by Fresh Start Tax | Apr 22, 2014 | Tax Help
Owe IRS – They Can Determine You are a Hardship, What You Need to Know
IRS Policy Statement 5-71
Reporting accounts receivable as currently not collectible—General
If, after taking all steps in the collection process, it is determined that an account receivable is currently not collectible, it should be so reported in order to remove it from active inventory.
Hardship
As a general rule, accounts will be reported as currently not collectible when the taxpayer has no assets or income which are, by law, subject to levy.
However, if there are limited assets or income but it is determined that levy action would create a hardship, the liability may be reported as currently not collectible.
A hardship exists if the levy action prevents the taxpayer from meeting necessary living expenses. In each case a determination based on its own circumstances.
Know the IRS Hardship Rules
It is important that people are aware that qualifying for IRS Hardship is not always easy. There is a strict set of requirements to meet the standards to be considered hardship status, and only a small percentage of people who apply for this status are approved.
Your chances of being approved are much higher if you are working with a tax professional who knows the system like Fresh Start Tax LLC.
Some basic IRS hardship rules include:
- You cannot spend more than the “national average” (which is determined by the IRS) on your basic monthly needs, including food, clothing and personal care items.
- You must not have any assets available that can be seized or sold for money in order to pay your tax debt.
- You must be able to prove that you are in a dire financial situation and truly facing financial hardship.
- You must be able to fully document your financial statement to the Internal Revenue Service.
- All your tax returns must be filed and up-to-date.
If you have any questions call us today and speak directly to a true tax professional.
by Fresh Start Tax | Apr 21, 2014 | Tax Help
Let Former IRS agents and managers fight this, we know the system!
We are a Tax specialty firm that handles anything IRS related.
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Our staff is second to none.
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As result of our years of experience at the IRS we know all the systems, the protocols, and the settlement theories to get you the best possible tax settlement.
Areas of Professional Tax Representation
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
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Areas of Professional Tax Practice:
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- IRS Tax Audits IRS Hardships Cases or Unable to Pay
- Payment Plans, Installment Agreements, Structured agreements
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- State Sales Tax Cases
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IRS Help, -Tax Levy, Tax Debt Settlement, Tax Audits, File Back Tax Returns, – Bunnell, Bushnell, Carrabelle, Chattahoochee, – Affordable Tax Attorney,
by Fresh Start Tax | Apr 21, 2014 | Tax Help
YES<YES<YES – Unpaid Debt Can Affect Your Tax Refund
If you owe a debt that’s past-due, it can reduce your federal tax refund.
The Treasury Department’s Offset Program can use all or part of your refund to pay outstanding federal or state debt.
Here are facts to know about tax refunds and ‘offsets from Fresh Start Tax LLC.
1. The Bureau of Fiscal Service runs the Treasury Offset Program.
2. Debts such as:
- past due child support,
- student loan,
- state income tax or
- unemployment compensation may reduce your refund. BFS may use part or all of your tax refund to pay the debt.
3. You’ll receive a notice if BFS offsets your refund to pay your debt.
The notice will list the original refund and offset amounts.
It will also include the agency that received the offset payment and their contact information.
4. If you believe you don’t owe the debt or you want to dispute it, contact the agency that received the offset. You should not contact the IRS or BFS.
5. If you filed a joint tax return, you may be entitled to part or all of the refund offset. This rule applies if your spouse is solely responsible for the debt.
To request your part of the refund, file Form 8379, Injured Spouse Allocation.
Did You Lose Your Tax Refund, Here is What You Need to Know – Fresh Start Tax LLC
by Fresh Start Tax | Apr 21, 2014 | Tax Help
We are Florida’s Affordable tax firm for IRS Tax Help Relief.
Fresh Start Tax LLC is A+ rated by the Better Business Bureau and have been in practice in the state of Florida since 1982.
We’re comprised of tax attorneys, tax lawyers, certified public accountants, and former IRS agents.
All of our work is done in-house by true and seasoned and experienced tax professionals.
We can get IRS tax levy releases within 24 hours of receiving your fully documented financial statement.
We can minimize any IRS tax audits because of all all our experience. We have former IRS audit managers on staff.
If you have to file back tax returns and have little or a few records we can reconstruct your tax return. There is a very specific process to tax reconstruction and since we talked this program at IRS we know it very well.
Want to settle tax debt? On the staff of Fresh Start Tax LLC a former IRS revenue officer who both worked and taught the program while at Internal Revenue Service.
He is an offer in compromise program specialist.
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You can call us today for a free initial tax consultation and you can have an experienced tax professional walk through the different solutions and remedies to go ahead and get you immediate and permanent IRS or state tax relief.
There is nothing IRS that we cannot handle.
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IRS Help -Tax Levy, Tax Audit, Back Tax Return Filing, Tax Debt Settle *AFFORDABLE* Newberry, Pierson, Palatka, Parker, Quincy – Tax Attorney Help
by Fresh Start Tax | Apr 21, 2014 | Tax Help
Missed the Tax Deadline
If you missed the April 15 tax filing deadline, do not panic. We can help with any back filing tax issues you have in may be able to abate all penalties and interest.
Here is some good advice from Fresh Start Tax LLC.
- File as soon as you can. If you owe taxes, you should file and pay as soon as you can. This will help minimize the interest and penalty charges. There is no penalty for filing a late return if you are due a refund.
- IRS Free File is your best option. Everyone can use IRS Free File to e-file their federal taxes for free. If your income was $58,000 or less, you can use free brand-name software. If you made more than $58,000 and are comfortable preparing your own tax return, use Free File Fillable Forms to e-file. This program uses the electronic versions of paper IRS forms. IRS Free File is available through Oct. 15 only through IRS.gov.
- IRS E-file is still available. IRS e-file is available through Oct. 15. E-file is the easiest, safest and most accurate way to file your taxes. With e-file you receive confirmation that the IRS received your tax return. If you e-file and choose direct deposit of your refund, you’ll normally get it within 21 days.
- Pay as much as you can. If you owe tax but can’t pay it all at once, try to pay as much as you can when you file your tax return. Pay the remaining balance as soon as possible to stop further penalties and interest.
- A refund may be waiting. If you’re due a refund, you should file as soon as possible to get it. Even if you are not required to file, you may still get a refund. This could apply if you had taxes withheld from your wages or you qualify for certain tax credits. If you don’t file your return within three years, you could forfeit your right to the refund.
If you need professional tax help call us today.
