by Fresh Start Tax | Mar 7, 2013 | Offer in Compromise
Settling a Tax Bill, Offer in Compromise , Settlement Experts, Former IRS 1-866-700-1040
IRS settles 25% of all offers submitted to the IRS government agency. The average settlement on the offer in compromise is $.14 on a dollar.
Have former IRS agents evaluate your offer in compromise to settle your tax bill for no cost.
We have over 60 years of direct work experience at the Internal Revenue Service and the local, district, and regional offices of the Internal Revenue Service.
We have not only taught tax law but we also taught the offer in compromise to IRS agents who specialize in this area of the law.
Call us today for free initial consultation and see if you qualify for the settlement of your Tax Bill.
If you want to settle a tax bill who better to call then former IRS agents, managers and instructors who taught tax law at the Internal Revenue Service. We are experts in the settling of a tax bill also known as the filing of an offer to compromise.
Much is written about Settling a Tax Bill
Much is written about settling for pennies on a dollar but each taxpayer should find out the facts before actually filing for the offer in compromise. IRS has very specific formulas that they use and I would caution any taxpayer to have their case fully reviewed by a tax professional before settling in the IRS offer in compromise to settle a tax bill.
Being a former IRS agent and offer in compromise specialist about you should know that 95% of all offers get filed by taxpayers without a professional review get rejected on their very surface because they do not meet the requirements of the filing of the offer.
You should note, IRS does not care about the circumstances, emotional concerns, or psychological problems that a taxpayer is going through. IRS is only concerned about two things. IRS is concerned about your assets and your income.
The offer in compromise qualifier
You can find on our website a qualifier which you can actually walk through yourself to find out whether you can settle your tax bill by the filing of an offer. Simply go to the homepage and click on IRS forms. Under IRS forms you will find you will find the qualifier.
Settling a tax bill by using the offer in compromise
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
The Internal Revenue Service will c consider your unique set of facts and circumstances:
a. Ability to pay;
b. Income;
c. Expenses; and
d. Asset equity.
The Internal Revenue Service will generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
It is best to explore all other payment options before submitting an offer in compromise. The Offer in Compromise program is not for everyone.
If you hire a tax professional other than fresh start tax to help you file an offer, be sure to check his or her qualifications. Make sure you check out the better business bureau ratings and the number of complaints that could be filed against the company.
Make sure you are eligible to file an Offer in Compromise to settle your tax bill
Submitting your offer in compromise
You’ll find step-by-step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer in compromise package package will include:
a.Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
b.Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
c. $150 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Selecting a payment option to settle a tax bill
Your initial payment will vary based on your offer and the payment option you choose:
Lump Sum Cash payments.
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
Periodic Payment.
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
Low Income Certification Guidelines
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer. See your application package for details.
Understand the process
While your offer in compromise is being evaluated:
1. Your non-refundable payments and fees will be applied to the tax liability (you may designate payments to a specific tax year and tax debt),
2. A Notice of Federal Tax Lien may be filed;
3. Other IRS collection activities are suspended;
4. The legal assessment and collection period is extended;
5. Make all required payments associated with your offer in compromise;
6. You are not required to make payments on an existing installment agreement and,
7. Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Remember, it is critical that your offer in compromise is pre-qualified before sending it in to the offer specialist. The downside to all of this is that if your offer in compromise is rejected, the IRS has an asset tool to easily go when and collect money because of the disclosures you’ve made on the financial statement.
Call us today and let former IRS agents and managers determine your best course of action and review the different tax options you have to settle your case.
Settling a Tax Bill, Offer in Compromise – Settlement Experts, Former IRS
by Fresh Start Tax | Mar 7, 2013 | Income Tax Preparation, Tax Help
Income Tax Preparation Service, A Plus Rated, Affordable – Former IRS – Since 1982 954-492-0088
We are a professional tax firm that are experts in income tax preparation. We offer a full range of services and financial planning that benefits all your tax needs, business needs and can give you peace of mind for your financial future.
We are comprised of tax attorneys, certified public accountants, enrolled agents, and former IRS agents.
On staff are former IRS audit managers and teaching instructors that taught income tax law at the Internal Revenue Service. As a result of our years experience at IRS we can ensure and guarantee that you pay the lowest amount of tax allowed by law.
We can help audit proof your tax return so you never have the fear of IRS.
We have a combined 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service and the local South Florida IRS offices as well as the district and regional offices of IRS.
Since 1982 we have been building long-term relationships with all our clients and please note that we are A+ rated by the Better Business Bureau.
Come by and visit our offices today and see why we are used by hundreds of South Floridians to both prepare their income tax and set up their financial planning.
Income Tax Preparation Service, Fresh Start Tax – Tips
Ten Facts about Capital Gains and Losses
The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset.
Here are 10 facts on capital gains and losses:
1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. Capital assets include your home, household furnishings, and stocks and bonds that you hold as investments.
2. A capital gain or loss is the difference between your basis of an asset and the amount you receive when you sell it. Your basis is usually what you paid for the asset.
3. You must include all capital gains in your income.
4. You may deduct capital losses on the sale of investment property. You cannot deduct losses on the sale of personal-use property.
5. Capital gains and losses are long-term or short-term, depending on how long you hold on to the property. If you hold the property more than one year, your capital gain or loss is long-term. If you hold it one year or less, the gain or loss is short-term.
6. If your long-term gains exceed your long-term losses, the difference between the two is a net long-term capital gain. If your net long-term capital gain is more than your net short-term capital loss, you have a ‘net capital gain.’
7. The tax rates that apply to net capital gains are generally lower than the tax rates that apply to other types of income.
The maximum capital gains rate for most people in 2012 is 15 percent.
For lower-income individuals, the rate may be 0 percent on some or all of their net capital gains. Rates of 25 or 28 percent can also apply to special types of net capital gains.
8. If your capital losses are greater than your capital gains, you can deduct the difference between the two on your tax return.
The annual limit on this deduction is $3,000, or $1,500 if you are married filing separately.
9. If your total net capital loss is more than the limit you can deduct, you can carry over the losses you are not able to deduct to next year’s tax return. You will treat those losses as if they occurred that year.
10. Form 8949, Sales and Other Dispositions of Capital Assets, will help you calculate capital gains and losses. You will carry over the subtotals from this form to Schedule D, Capital Gains and Losses.
If you e-file your tax return, most software will do this for you.
Contact us today to learn more about our income tax preparation service. We are A+ rated by the Better Business Bureau and have been serving South Florida since 1982. We look forward to meeting you
by Fresh Start Tax | Mar 6, 2013 | Income Tax Preparation
Professional Income Tax Preparation, Former IRS – Ft.Lauderdale, Miami, Since 1982 954-492-0088
We have been preparing income tax returns in South Florida since 1982.
We are comprised of tax attorneys, lawyers, certified public accountants, enrolled agents and former IRS agents, managers and tax instructors.
We have over 60 years of direct work experience in the local South Florida IRS offices. As well as working in the local office we also worked in both the district and regional offices of the Internal Revenue Service.
Call us today and we can help audit proof your return from the Internal Revenue Service and make sure you are paying the lowest amount allowed by law.
Because of our years with Internal Revenue Service we know all the regulations, tax codes, and tax procedures to ensure you pay the lowest tax possible.
In case of an IRS tax audit we will fully defend your tax return.
Call us today for a free consultation or come by and visit our offices.
We pride ourselves in building long-term relationships with all our clients and we also can do long-range planning for any of our taxpayers that have that need.
We are A+ rated by the Better Business Bureau we are very affordable. Come by and visit our friendly staff today.
Once again, we enjoy building a long-term relationship with each and every client we have.
Tax Tips from fresh start tax llc
Take Credit for Your Retirement
Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s Credit.
Here are points about the Saver’s Credit:
1. The Saver’s Credit is formally known as the Retirement Savings Contribution Credit. The credit can be worth up to $2,000 for married couples filing a joint return or $1,000 for single taxpayers.
2. Your filing status and the amount of your income affect whether you are eligible for the credit. You may be eligible for the credit on your 2012 tax return if your filing status and income are:
a.Single, married filing separately or qualifying widow or widower, with income up to $28,750
b.Head of Household with income up to $43,125
c. Married Filing Jointly, with income up to $57,500
3. You must be at least 18 years of age to be eligible. You also cannot have been a full-time student in 2012 nor claimed as a dependent on someone else’s tax return.
4. You must contribute to a qualified retirement plan by the due date of your tax return in order to claim the credit. The due date for most people is April 15.
5. The Saver’s Credit reduces the tax you owe.
6. Use IRS Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit. Be sure to attach the form to your federal tax return. If you use IRS e-file the software will do this for you.
7. Depending on your income, you may be eligible for other tax benefits if you contribute to a retirement plan. For example, you may be able to deduct all or part of your contributions to a traditional IRA.
Professional Income Tax Preparation, Audit Proof your Tax Return ,- Former IRS – Ft.Lauderdale, Miami ,- Since 1982
by Fresh Start Tax | Mar 6, 2013 | Offer in Compromise
Offer in Compromise, IRS Settlements – How to pay the very lowest, Former IRS 1-866-700-1040
We were former IRS teaching Agents who taught the Offer in Compromise Program.Call us for a free consult.
If you want to find out how to pay the very lowest amount and have IRS accept your offer compromise or a tax settlement accepted it only makes sense to contact former IRS agents who used to work the program, who accepted and denied offers in compromise and also taught the program to new IRS agents.
We are also comprised of tax attorneys, CPAs, and former IRS agents.
We have over 60 years of direct work experience at the Internal Revenue Service in the local, district, and regional offices of the Internal Revenue Service.
We have worked thousands of cases and know the exact procedures and tax settlement formulas to ensure that our clients pay the lowest amount allowed by law.
The Offer in Compromise is similar to an IRS tax audit
The offer in compromise is very similar to an IRS tax audit.
The IRS spends a lengthily amount of time doing due diligence before they accept an offer in compromise or a tax debt settlement.The average time to work an accepted offer in compromise 0r IRS settlement is 20 hours. Everything is reviewed, documented and verified.
Offers in Compromise, IRS Settlements are open to Public inspection
One of the reasons so long is spent working accepted offers is due to the very fact that all accepted offers in compromise are open to public inspection in certain regional or district offices for the period of one year.
Any person can walk into one of those offices and asked to inspect the files of accepted offers in compromise. As a result IRS is very cautious and painstakingly thorough before an accepted stamp gets placed on an offer.
IRS IRM 11.3.11.8 (06-30-2009)
Public Inspection of Accepted Offers-in-Compromise
IRC §6103(k)(1) provides for the public inspection of certain Offers-in-Compromise. Treasury Regulation 301.7122-1(j) and the instructions for Form 656, Offers in Compromise, both refer to this provision.
Treasury Regulation 601.702(d)(8) requires that Form 7249, Offer Acceptance Report, for each accepted offer in compromise with respect to any liability for tax imposed by Title 26 will be available for inspection and copying.
Applicable Forms 7249 will be available for one year from the date of execution in the location designated by SB/SE for the taxpayer’s geographic area of residence. The inspection file will be maintained so that it is readily available for examination by the public.
Case histories prepared by the appropriate functions relating to the consideration of the offer are not open to inspection and may be disclosed only as permitted by other provisions of IRC §6103.
Requests for copies of Form 7249 available under (2) above, where no personal inspection is involved, should be in writing and processed in accordance with IRM 11.3.13, Disclosure of Official Information – Freedom of Information Act.
Requests to inspect Forms 7249 that are not available under paragraph (2) above because more than one year has elapsed since acceptance should be in writing and processed in accordance with IRM 11.3.13, Freedom of Information Act.
Reviews of Offers in Compromise, IRS Settlements
Not only does the agent working the case have to accept the offer but his or her group manager must place their acceptance but also the area supervisor and the District Counsel of the IRS. Offers are thoroughly reviewed. They are reviewed by Counsel for legal matters only.
How to ensure you pay the lowest amount for your offer
To the person who does not spend a lot of time in this vertical is impossible for them to understand the web of details that can drive your offer in compromise to his lowest possible amounts. IRS puts various information out there on the web you can read about many of these things you can find on different web sites however the experience of former IRS agents who know all the details and particulars of having other items included as expenses can help drive the offer in compromise down to the lowest acceptable amount.
IRS is concerned only about two things:
1. Your Assets,
2. Your income.
They could care less about your emotional or personal problems. This is all about the numbers so sob stories have no place. Remember, this is a numbers game only.
As far as your assets, use distrait values only, no more no less.
As far as your income and expense ratios, make sure a true experience professional reviews allowable expenses. There are other allowable expenses that can be included if properly documented.
It is best to call us because each situation is unique and there are volumes that can be written or spoken about this issue. Truly, each case is unique.
at fresh start tax we will not submit an offer in compromise or an IRS settlement and less we feel it has an excellent chance of getting accepted by the Internal Revenue Service.
25% of all offers in compromise sent in to the IRS are accepted.
In speaking with a IRS agent who works the offer in compromise program stated to me the best guess was that 80% of those offers that were accepted were sent in by professional tax firms.
Areas of Professional Tax Practice:
- Same Day IRS Tax Representation
- Offers in Compromise or IRS Tax Debt Settlements
- Immediate Release of IRS Bank Levies or IRS Wage Garnishments
- Tax Relief from a IRS Bill, Letter or Notice of “Intent to Levy”
- IRS Tax Audits
- IRS Hardships Cases or Unable to Pay
- Payment Plans, Installment Agreements, Structured agreements
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll / Trust Fund Penalty Cases / 6672
- Filing Late, Back, Unfiled Tax Returns
- Tax Return Reconstruction if Tax Records are lost or destroyed
- Offer in Compromise, IRS Settlements
Our Company Resume: ( Since 1982 )
- Our staff has collectively over 205 years of Professional IRS Tax Representation Experience
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- We taught Tax Law in the IRS Regional Training Center
- Former IRS Agents, Managers and Instructors with over 60 years experience in the local, district and regional IRS offices.
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed and certified to practice in all 50 States
- Nationally Recognized Veteran /Published Former IRS Agent
- Nationally Recognized Published EZINE Tax Expert
- As heard on GRACE Net Radio.com – Monthly Radio Show-Business Weekly
Offer in Compromise, IRS Settlements – How to pay the very lowest, Former IRS
by Fresh Start Tax | Mar 6, 2013 | FBAR
FBAR – Do you need to File a FBAR – Tax Attorneys, Tax Lawyers, FBAR Experts 1-866-700-1040
Have FBAR Experts Tax Attorneys and Tax Lawyers offer you a free tax consultation.
If you have any questions about FBAR reporting please feel free to call our office for a free initial tax consultation.
We are comprised of Tax Attorneys, Tax Lawyers, CPAs and former IRS agents and managers.
We have over 206 years of professional tax experience and we have over 60 years of working directly for the Internal Revenue Service.
At the IRS we worked in positions as agents, managers, and tax instructors. We also taught tax law.
We are experts in FBAR. 1-866-700-1040
All FBAR consultations are conducted by a tax attorney so he can not only answer your tax questions and how it relates to you but you are protected under attorney-client privilege
Who has to file for FBAR Reporting
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, the Bank Secrecy Act may require you to report the account yearly to the Internal Revenue Service by filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
The FBAR is required because foreign financial institutions may not be subject to the same reporting requirements as domestic financial institutions. The FBAR is a tool to help the United States government identify persons who may be using foreign financial accounts to circumvent United States law.
Investigators use FBARs to help identify or trace funds used for illicit purposes or to identify unreported income maintained or generated abroad.
Recent FBAR Guidance
On February 24, 2011, the Treasury Department published final regs amending the FBAR regulations.
These regulations became effective March 28, 2011, and apply to FBARs required to be filed with respect to foreign financial accounts maintained in calendar year 2010, and for FBARs required to be filed with respect to all subsequent calendar years.
Filing deadline for employees and officers to report
The filing deadline for employees and officers to report signature authority over these accounts was extended to June 30, 2012, for the following individuals:
a. An employee or officer of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of a controlled person of the entity;or
b. An employee or officer of a controlled person of an entity under 31 CFR § 1010.350(f)(2)(i)-(v) who has signature or other authority over and no financial interest in a foreign financial account of the entity, the controlled person, or another controlled person of the entity.
Important note
For purposes of FinCEN Notice 2011-1, a controlled person is a United States or foreign entity more than 50 percent owned (directly or indirectly) by an entity under 31 CFR § 1010.350(f)(2)(i)-(v).
On June 17, 2011, FINCEN issued to provide filing deferral for certain officers or employees of investment advisers registered with the Securities and Exchange Commission who have signature authority over, but no financial interest in, foreign financial accounts of their employer.
The filing deadline for employees and officers to report signature authority over these accounts was similarly extended to June 30, 2012.
All other U.S. persons required to file an FBAR this year are required to meet the June 30, 2013 filing date.
On Jan 9, 2012, the IRS reopened the OVD following continued interest from taxpayers and tax practitioners after the closure of the 2011 and 2009 programs. This program will be open for an indefinite period until otherwise announced.
Who Must File an FBAR
United States persons are required to file an FBAR if:
- The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
- The aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year to be reported.
United States person means United States citizens; United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
Exceptions to the Reporting Requirement
Exceptions to the FBAR reporting requirements can be found in the FBAR instructions. There are filing exceptions for the following United States persons or foreign financial accounts:
- Certain foreign financial accounts jointly owned by spouses;
- United States persons included in a consolidated FBAR;
- Correspondent/nostro accounts;
- Foreign financial accounts owned by a governmental entity;
- Foreign financial accounts owned by an international financial institution;
- IRA owners and beneficiaries;
- Participants in and beneficiaries of tax-qualified retirement plans;
- Certain individuals with signature authority over but no financial interest in a foreign financial account;
- Trust beneficiaries; and
- Foreign financial accounts maintained on a United States military banking facility.
Look to the form’s instructions to determine eligibility for an exception and to review exception requirements.
Reporting and Filing Information
A person who holds a foreign financial account may have a reporting obligation even though the account produces no taxable income.
Checking the appropriate block on FBAR-related federal tax return or information return questions (for example, on Schedule B of Form 1040, the “Other Information” section of Form 1041, Schedule B of Form 1065, and Schedule N of Form 1120) and filing the FBAR, satisfies the account holder’s reporting obligation.
Please Note
The FBAR is not filed with the filer’s federal income tax return.
The granting, by the IRS, of an extension to file federal income tax returns does not extend the due date for filing an FBAR.
You may not request an extension for filing the FBAR.
Filing FBAR
The FBAR is an annual report and must be received by the Department of the Treasury in Detroit, MI, on or before June 30th of the year following the calendar year being reported. While FinCEN strongly encourages individuals to electronically file FBARs, the form can be mailed to one of the two addresses below, provided that the mailing is received by June 30, 2013:
File by mailing the FBAR to:
United States Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621
If an express delivery service is required for a timely filed FBAR, address the parcel to:
IRS Enterprise Computing Center
ATTN: CTR Operations Mail room, 4th Floor
985 Michigan Avenue
Detroit, MI 48226
Delivery messenger service contact telephone number: (313) 234-1062.
Account holders who do not comply with the FBAR reporting requirements may be subject to civil penalties, criminal penalties, or both.
Electronic Filing for FBAR Forms – MANDATORY Beginning July 1, 2013
