by Fresh Start Tax | May 8, 2014 | Tax Help
We are comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents, managers and tax instructors.
Call us today for a free initial tax consultation. That consultation could be covered under attorney-client privilege is necessary.
Please be aware that FBAR is becoming a beast.
The IRS had over 36,000 taxpayers or individuals come forward and collected over $5.5 billion is a result.
It is critical that everyone who is responsible to file does so as soon as possible.
The federal government is not playing games anymore only because this is a huge revenue stream for them.
They have dedicated many assets and resources to find pockets of money and bring it into the US coffers.
Call us today for free initial tax consultation.
Find IRS before they find you that is the best advice we can give you.
Report of Foreign Bank and Financial Accounts (FBAR)
If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing electronically a Financial Crimes Enforcement Network (FinCEN) Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Current FBAR Guidance FinCEN introduces new forms
On September 30, 2013, FinCEN posted, on their internet site, a notice announcing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (the current FBAR form).
FinCEN Form 114 supersedes TD F 90-22.1 (the FBAR form that was used in prior years) and is only available online through the BSA E-Filing System website.
The system allows the filer to enter the calendar year reported, including past years, on the online FinCEN Form 114.
It also offers an option to “explain a late filing,” or to select “Other” to enter up to 750-characters within a text box where the filer can provide a further explanation of the late filing or indicate whether the filing is made in conjunction with an IRS compliance program.
On July 29, 2013, FinCEN posted a notice on their internet site that introduced a new form to filers who submit FBARs jointly with spouses or who wish to have a third party preparer file their FBARs on their behalf.
The new FinCEN Form 114a, Record of Authorization to Electronically File FBARs, is not submitted with the filing but, instead, is maintained with the FBAR records by the filer and the account owner, and made available to FinCEN or IRS on request.
Filing deferral for certain individuals with signature authority only, effective through June 30, 2015
FinCEN Notice 2013-1 extended the due date for filing FBARs by certain individuals with signature authority over, but no financial interest in, foreign financial accounts of their employer or a closely related entity, to June 30, 2015.
FBAR & The IRS, What you need to Know
by Fresh Start Tax | May 8, 2014 | Tax Help
The Federal Tax Lien
What is the Federal Tax Lien
A federal tax lien is the government’s legal claim against your property when you neglect or fail to pay a tax debt. The lien protects the government’s interest in all your property, including real estate, personal property and financial assets.
A federal tax lien exists after the IRS:
1.Puts your balance due on the IRS computer system (assesses your liability);
2. Sends you a bill or notice that explains how much you owe (Notice and Demand for Payment); and
You:
- Neglect or refuse to fully pay the debt in time.
Your refusal to pay will allow IRS to file the federal tax lien.
The IRS files a public document, the Notice of Federal Tax Lien, to alert creditors that the government has a legal right to your property.
How to Get Rid or Release the Federal Tax Lien.
Paying your tax debt – in full – is the best way to get rid of a federal tax lien.
The IRS releases your lien within 30 days after you have paid your tax debt.You go into to a local IRS office with a cashiers check to accelerate the process.
Discharge of property from the Federal Tax Lien
A “discharge” removes the lien from specific property.
There are several Internal Revenue Code (IRC) provisions that determine eligibility. For more information, refer to Publication 783, Instructions on How to Apply for Certificate of Discharge From Federal Tax Lien (PDF) and the video Selling or Refinancing when there is an IRS Lien.
Subordination of the Federal Tax Lien
“Subordination” does not remove the lien, but allows other creditors to move ahead of the IRS, which may make it easier to get a loan or mortgage.
To determine eligibility, refer to Publication 784, Instructions on How to Apply for a Certificate of Subordination of Federal Tax Lien (PDF) and the video Selling or Refinancing when there is an IRS Lien.
Withdrawal of the Federal Tax Lien
A “withdrawal” removes the public Notice of Federal Tax Lien and assures that the IRS is not competing with other creditors for your property; however, you are still liable for the amount due. For eligibility, refer to Form 12277, Application for the Withdrawal of Filed Form 668(Y), Notice of Federal Tax Lien (Internal Revenue Code Section 6323(j)) (PDF) and the video Lien Notice Withdrawal.
Two additional Withdrawal options resulted from the Commissioner’s 2011 Fresh Start initiative.
One option may allow withdrawal of your Notice of Federal Tax Lien after the lien’s release.
General eligibility includes:
- Your tax liability has been satisfied and your lien has been released; and also:
- You are in compliance for the past three years in filing – all individual returns, business returns, and information returns;
- You are current on your estimated tax payments and federal tax deposits, as applicable.
- The other option may allow withdrawal of your Notice of Federal Tax Lien if you have entered in or converted your regular installment agreement to a Direct Debit installment agreement.
General eligibility includes:
- You are a qualifying taxpayer (i.e. individuals, businesses with income tax liability only, and out of business entities with any type of tax debt)
- You owe $25,000 or less (If you owe more than $25,000, you may pay down the balance to $25,000 prior to requesting withdrawal of the Notice of Federal Tax Lien)
- Your Direct Debit Installment Agreement must full pay the amount you owe within 60 months or before the Collection Statute expires, whichever is earlier
- You are in full compliance with other filing and payment requirements
- You have made three consecutive direct debit payments
- You can’t have defaulted on your current, or any previous, Direct Debit Installment agreement.
How a Lien Affects You
- Assets — A lien attaches to all of your assets (such as property, securities, vehicles) and to future assets acquired during the duration of the lien.
- Credit — Once the IRS files a Notice of Federal Tax Lien, it may limit your ability to get credit.
- Business — The lien attaches to all business property and to all rights to business property, including accounts receivable.
- Bankruptcy — If you file for bankruptcy, your tax debt, lien, and Notice of Federal Tax Lien may continue after the bankruptcy.
Lien vs. Levy
A lien is not a levy.
A lien secures the government’s interest in your property when you don’t pay your tax debt.
A levy actually takes the property to pay the tax debt. If you don’t pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in.
Help Resources
Centralized Lien Operation.
To resolve basic and routine lien issues: verify a lien, request lien payoff amount, or release a lien, call (800) 913-6050.
Collection Advisory Group.
For all complex lien issues, including discharge, subordination, subrogation or withdrawal; find contact information for your local advisory office in Publication 4235, Collection Advisory Group Addresses (PDF).
Office of Appeals.
Under certain circumstances you may be able to appeal the filing of a Notice of Federal Tax Lien. For more information, see Publication 1660, Collection Appeal Rights (PDF).
Taxpayer Advocate Service.
For assistance and guidance from an independent organization within IRS, call (877) 777-4778.
by Fresh Start Tax | May 7, 2014 | Tax Help
Have Former Affordable IRS Agents and Managers who know the system completely resolve any IRS tax problem you have including wage garnishment or bank levy or IRS tax debt relief through the IRS settlement program.
We have over 60 years of combined work experience in the local, district, and regional tax offices of the Internal Revenue Service including stints as IRS tax instructors who taught new IRS agents or job.
As a result of these years of experience at IRS we understand all the systems, protocols and the ways to get immediate and permanent IRS tax debt relief.
There are many other options to resolve your tax debt and various programs offered by the Internal Revenue Service. When you contact us we will review your current financial statement and recommend different tax options and resolution solutions.
How to Stop or Remove a IRS Tax Levy Bank or Wage Garnishment Levy
If you have just received an IRS notice of levy on a bank or on your wages you will need to call IRS and give them a current financial statement.
That financial statement will have to be on IRS form 433F.
That financial statement will be need t0 be fully documented and supported through pay stubs, bank statements and a copy and list of all monthly expenses.
The IRS will need to be called in the information faxed while speaking to the Agent.
IRS will review your financial statement and compare that against the national norms and standards of the nation, your district, and the geography in which you live.
This is called the national standards test.
After IRS reviews your current financial statement they will make a determination as to how your case will close and how your levy will be released.
Based on your current financial statement, the IRS will either place your case into a:
- non-collectible or hardship status,
- ask you to make a monthly installment payment or
- they can recommend you file for a offer in compromise.
- Everything is predicated on your financial statement.
It is very possible for us to get your levy release within 24 hours of receiving your fully documented financial statement.
Please note that the IRS will need to make sure all tax returns are filed, current, and up-to-date.
Please call us today for free initial tax consultation and speak directly to true tax experts.
We have been practicing since 1982 are A+ rated by the Better Business Bureau.
LEVY ,IRS Bank, Wage Garnishment, Immediate Tax Debt Relief, Chattanooga, Murfreesboro, Jackson
by Fresh Start Tax | May 7, 2014 | Tax Help
If you are having an IRS problem and need affordable professional tax advice who better to call than and former IRS agents, managers and former IRS tax instructors who taught tax law at the IRS.
We are comprised of tax attorneys, tax lawyers, certified public accountants, enrolled agents and our former IRS agents on staff have a combined 60 years of professional tax experience in the local, district, and regional tax offices of the IRS.
We are your affordable choice to solve any IRS tax problem.
Call us and get a free initial tax consultation from true tax experts to resolve any IRS issue from an initial IRS notice your bill to doing going to Tax Court.
We’ve been in practice since 1982 and are A+ rated by the Better Business Bureau.
Call us today for your free tax consult, you will be extremely glad and happy you did.
You will speak directly to experienced, trustworthy and friendly tax professional who are expert in the field of IRS resolution.
When you call, make sure to ask us about the new fresh start program or fresh start initiative that was started by the Internal Revenue Service to help taxpayers suffering from IRS tax problems.
IRS Tax Problem Help , Tax Consultant
by Fresh Start Tax | May 7, 2014 | Tax Help
You want to call us because we are former IRS agents and managers who completely understand the IRS tax levy system and program.
Being former IRS agents we have filed thousands of IRS tax levies when working for the IRS so we know exactly what it takes to get an immediate release of an IRS bank or wage garnishment levy.
We are the affordable tax firm.
If you did not reply to the last and final on IRS tax bill or tax notice, the Internal Revenue Service will systematically send out a bank or wage garnishment notice to all taxpayers or individuals.
You may find this hard to believe but the IRS does not want a levy taxpayers bank accounts or wages. They find no joy in that.
They simply are doing so to get the attention of the taxpayer to settle their tax bill with the Internal Revenue Service.
To get a full release of a IRS Bank Levy or Wage garnishment you will need to give IRS a current financial statement on form 433F. You can find that form on our website on the forms page.
We can usually get a IRS Bank or Wage Garnishment Released within 24 hours of receiving your current financial statement.
IRS will expect that financial statement the be completely documented along with bank statements, pay stubs, and monthly expenses.
The Internal Revenue Service will do a cost analysis of your income to expenses and apply those against the national, regional and geographical standards of the area you live.
As a result of their financial analysis, IRS will close your case and send you a release of the bank levy or wage garnishment levy and settle your case at the same time.
IRS when settling your case will recommend you file an offer in compromise, recommend that you be placed in a non-collectible file or recommend you start making monthly payments to the Internal Revenue Service.
Call us today and speak to a former IRS agent, manager, tax attorney to rectify your IRS tax levy at hand.
If you need to file back returns and have little or no records we can prepare all back tax returns under reconstructive methods.
Call us today for free initial tax consultation and we will quickly and affordably resolve your IRS situation.
Levy, IRS Bank, Wage Garnishments Tax Levies, Back Tax Returns, Clarksville, Gallatin, Cookeville
