by Fresh Start Tax | May 14, 2014 | Tax Help
Former IRS Agents and Managers who know the system! Over 60 years of combined IRS experience.
We are the Affordable IRS Back Tax Debt Experts with over 206 years of professional tax experience.
We are A plus rated by the BBB. We can let you know today if you qualify to Settle Your Tax Debt with one free tax consult.
How does IRS Resolve Back Tax Debt
Being former IRS agents and managers there is a system of how IRS deals with back tax debt.
To get IRS tax relief you will need to get a IRS a current financial statement on form 433F The financial statement will have to be fully documented and sent or faxed to the Internal Revenue Service.
You want to make sure that the financial statement is accurate and you can verify every source of income and expense.
IRS will request a copy of the last three months bank statements, pay stubs, and a copy of all monthly bills.
When IRS reviews your current financial statement they will make a determination based on your current financial condition.
As a result of their review IRS has three closing processes that they generally use on all cases.
The Internal Revenue Service will either place your case into:
1. a non-collectible or hardship status for a couple years,
2. IRS will determine you need to make a monthly installment payment to them and/or,
3. IRS may determine and let you know you are definitely a tax settlement candidate for an offer in compromise.
You can find out more about Settle Tax through our IRS offer in compromise pre-qualifier tool on our website.
You can call us today for free initial tax consultation and have seasoned experienced former IRS agents resolve any IRS problem you have and get you the IRS tax relief.
We are over 206 years of professional tax experience and are A+ rated by the Better Business Bureau.
As a general rule we can pretty much predict the results before we even call IRS.
Call us and let us review the different tax options you have available.
We have successfully worked thousands of cases.
IRS Back Taxes Debt – Affordable IRS Tax Relief Help, Settle Tax – Jackson, Franklin, Johnson City
by Fresh Start Tax | May 14, 2014 | Tax Help
Understanding Employment Taxes, What You Need to Know
All Employers must deposit and report employment taxes.
You should see the Employment Tax Due Dates page for specific forms and due dates.
At the end of the year, you must prepare and file Form W-2, Wage and Tax Statement to report wages, tips and other compensation paid to an employee.
You should use Form W-3, Transmittal of Wage and Tax Statements to transmit Forms W-2 to the Social Security Administration.
Federal Income Tax
Employers generally must withhold federal income tax from employees’ wages.
To figure out how much tax to withhold, use the employee’s Form W-4 and withholding tables described in Publication 15, Employer’s Tax Guide.
Please Note: You must deposit your withholding.
The requirements for depositing, as explained in Publication 15, vary based on your business and the amount you withhold.
Social Security and Medicare Taxes
Employers generally must withhold part of social security and Medicare taxes from employees’ wages and you pay a matching amount yourself.
To figure out how much tax to withhold, use the employee’s Form W-4 and the methods described in Publication 15, Employer’s Tax Guide and Publication 15-A, Employer’s Supplemental Tax Guide.
You must deposit the wages you withhold. See requirements for depositing.
For 2013, the employee tax rate for social security increased to 6.2%. The social security wage base limit increased to $113,700.
Additional Medicare Tax
Beginning January 1, 2013, employers are responsible for withholding the 0.9% Additional Medicare Tax on an employee’s wages and compensation that exceeds a threshold amount based on the employee’s filing status.
You are required to begin withholding Additional Medicare Tax in the pay period in which it pays wages and compensation in excess of the threshold amount to an employee.
There is now no employer match for the Additional Medicare Tax.
Federal Unemployment (FUTA) Tax
Employers report and pay FUTA tax separately from Federal Income tax, and social security and Medicare taxes.
You pay FUTA tax only from your own funds.
Employees do not pay this tax or have it withheld from their pay. Refer to Publication 15, Employer’s Tax Guide and Publication 15-A, Employer’s Supplemental Tax Guide for more information on FUTA tax.
Self-Employment Tax
Self-Employment Tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves.
It is similar to the social security and Medicare taxes withheld from the pay of most employees.
Employment Taxes, What You Need to Know, Former IRS
by Fresh Start Tax | May 14, 2014 | Tax Help
We defend taxpayers from Trust Fund Penalties.
Call us today for an initial free tax consultation and speak to a former IRS agent who is a true expert in the IRS trust fund penalty.
We can provide you with the best possible tax defense to avoid these trust fund penalties.
The IRS Trust Fund Recovery Penalty, What you Need to Know
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 Trust Fund Penalty.
These 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.
In reality, they are not a tax.
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.
Who Can Be Responsible for the Trust Fund Penalty
The TFRP may be assessed against any person who:
1. Is responsible for collecting or paying withheld income and employment taxes, or for paying collected excise taxes, and
2.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 ma/can 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 willfulness 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.
How IRS proceeds
You may be asked by the IRS to complete an interview in order to determine the full scope of your duties and responsibilities. See Form 4180 on our website.
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.
Notice 784, Could You Be Personally Liable for Certain Unpaid Federal Taxes?, contains additional information regarding the TFRP.
How to Figure the TFRP 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
Determination
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.
Big Caution
Once the IRS asserts the penalty, IRS can and will 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 initial tax consultation. Our firm defends against the trust fund penalties.
by Fresh Start Tax | May 14, 2014 | Tax Help
We provide affordable & professional IRS tax relief.
We have been in private practice since 1982 and we are A+ rated by the Better Business Bureau.
We are comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents, managers and tax instructors and have over 60 years of working directly for the Internal Revenue Service.
Because of our vast amount of IRS managerial and instructor training, we know the exact processes and formulas to get immediate and permanent IRS tax relief.
If you have back tax returns to file we can handle those as well.
IRS Bank Levy
If the Internal Revenue Service has issued you a bank levy, you have 21 days before the bank or financial institution has to provide Internal Revenue Service with the funds that they were levied.
You will have a period of 21 days to provide IRS with the current financial statement, get your levy released and your case closed.
If we have your current financial statement in hand we can usually get any IRS bank or wage Levy garnishment released within 24 hours.
We provide fast IRS tax relief.
IRS Wage Levy Garnishment
If your employer has received an IRS levy on your wages, form 668W, your next paycheck essentially will go to the Internal Revenue Service with the exception of about 10%.
IRS will not release the levy unless you give them a current financial statement.
IRS Financial Statements
IRS uses form 433F as their basic financial statement.
You can find that on our website.
You will have to provide IRS with the current documented financial statement before they will release an IRS bank or wage Levy garnishment.
After Internal Revenue Service reviews your current financial statement they will come up with an exit strategy on your case and send you a release of an IRS bank or wage Levy garnishment.
After reviewing all collection cases IRS usually makes one of three recommendations.
The Internal Revenue Service after reviewing your financial statement will place your case into a:
1. currently not collectible status,
2.insist on a monthly payment agreement, or
3.let you know you are a suitable candidate to file an offer compromise.
Call us today for a free initial tax consultation and speak directly to a tax attorney, tax lawyer, CPA, or former IRS agent for free initial tax consultation that can provide to you immediate and affordable IRS tax relief.
Levy, IRS Bank, Wage Levy Garnishment,Affordable IRS Tax Relief, Jackson, Franklin, Johnson City
by Fresh Start Tax | May 14, 2014 | Tax Help
Call AFFORDABLE former IRS agents and managers who know the system to get immediate and permanent IRS tax relief.
We are comprised of tax attorneys, tax lawyers, certified public accountants, enrolled agents, and former IRS agents, managers and tax instructors who have over 60 years of working directly for the Internal Revenue Service in the local, regional, and district offices of the Internal Revenue Service. We are IRS Tax Relief Specialists.
We are A plus rated by the Better Business Bureau have been in private practice since 1982. We can resolve any IRS problem.
Levy and Garnishments
If you have an IRS bank levy or wage garnishment call us today and within 24 hours of receiving your documented financial statement we usually can get a wage or bank levy release.
The Internal Revenue Service may require you to file all your tax returns before they will issue the release. We can go ahead and prepare all your back tax returns with little or no records.
An IRS tax audit
If you are undergoing an IRS tax audit, it only makes sense to hire former IRS agents and managers who worked in the system and know the processes of settlement.
Call us today and we can walk through your tax return and provide the best possible tax defense.
Settle IRS Tax Debt
If you want to settle your tax debt with Internal Revenue Service, you must be a qualified settlement candidate.
The only way to do that is to walk through the IRS pre-qualifier tool that you can find on our website.
In doing so, you will find out if you are a suitable and qualified candidate and what the lowest possible dollar settlement can be on your case.
Call us today for a free initial tax consultation and speak directly true certified tax professionals who have been in the system over 60 years and can truly provide IRS tax relief for any IRS type of problem.
IRS Tax Relief * Levy *Garnishment *IRS Audit * Settle Tax Debt – Chattanooga, Clarksville, Murfreesboro
