collected excise taxes.
Assessing the TFRP. If the IRS determines that you are a responsible person, we will provide you a letter stating that we plan to assess the TFRP against you. You have 60 days (75 days if this letter is addressed to you outside the United States) from the date of this letter to appeal our proposal.
The letter will explain your appeal rights. Refer to Publication 5, Your Appeal Rights and How to Prepare a Protest if You Don’t Agree (PDF), for a clear outline of the appeals process.
If you do not respond to our letter, we will assess the penalty against you and send you a Notice and Demand for Payment.
Once we assert the penalty, the IRS can take collection action against your personal assets. For instance, we can file a federal tax lien or take levy or seizure action.
Call us today for a free tax consult.<><
Help, Trust Fund Tax Specialists + Christian Tax Attorneys, Tax Lawyers, CPA’s, Former IRS Agents
by Fresh Start Tax | Feb 26, 2020 | Tax Help
Have unpaid IRS payroll taxes? Have trust Fund issues? We Can Offer Tax Relief Solutions. We are Former IRS Agents, Revenue Officers. We are affordable tax experts for all tax problems.
We can handle anything from a simple IRS notice or letter, tax representation at all levels filing of back tax returns including appellate and Tax Court.
We have over €200 professional tax experience and over 100 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
As former IRS Agents, we both worked and taught the IRS tax debt settlement programs.
The Internal Revenue Service will individually engage those responsible under section 6672 of the Internal Revenue Code. This is the Trust Fund Tax Assessment.
Once these assessments are made, IRS collects the funds as if personal taxes are owed and the same procedures are followed.
Tax Debt Options for Settling Back IRS Trust Fund Debt
There are three basic ways that taxpayers settle their current tax situation for back taxes with the Internal Revenue Service.
There are different ways to settle IRS tax debt and there are generally three programs that the taxpayer can qualify for to pay back taxes owed to IRS.
1. The first is a hardship or currently non-collectible program.
There is good news and bad news about this program. After IRS takes a current documented financial statement, IRS may determine you are not collectible at the current time. IRS will suspend your case for a period of 1 to 3 years and put a freeze on it.
The good news is IRS’s off your back for a couple of years and the bad news is penalties and interest still run on it.
Taxpayer should also be aware that the case will come out every couple of years to be reviewed. Its only a part time fix.
2. The second program is the installment agreement or monthly payment.
After IRS takes a current financial statement they will determine how much money they expect from you on a monthly basis. IRS has certain national standards test that they use to determine if the taxpayer will be placed into a payment agreement.
You can find the national standards on our site.
3. The third way to sell your debt is to qualify for an offer in compromise, this is where you can settle your debt for pennies on the dollar. it’s important for taxpayers to understand that not all are eligible for the offer in compromise program.
FACTS:
* There are 78,000 offers filed each year,
* 38% usually approved,
* The average tax debt settlement $9500.
Before you get excited, there is a pre-qualifier tool.
I suggest everyone who wants to go the route was the direction of the offer make sure they are truly qualified before wasting time and money.
As a former IRS agent I taught the offer in compromise program at the IRS. I can tell you within seconds of your settlement candidate.
After review of your current financial statement we will let you know which of the program to qualify for and start to remove IRS out of your life and help pay back taxes.
Call us today for free initial tax consultation and we will walk you through the process and tell you how many years you have to file and let you know the different tax strategies based on your current financial conditions. <><
You will never have to speak to the Internal Revenue Service, ever. We handle all the communication.
Feel free to call us by voice or Skype us directly.
We are a full-service firm with all work being done in-house.
When you call our office you will speak to a true tax professional and not a salesperson.
We know the system inside and out and have saved thousands of dollars for clients over the years.
Help, Unpaid IRS Payroll Taxes and Trust Fund Penalty Assessments + Free Consults, Former IRS Agents
by Fresh Start Tax | Feb 26, 2020 | Tax Help
Owe IRS Trust Fund Tax Debt? We Can Offer Tax Relief Solutions With Former IRS Agents, Revenue Officers. We are affordable tax experts in tax problems with the IRS & State. Since 1982.
We can handle anything from a simple IRS notice or letter, tax representation at all levels filing of back tax returns including appellate and Tax Court.
We have over €200 professional tax experience and over 100 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the IRS.
As former IRS Agents, we both worked and taught the IRS tax debt settlement programs.
The Internal Revenue Service will individually engage those responsible under section 6672 of the Internal Revenue Code. This is the Trust Fund Tax Assessment.
Once these assessments are made, IRS collects the funds as if personal taxes are owed and the same procedures are followed.
Tax Debt Options for Settling Back IRS Trust Fund Debt
There are three basic ways that taxpayers settle their current tax situation for back taxes with the Internal Revenue Service.
There are different ways to settle IRS tax debt and there are generally three programs that the taxpayer can qualify for to pay back taxes owed to IRS.
1. The first is a hardship or currently non-collectible program.
There is good news and bad news about this program. After IRS takes a current documented financial statement, IRS may determine you are not collectible at the current time. IRS will suspend your case for a period of 1 to 3 years and put a freeze on it.
The good news is IRS’s off your back for a couple of years and the bad news is penalties and interest still run on it.
Taxpayer should also be aware that the case will come out every couple of years to be reviewed. Its only a part time fix.
2. The second program is the installment agreement or monthly payment.
After IRS takes a current financial statement they will determine how much money they expect from you on a monthly basis. IRS has certain national standards test that they use to determine if the taxpayer will be placed into a payment agreement.
You can find the national standards on our site.
3. The third way to sell your debt is to qualify for an offer in compromise, this is where you can settle your debt for pennies on the dollar. it’s important for taxpayers to understand that not all are eligible for the offer in compromise program.
FACTS:
* There are 78,000 offers filed each year,
* 38% usually approved,
* The average tax debt settlement $9500.
Before you get excited, there is a pre-qualifier tool.
I suggest everyone who wants to go the route was the direction of the offer make sure they are truly qualified before wasting time and money.
As a former IRS agent I taught the offer in compromise program at the IRS. I can tell you within seconds of your settlement candidate.
After review of your current financial statement we will let you know which of the program to qualify for and start to remove IRS out of your life and help pay back taxes.
Call us today for free initial tax consultation and we will walk you through the process and tell you how many years you have to file and let you know the different tax strategies based on your current financial conditions. <><
You will never have to speak to the Internal Revenue Service, ever. We handle all the communication.
Feel free to call us by voice or Skype us directly.
We are a full-service firm with all work being done in-house.
When you call our office you will speak to a true tax professional and not a salesperson.
We know the system inside and out and have saved thousands of dollars for clients over the years.
Owe IRS Trust Fund Tax Debt + Tax Relief Solutions With Former IRS Agents, Revenue Officers
