by Fresh Start Tax | Aug 6, 2013 | Christian IRS Tax Relief
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by Fresh Start Tax | Aug 6, 2013 | Tax Help
Simplified Option for Home Office Deduction
Do you work from home? You’ll want to read this information for the very simplified options for home office tax deductions.
As former IRS agents and managers please be advised that this is a favorite target for IRS tax auditors because this is an area very well abused by taxpayers.
Make sure you take only the tax deductions that you can document in this area because of the continued abuse. So, do not make yourself a target for the Internal Revenue Service
If so, you may be familiar with the home office deduction, available for taxpayers who use their home for business. Beginning this year, there is a new, simpler option to figure the business use of your home.
This simplified option does not change the rules for who may claim a home office deduction.
It merely simplifies the calculation and record keeping requirements. The new option can save you a lot of time and will require less paperwork and record keeping.
Here are facts you to know about the new, simplified method to claim the home office deduction.
1. You may use the simplified method when you file your 2013 tax return next year. If you use this method to claim the home office deduction, you will not need to calculate your deduction based on actual expenses.
You may instead multiply the square footage of your home office by a prescribed rate.
2. The rate is $5 per square foot of the part of your home used for business.
The maximum footage allowed is 300 square feet. This means the most you can deduct using the new method is $1,500 per year.
3. You may choose either the simplified method or the actual expense method for any tax year.
Once you use a method for a specific tax year, you cannot later change to the other method for that same year.
4. If you use the simplified method and you own your home, you cannot depreciate your home office. You can still deduct other qualified home expenses, such as mortgage interest and real estate taxes.
You will not need to allocate these expenses between personal and business use. This allocation is required if you use the actual expense method. You’ll claim these deductions on Schedule A, Itemized Deductions.
5. You can still fully deduct business expenses that are unrelated to the home if you use the simplified method. These may include costs such as advertising, supplies and wages paid to employees.
6. If you use more than one home with a qualified home office in the same year, you can use the simplified method for only one in that year.
However, you may use the simplified method for one and actual expenses for any others in that year.
If you need to optimize all your tax-deductible contact us today and speak directly to former IRS agents and managers who can ensure that you will pay the lowest amount of tax allowed by law. We are a full service tax firm that specializes in IRS tax problem help, tax preparation and any IRS or state tax issue.
by Fresh Start Tax | Aug 6, 2013 | Tax Levy and Wage Garnishments
You may contact us today to find out how to stop your IRS bank levy.
We will give you free tax advice for any do-it-yourselves taxpayers.
If you received an IRS bank levy you are not alone.
The Internal Revenue Service sends out 2.9 million bank levies and wage levies last year alone.
The Internal Revenue Service sends these bank levies out because taxpayers failed to respond to last notice sent out by the Internal Revenue Service thus forcing IRS to play the heavy hand of enforcement given to them by Congress.
Without a human hand touching the IRS bank levy, the IRS Cade2 enforcement computer generates a bank levy to the taxpayers bank accounts that are found on the IRS computer systems.
The Internal Revenue Service has your bank information because banks report to the Internal Revenue Service the information on their account holders and those who receive interest income.
How to Stop a IRS Bank Levy
To stop in IRS bank levy, the IRS has a very specific procedure to get you immediate tax relief.
The Internal Revenue Service will need to review your current financial statement as well as your monthly living financial habits.
IRS will require a financial statement which is on the form of a 433-F.
You can find that form on our website.
IRS will require that the financial statement be completely documented along with bank statements, canceled checks and proof of income, they will want your pay stubs.
IRS will then compare that to the national and regional standards in your area to make sure the you are living within your means.
Once IRS reviews that financial statement there are three categories that are exit strategies used by the Internal Revenue Service. These settlement strategies will be appropriate for your case based on your financial statement.
The Internal Revenue Service will either put your case into:
- economic hardship,
- insist on a monthly installment payment or
- recommend that you were suitable and qualified candidate for an offer in compromise.
So the best way on how to stop an IRS bank levy is to contact the Internal Revenue Service provide the necessary financial information.
Once the Internal Revenue Service has all the financial information and has your exit strategy they will immediately release your levy. Believe it or not this can happen in one day.
Once you give us your current financial statement with all your documentation as a general rule we can get your levy released that day
The Bank Levy Holding Period
A bank must wait 21 calendar days after a levy is served before sending payment. Then, on the next business day, it must turn over the taxpayer’s money.
The depositor(s) can waive this waiting period. The bank will not send money that is subject to attachment or execution under judicial process. “Bank” includes credit unions, savings and loan associations, trust companies, and others described in IRC 408(n) and Treas. Reg. §301.6332–3(b).
During the holding period, a levy might be released, or the amount owed could decrease.
Note:
If the bank receives no release, it must send the payment after the holding period. No additional notice is required.
Bank Liaison for the IRS Bank Levy
The holding period was created to settle disputes about ownership of bank accounts before money is sent.
Assign a bank liaison in each territory to settle these issues quickly.
Sometimes ownership is not settled before the holding period ends. If this happens, ask the bank for more time.
How to STOP a IRS Bank LEVY – Free Tax Advice for Levy Releases
by Fresh Start Tax | Aug 6, 2013 | IRS Tax Advice, Tax Help
As a service to taxpayers everywhere who are going through the misery of tax identity theft fresh start tax would like to provide to you the top tax tips in regard to tax identity theft.
In writing this I should let you know is useless to contact professional tax form to help you resolve this problem. You will be wasting thousands of dollars. You should know that you can do all of this work by yourself and save yourself professional fees. It requires persistence, patience and understanding that this process is as slow as it gets.
Taxpayer Guide to Identity Theft
We know identity theft is a frustrating process for tax victims.
IRS takes this issue very seriously and continue to expand on our robust screening process in order to stop fraudulent returns.
What is identity theft?
Identity theft occurs when someone uses your personal information such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes.
How do you know if your tax records have been affected?
Usually, an identity thief uses a legitimate taxpayer’s identity to fraudulently file a tax return and claim a refund. Generally, the identity thief will use a stolen SSN to file a forged tax return and attempt to get a fraudulent refund early in the filing season.
You may be unaware that this has happened until you file your return later in the filing season and discover that two returns have been filed using the same SSN.
Be alert to possible identity theft if you receive an IRS notice or letter that states that:
- More than one tax return for you was filed,
- You have a balance due, refund offset or have had collection actions taken against you for a year you did not file a tax return, or
- IRS records indicate you received wages from an employer unknown to you.
What to do if your tax records were affected by identity theft?
If you receive a notice from IRS, respond immediately.
If you believe someone may have used your SSN fraudulently, please notify IRS immediately by responding to the name and number printed on the notice or letter.
You will need to fill out the IRS Identity Theft Affidavit, Form 14039.
For victims of identity theft who have previously been in contact with the IRS and have not achieved a resolution, please contact the IRS Identity Protection Specialized Unit, toll-free, at 1-800-908-4490.
How can you protect your tax records?
If your tax records are not currently affected by identity theft, but you believe you may be at risk due to a lost/stolen purse or wallet, questionable credit card activity or credit report, etc., contact the IRS Identity Protection Specialized Unit at 1-800-908-4490.
How can you minimize the chance of becoming a victim?
1. Don’t carry your Social Security card or any document(s) with your SSN on it.
2. Don’t give a business your SSN just because they ask. Give it only when required.
3. Protect your financial information.
4. Check your credit report every 12 months.
5. Secure personal information in your home.
6. Protect your personal computers by using firewalls, anti-spam/virus software, update security patches, and change passwords for Internet accounts.
7. Don’t give personal information over the phone, through the mail or on the Internet unless you have initiated the contact or you are sure you know who you are dealing with.
Just a note to all taxpayers, pursue these matters yourself and understand it is not useful to hire any company or firm to deal with tax theft.
Save yourself a lot of time and money and be vigilant and persistent.
Tax Identity Theft – Top Tax Guide Tips – Fresh Start Tax LLC
by Fresh Start Tax | Aug 6, 2013 | IRS Tax Advice, IRS Tax Audit
Is the IRS Auditing Your TEFRA Partnership?
We are comprised of tax attorneys, certified public accountants, and former IRS agents, managers and tax instructors.
We have over 206 years professional tax experience and over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the Internal Revenue Service.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
On staff are IRS TEFRA Experts.
One of our Former IRS Agents was a Appeal Agents was the coordinator for the TEFRA in the district IRS office and is a EXPERT in all TEFRA issues and problems.
You may speak with Frank directly with the free initial tax consultation so he may review your case and advise you on the best form of tax relief and a possible settlement.
TEFRA
If you are a partner in a partnership with eleven and more partners, you are a partner in a TEFRA partnership.
The audit procedures for a TEFRA partnership are one of the most complex in the Internal Revenue Code. The partner known as the Tax Matters Partner acts as the liaison between the IRS and the partners.
The Tax Matters Partner (TMP) is responsible for keeping partners informed of tax administrative and judicial proceedings relating to the partnership. The TMP has the authority to extend the statute of limitations for assessment with respect to partnership items on the behalf of all partners.
He can bind partners holding less than 1% interest in the partnership to a settlement with the IRS and determine in forum to litigate a partnership controversy.
Due to the complexity of the TEFRA audit procedures, the IRS in many instances fails to follow all of the required procedures for the examination of the partnership. Further, there may be instances that the TMP and the remaining partners may have a conflict of interest as to specific matters which you may not be aware.
The audit of a TEFRA partnership can be appealed to the Appeals Division and if needed can be litigated in the Tax Court or Court of Federal Claims.
All of these appeals are complex and full of unexpected results to the unwary partner.
You may have been assessed a deficiency based on an audit of a TEFRA partnership and not know it, until you receive a bill from the IRS for the deficiency. TEFRA deficiencies are assessed through computational adjustments, which means you have no appeal rights.
The appeal rights are through the TMP, if he did not exercise them; those appeal rights are expired. So its up to you to be in contact with the TMP when the partnership is being audited and keep current with the proceedings.
There are instances where the IRS has made an assessment of a deficiency attributable to TEFRA partnership adjustment that was not valid and the partner simply paid the deficiency amount without questioning it.
If your TEFRA partnership (eleven or more partners) is being audited, you need to know what is going on because your interest with the TMP may conflict.
If you are a partner in a TEFRA partnership that is being audited, you need someone from the outside of the partnership to inform you of your best plan of action that you should take.
What is TEFRA, an INTRODUCTION
This chapter is designed to give the reader a basic understanding of TEFRA (the Tax Equity and Fiscal Responsibility Act of 1982) and is not intended to be a fully comprehensive work. Certain topics are covered by referencing statutes, regulations, or the Internal Revenue Manual (IRM) rather than by way of narrative text.
The Resources section lists several published sources which, when viewed together, should present a fully comprehensive and up-to-date picture of TEFRA. In addition, there is a web-based self-study course, TEFRA Basics, which can be taken online at the Enterprise Learning Management System (ELMS) website.
Once you have registered and created a profile on the ELMS website, TEFRA Basics can be found as ELMS Component Number: 11381.
Another important TEFRA tool for the examiner is the IRS Intranet consolidated TEFRA website.
This chapter will address TEFRA only as it applies to TEFRA partnerships and TEFRA related partners. It is important to note that Limited Liability Companies (LLCs) and Real Estate Mortgage Investment Conduits (REMICs) that file a Form 1065, U.S. Return of Partnership Income, and their respective members are also subject to TEFRA administrative and judicial procedures and treated in a manner similar to TEFRA partnerships and their partners.
IRC section 6244 extended the TEFRA partnership provisions to S corporations for tax years beginning after 1982. The Small Business Job Protection Act of 1996 repealed the TEFRA administrative and judicial procedures for S corporations for tax years beginning after Dec. 31, 1996.
TEFRA as it applies to S corporations and REMICs will not be covered in this chapter. Non-TEFRA partnership statute considerations and procedures are also not covered in this overview. The procedural differences between TEFRA and non-TEFRA are significant.
For non-TEFRA considerations, examiners should consult IRM 4.31.5 & 6 of the Pass-Through Entity Handbook, and IRM 4.29, Partnership Control System (PCS) Handbook.
IRC sections 6221 through 6234 govern audit, administrative, and judicial procedures, as well as certain filing requirements to be used by entities qualifying as TEFRA partnerships.
These procedures are commonly referred to as “unified proceedings”, “TEFRA proceedings”, and “partnership proceedings.” These Code sections provide that examination, administrative, and judicial actions are to be conducted at the partnership-level.
Final Regulations were issued and are effective for taxable years beginning on or after October 4, 2001 (66 FR 50541, Treas. Reg. sections 301.6221-1 through 301.6233-1). For taxable years beginning before October 4, 2001, the Temporary Treasury Regulations continue to govern (see Treas. Reg. section 301.6221-1(f)). The Final Treasury Regulations are substantially similar to the temporary regulations.
IRS Partnership Audits TEFRA Expert – IRS Settlement Agent
