by Fresh Start Tax | Jul 2, 2014 | Tax Help
If the Internal Revenue Service has sent you a notice CP 2000 that says you have unreported income contact us today for a free initial tax consultation.
If the Internal Revenue Service notice is correct and you have unreported income we will go ahead and work out a collection solution that you can live with so this does not severely impact your life.
As former IRS agents and managers we can go ahead and attempt to get this case written off as uncollectible if you are a current hardship candidate, enter into a payment agreement, or ask IRS to work out a settlement agreement.
Your financial statement will determine how this case will be resolved.
Notice of Underreported Income – CP-2000
The IRS compares the information reported by employers, banks, businesses and other payers on Forms W-2, 1098, 1099, etc., with income and deductions you report on your income tax return.
If somehow you failed to report any income, payments, and/or credits (or if you overstated certain deductions) on an income tax return, you may receive a Notice CP-2000.
The notice is not a bill.
It informs you of the proposed adjustments to income, payments, credits, and/or deductions.
This may result in additional tax owed or a refund of taxes paid.
The first page of the notice provides a summary of proposed changes to your tax and the steps you should take to respond.
The notice will show the amounts you reported on your original or amended return, the amounts reported to the IRS by the payer, and the proposed adjustments by the IRS.
The notice also provides the name of the payer, the payer’s ID number, the type of document that was issued (i.e., W-2, 1099), and the tax identification number of the person to whom the document was issued.
Based on payer documentation, the notice proposes either an increase or decrease to your tax liability. Be sure that you review this information carefully to verify its accuracy.
The notice includes a response form on which you should indicate whether you agree with all the changes, or do not agree with some or any of the changes the IRS is proposing.
The response form also allows you to authorize someone other than yourself to contact the IRS concerning the notice and provides payment options.
If you agree with the proposed adjustments, complete and sign the response form and return it in the enclosed envelope. The proposed adjustments will generally show interest calculated to 30 days from the date on the notice.
Additionally, certain penalties may also apply but may not be shown. You may pay the amount you owe within 30 days from the date of notice, make a partial payment, or you may send the signed consent without payment, and the IRS will bill you for the amount due plus additional penalty and/or interest charges.
Do not file an amended return ( Form 1040X (PDF)), for the tax year shown in the upper right hand corner of page 1.
The IRS will make corrections to your tax liability for the tax year listed on the notice after we receive your response. If the same or other errors occurred in any prior or subsequent years as those listed on the CP-2000, however, you may wish to file an amended return for those years in order to prevent or reduce the accrual of penalties.
If you do not agree with any changes, or do not agree with some of the changes in the notice, do not sign the notice.
Instead, explain in a signed statement why you do not agree, attach the statement and supporting documentation for consideration to the response form, and submit the response form and attachment to the IRS. Include your phone number with area code and the best time of day to call.
You must respond within 30 days of the date of the notice or 60 days if you live outside the United States.
An envelope will be enclosed for your convenience. If you have lost the envelope, please send your response to the address listed on the first page of the response form.
Send your response, a copy of the notice you received, and any other necessary documents (e.g., a signed statement of disagreement and supporting documents) to the address on the notice. If you are making a payment, use the provided payment voucher to ensure correct application to your account.
If you are not sure what to do you should contact a true tax professional that can walk you through this process.
If IRS does not hear from you within the 30 or 60-day period, and there is a proposed balance due, a statutory notice of deficiency will be issued and additional interest will be charged.
by Fresh Start Tax | Jul 1, 2014 | Tax Help
Have Tax Attorneys and Tax Lawyers walk you through the process.
Delinquent International Information Return Submission Procedures
Taxpayers who do not need to use the OVDP or the Streamlined Filing Compliance Procedures need to file delinquent or amended tax returns to report and pay additional tax, but who:
(1) have not filed one or more required international information returns,
(2) have reasonable cause for not timely filing the information returns,
(3) are not under a civil examination or a criminal investigation by the IRS, and
(4) have not already been contacted by the IRS about the delinquent information returns
You should file the delinquent information returns with a statement of all facts establishing reasonable cause for the failure to file.
As part of the reasonable cause statement, taxpayers must also certify that any entity for which the information returns are being filed was not engaged in tax evasion.
If a reasonable cause statement is not attached to each delinquent information return filed, penalties may be assessed in accordance with existing procedures.
All delinquent international information returns other than Forms 3520 and 3520-A should be attached to an amended return and filed according to the applicable instructions for the amended return.
All delinquent Forms 3520 and 3520-A should be filed according to the applicable instructions for those forms.
A reasonable cause statement must be attached to each delinquent information return filed for which reasonable cause is being requested.
Information returns filed with amended returns will not be automatically subject to audit but may be selected for audit through the existing audit selection processes that are in place for any tax or information returns.
by Fresh Start Tax | Jul 1, 2014 | Tax Help
New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier; Most Charities Qualify, Long overdue!!!
The Internal Revenue Service has a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily.
This change cuts paperwork for these charitable groups and speeds application processing so they can focus on their important work.
The new Form 1023-EZ, available today on IRS.gov, is three pages long, compared with the standard 26-page Form 1023.About time, ha.
Most small organizations, including as many as 70 percent of all applicants, qualify to use the new streamlined form.
Most organizations with gross receipts of $50,000 or less and assets of $250,000 or less are eligible.
The change will allow the IRS to speed the approval process for smaller groups and free up resources to review applications from larger, more complex organizations while reducing the application backlog.
Currently, the IRS has more than 60,000 501(c)(3) applications in its backlog, with many of them pending for nine months.
Following feedback this spring from the tax community and those working with charitable groups, the IRS refined the 1023-EZ proposal for today’s announcement, including revising the $50,000 gross receipts threshold down from an earlier figure of $200,000.
The new EZ form must be filed online. The instructions include an eligibility checklist that organizations must complete before filing the form.
The Form 1023-EZ must be filed using pay.gov, and a $400 user fee is due at the time the form is submitted. Further details on the new Form 1023-EZ application process can be found in Revenue Procedure 2014-40, posted today on IRS.gov.
There are more than a million 501(c)(3) organizations recognized by the IRS.
by Fresh Start Tax | Jul 1, 2014 | Tax Help
Get Your Money Back From the IRS Today.
As former IRS agents and managers for over 60 years we know the exact process to give you immediate IRS levy tax help.
We know the exact, fast and affordable way to go ahead and get an IRS Bank Levy or wage garnishment levy released from the Internal Revenue Service and settle your tax debt with IRS.
You can contact us today for a free initial tax consultation and within 15 minutes you will know the exact process necessary to close your case with the Internal Revenue Service and have a release of Levy sent to your bank or to your employer.
We are A+ rated by the Better Business Bureau and have over 206 years of professional tax experience.
We have been in private practice since 1982.
IRS issues close to 2 million bank levy and wage garnishment levies every year.
Before the Internal Revenue Service will issue a bank levy or wage garnishment levy release, they will need a completely documented financial same it usually on form 433F.
That form will have to be completely documented along with three months of bank statements, copy of all monthly living expenses and a copy of your last pay stub to verify income.
The Internal Revenue Service will compare that against the national and localized standards to see where you fall out.
As a general rule the Internal Revenue Service will either place your case into an economic tax hardship or insist on a monthly payment agreement.
Many times the agent will recommend that you could be a qualified candidate to file an offer in compromise or a tax debt settlement.
Contact us today we walk you through the process.
You must also beware that the Internal Revenue Service will conduct a full compliance check to make sure all your tax returns are current and up-to-date.
If you need to file back tax returns we can do that for you and settle your case at the same time.
We are a full service tax firm with all work done in-house by qualified tax professionals.
IRS Tax Levy Help – Bank Levy, Wage Garnishment * Fast Affordable Removals* Portland, Lewiston, Saco, Bangor
by Fresh Start Tax | Jul 1, 2014 | Tax Help
Affordable Tax Resolution by true experts!
Have former IRS agents and managers with over 60 years of direct IRS work experience manage and settle your case with the Internal Revenue Service.
We can provide immediate and permanent relief for an IRS tax Levy, represent you during an IRS tax audit or appeal and file back tax returns and settle your case all at the same time.
We are A+ rated by the Better Business Bureau have been in practice since 1982.
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We have over 206 years of professional tax experience and can answer all initial inquiries with no charge and you will be speaking directly to a true IRS tax professional.
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Some quick tax facts:
- Internal Revenue Service sends out over 1.8 bank tax levies and wage garnishment levies every year.
- The Internal Revenue Service audits less than 1% of all taxpayers in a given year and sends out over 1.4 mail audits each and every year,
- Over 16 million people do not file annual tax returns,
- IRS accepts 38% of all offers in compromise filed on tax debt settlements with an average settlement of $.14 on a dollar.
No matter what type of IRS tax problem you have, we have a affordable tax experts who can go ahead and give you expert tax advice to give you immediate tax relief.
IRS tax levies can be released within 24 hours, we could prepare all back tax returns within a week have them sent to Internal Revenue Service, and we can walk you through the IRS pre-qualifier tool to find out if you are an eligible candidate for a tax debt settlement.
IRS Taxes Help = Tax Levy, IRS Audit, Back Filings, Tax Debt Settlement Relief – Portland, Lewiston, Saco, Bangor
