by Fresh Start Tax | Mar 29, 2018 | Back Taxes, California Tax, Tax Help
There are different Examinations to resolve Back IRS Problems if you owe back taxes, Since 1982, Former IRS Agents who Know the system.
Tax Relief Specialists – IRS Tax Debt help – All Tax Services + Former IRS + Los Angeles County
There are multiple solutions that you may be eligible for. We will review all examinations. We will walk through all the programs to see what programs you qualify.
FST, since 1982, Former IRS Agents, A NATIONWIDE TAX FIRM
We are an Affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.
If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.
We have over 95 years of direct IRS work experience.
FST IRS Experience:
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS Experts in the area of IRS tax settlement services.
How does IRS dispose of Tax Debt Cases????
The 5 basic ways or programs for IRS Tax Debt.
1. By Payment in full,
2. By smoothly Payments or installments,
3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)
4. By statue expiration. (this is how your completely eliminate the tax debt)
5. For those who cannot pay their debt IRS has a non-collectible or hardship program.
Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.
The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.
Your current documented financial statement determines all.
IRS uses a very simple formula to determine their settlement process.
It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.
IRS only allows certain expenses that are considered necessary living expenses.
There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.
A simple review of your current financial statement and we can let you know the different programs you may be eligible for.
You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.
It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.
IRS has a very specific formula that they use to compute the offer in compromise.
You must know the sy stem to have success.
The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information everyone needs to know.
All your tax returns will have to be filed before IRS will close any case, it is a must, we can complete all work in house.
If you need help with your tax preparation call us and we can have a staff of Experts accountants and tax preparers complete all returns with or without records.
Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.
Beware of IRS tax settlement services companies, and there are many.
We have been in this industry a long time there are many good companies in as many bad tax settlement service companies. For you to evaluate an IRS tax settlement service company you must ask to speak directly to the person who will be working your case. Generally the first person you speak to is a salesperson who has limited knowledge of IRS procedures.
So when you call a tax services company, you are speaking to what is called a closer.
That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.
When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement .
All IRS tax settlement service firms and companies are different.
Check out the BBB rating and make sure you have a true tax professional working your case.
I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.
Other ways to Resolve Back IRS Taxes Debt or tax problems:
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
With e programs you will not pay less tax. These programs are designed to keep IRS off your back.
The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.
At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program.
There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.
Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt.
At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlement s.
The Offer in Compromise and the New Fresh Start Tax Initiative
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20-40 hours working an accepted offer in compromise.
IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.
You want to make sure you are accurate and truthful on your financial statement.
The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.
This FS new policy does not apply to current year tax returns if there is a valid extension on file.
When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:
• Ability to pay,
• Income,
• Expenses; and
• Asset equity. All assets including pension’s an IRA’s
IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.
Right now that is appox. 9 months
Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer in compromise to settle your tax debt on back IRS taxes.
You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Select a payment option on an IRS offer settlement
Your initial payment will vary based on your offer and the payment option you choose:
• Lump Sum Cash:
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.
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.
Understand the process to settle your tax debt on an IRS settlement .
While your offer to pay less taxes is being evaluated:
• 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);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Call us today for a free tax consultation, 1-866-700-1040
Tax Relief Specialists – IRS Tax Debt help – All Tax Services + Former IRS + Los Angeles County
by Fresh Start Tax | Nov 27, 2012 | California Tax, IRS Tax Debt, Tax Lawyer
IRS Debt Relief, IRS Lawyers, Attorneys, Former IRS – Affordable
We are comprised of Tax Lawyers, Tax Attorneys, CPA’s and Former IRS Agents who specialize in IRS Tax Debt Relief.
With over 205 years of professional tax experience and over 60 years with the IRS we are one of the most experienced professional local tax firms.
We handle any IRS or State Tax Problem that you have. All work is done in house. We have worked thousands of cases and we are A plus rated by the Better Business Bureau.
Fresh Start Tax LLC
1901 Newport Boulevard
Suite 350
Costa Mesa, CA 92627
866-700-1040
IRS Tax Debt Relief.
There are many ways to deal with your IRS Tax Debt. Everything depends on only one thing, your current financial statement.
IRS requires a fully documented financial statement. You can find that on our website. If you go to our home page and click on IRS forms you will find one of two financial statement that the IRS uses.
IRS will either require a form 433A or a 433F
The 433 A is used by local Revenue Officers and the 433F are used by ASC Units at service centers.
IRS will expect the financial statements fully documented with all income and expense documents for the last 6 months.
After a carefully revenue by a Revenue Officer or a Tax Examiner the IRS will place your case in one of three settlement type programs.
IRS will consider a :
1. Offer in Compromise in which you have the ability to settle for pennies on a dollar,
2. IRS may consider a current tax hardship based on your inability to pay anything at this current time,
3. IRS may consider a payment plan or a installment agreement.
Things to be aware of:
a. all your tax returns must be filed and up to date,
b. IRS may elect to file a federal tax lien,
c. IRS will check to make sure you have enough current withholding being taken out to cover this years taxes,
d. IRS will expect you or a tax professional to call them and explain all documentation.
IRS wants to close your case off of the CADE 2 computer system. Most professional firms can do this with one phone call.
You can get IRS off your back by chasing the right tax firm.
Call us today and you will never have to speak to the IRS.
All consultations of free and you will speak directly to a true tax professional.
With the inception of the new Fresh Start Program IRS is accepting Offers in Compromise as Tax Debt Relief.
The IRS Fresh Start Program or Initiative.
In its latest effort to help struggling taxpayers, the Internal Revenue Service announced a series of new steps to help people get a fresh start with their tax liabilities.
The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers.
Specifically, the IRS is announcing new policies and programs to help taxpayers pay back taxes and avoid tax liens.
The Fresh Start announcement centers on the IRS making important changes to its lien filing practices that will lessen the negative impact on taxpayers.
The changes include:
1. Significantly increasing the dollar threshold when liens are generally issued, resulting in fewer tax liens,
2. Making it easier for taxpayers to obtain lien withdrawals after paying a tax bill.
3. Withdrawing liens in most cases where a taxpayer enters into a Direct Debit
Installment Agreement.
a. Creating easier access to Installment Agreements for more struggling small businesses.
b. Expanding a streamlined Offer in Compromise program to cover more taxpayers.
IRS Tax Debt Relief, IRS Lawyers, Tax Attorneys, Former IRS – Affordable
Call today and let our Tax Attorneys, Tax Lawyers and Former IRS agents get you tax relief TODAY.
We are the affordable solution. 1-866-700-1040.
by Fresh Start Tax | Nov 20, 2012 | California Tax, IRS Representation, IRS Tax Debt, Tax Settlements
IRS Tax Debt Settlements – IRS Tax Resolution- Fresh Start Tax LLC
Have Former IRS Agents, Managers and Instructors settle your IRS tax debt. Yes, IRS tax resolution is now possible through the New IRS Fresh Start Program. 1-866-700-1040.
We will at no cost qualify you for a IRS Tax Debt Settlement.
Last year the IRS received about 59,000 offers in compromises or IRS tax debt settlement requests. It accepted just north of 20,000.
Almost one-third of all IRS tax debt settlements get accepted by the IRS and the average settlement is$ .14 cents on a dollar.
From start to finish the average taxpayers wait almost 5 months before acceptance.
We have worked thousands of cases since 1982 and we are A plus rated the Better Business Bureau.
We will pre-qualify any Offer before it is filed. We take no money from a client unless you have a excellent chance of acceptance.
Simply fill out a 433A and we will determine your chance of acceptance.
Under the current Fresh Start initiative the IRS has incorporated its Streamlined Offer in Compromise process into the overall investigation of offers and has added flexibility to the financial analysis used in evaluating offers.
The New Streamlined Offer in Compromise process includes:
a. Fewer requests for additional financial information,
b. If necessary, requests for additional information by phone, not by mail,
c. Greater flexibility when considering your ability to pay the tax.
The IRS changes to financial analysis that add more flexibility to the OIC process :
1. Greater flexibility in determining the equity in assets,
2. Greater flexibility in determining the allowable living expenses,
3. Reducing the amount of future income included in the offer,
4. Decreased time frame to complete the OIC payment process .
IRS will required a detailed 433 OIC and a 656. You can view those forms on our website. Homepage tool bar, IRS forms
Call us today for a no cost professional tax consult from Former IRS Agents and Managers.1-866-700-1040.
Fresh Start Tax
1901 Newport Boulevard
Suite 350
Costa Mesa, CA 92627
866-700-1040
IRS Tax Debt Settlements – IRS Tax Resolution – Local, Former IRS – Costa Mesa, Long Beach, Newport, Luguna, Fullerton, Anaheim, Glendale, Orange
by Fresh Start Tax | Nov 8, 2012 | California Tax, Tax Help, Tax Lawyer, Tax Settlements
IRS Tax Attorney Lawyers – Reduce IRS Tax Debt- Former IRS
We are a professional tax firm specializing in IRS and State Tax Problems. We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s , Enrolled Agents and Former IRS Agents, Managers and Tax Instructors.
We have over 60 years of direct IRS work experience in the local, district and regional offices of the IRS and over 206 years of professional tax experience. We have a National Tax Practice with a local presence.
We have worked thousands of IRS cases to reduce IRS tax debt.
We taught Tax Law at the IRS.
Fresh Start Tax
1901 Newport Boulevard
Suite 350
Costa Mesa, CA 92627
866-700-1040
Last year approximately 59,000 taxpayers applied for tax relief to reduce IRS debt through the Offer in Compromise Program and somewhere around 20,000 offers were accepted.
The New Fresh Start Program that was instituted by the IRS will allow thousands of struggling taxpayers to finally resolve and reduce their tax debts.
Being a Former IRS Agent I caution taxpayers to make sure they use a reputable tax firm to file and represent your interest for the filing of the offer.
The forms must be filled out accurately and precisely because the IRS looks for any reason to reject these cases because they are long and complicated for them and each one of their supervisors must thoroughly review their work and work produce before the case goes up the line for a possible acceptance.
Offer take about 5 months to get accepted.
I would also caution taxpayers do not file the offer unless you get pre-qualified before you file. Do not waste your money.
We at Fresh Start Tax review all offer for no cost. 1-866-700-1040.
What is a Offer in Compromise to Reduce your Tax Bill
An OIC is an agreement between a taxpayer and the IRS that settles the taxpayer’s tax liabilities for less than the full amount owed.
An OIC is generally not accepted if the IRS believes the liability can be paid in full as a lump sum or a through a payment agreement.
The IRS looks at the taxpayer’s income and assets to make a determination of the taxpayer’s reasonable collection potential.
OICs are subject to acceptance on legal requirements. They also become a matter of public record.
In the past the IRS strictly applied its rules with respect to taxpayers’ budgets and valuation of assets. As a result, most taxpayers who sought a compromise received a rejection. Below are the statistics for offer acceptances during the past several years:
| Offers |
2007
|
2008
|
2009
|
2010
|
2011
|
| Received by IRS |
46,000
|
44,000
|
52,000
|
57,000
|
59,000
|
| Accepted by IRS |
12, 000
|
11,000
|
11,000
|
14,000
|
20,000
|
Make sure you are eligible
Before the IRS can consider your offer in compromise, you must be current with all filing and payment requirements.
You will not be eligible if you are in an open bankruptcy proceeding.
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). Find this on our website.
Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
$150 application fee (non-refundable); and
Initial payment (non-refundable) for each Form 656.
Select a IRS payment option
Your initial payment will vary based on your offer and the payment option you choose:
Lump Sum Cash: 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.
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.
Call us today for a free tax consult 1-866-700-1040.
by Fresh Start Tax | Nov 6, 2012 | California Tax, IRS Representation, IRS Tax Problem, Representation, Tax Levy and Wage Garnishments, Tax Relief
IRS Bank Tax Levy, Wage Levy Garnishment – Tax Debt Resolution
We can get you immediate and permanent tax relief from your IRS Bank Levy or Wage Garnishment and settle your case all at one time. Get Tax Debt Resolution from true tax professionals. Do not be scammed.
We are A plus rated by the Better Business Bureau.
Fresh Start Tax LLC 1901 Newport Boulevard
Suite 350
Costa Mesa, CA 92627
866-700-1040
We have over 206 years of professional tax experience and over 60 years with the IRS in the local, district and regional offices of the IRS.
We can get results for Tax Debt Resolution within 48 hours so stop the worry now.
We have worked over 15,000 cases since 1982. Fresh Start Tax L.L.C. is A plus rated by the BBB.
What is a Bank Tax Levy and Wage Tax Levy
A IRS tax levy is a legal seizure of your property to satisfy a tax debt.
Levies are different from liens. A lien is a claim used as security for the tax debt, while a levy actually takes the property to satisfy the tax debt.
A Bank Levy
A Bank Levy is a freeze on your bank account for 21 days. On the 22nd day if you did not resolve the issue with the IRS, the bank is obligated to forward the money to the IRS. Usually a tax firm can easily get the bank levy released.
A Wage Levy Garnishment
Unlike a bank account, a wage garnishment levy is a immediate seizure of your next paycheck and it will continue until to you call the IRS and get the wage levy released.You are allowed to keep about 10% of your paycheck while a wage levy garnishment is in place.
Releases or Removals
To get the Bank or Wage levy released IRS will want to make sure all your tax returns are filed and you have submitted a financial statement to the IRS.
The financial statement must be verified with documents to prove your income and expenses.
We at Fresh Start Tax LLC can usually get levies releases within days.
If you do not pay your taxes (or make arrangements to settle your debt), the IRS may seize and sell any type of real or personal property that you own or have an interest in.
For instance,
IRS can also seize and sell property that you hold such as your car, boat, or house, or
We could levy property that is yours but is held by someone else such as your wages, retirement accounts, dividends, bank accounts, licenses, rental income, accounts receivables, the cash loan value of your life insurance, or commissions.
IRS cannot levy until after three requirements are met:
1. The IRS assessed the tax and sent you a Notice and Demand for Payment;
2. You failed or neglected or refused to pay the tax and,
3. IRS sent you a Final Notice of Intent to Levy and Notice of Your Right to A Hearing (levy notice) at least 30 days before the levy.
IRS must give you this notice in person, leave it at your home or your usual place of business, or send it to your last known address by certified or registered mail, return receipt requested.
Note- if the IRS sends a levy your state tax refund, you may receive a Notice of Levy on Your State Tax Refund, Notice of Your Right to Hearing after the levy.
Legal- Method of Delivery
Federal Tax Regulation 301.6331-1(c) authorizes the IRS to provide depositories notices of levy by mail. However, the regulation does not preclude in-person delivery of a levy to a local branch or office by a revenue officer. Additionally, depositories may not designate a specific branch or location for service of hand-delivered levies.
No matter how a levy is received, by mail or hand delivered, depositories are expected to adhere to IRS guidelines by immediately processing the levy and freezing all affected accounts for the 21-day period required by Internal Revenue Code Section 6332(c).
A mailed levy becomes effective the date and time the notice of levy is delivered to the depository. A hand-delivered levy becomes effective the date and time the notice of levy is hand delivered in person by a revenue officer.
Call us today to get immediate tax results, 1-866-700-1040
IRS Bank Tax Levy, Wage Levy Garnishment – Tax Debt Resolution
by Fresh Start Tax | Nov 6, 2012 | California Tax, Offer in Compromise, Representation, Tax Help, Tax Lawyer, Tax Lien, Tax Settlements
Mr. Sullivan is a Former IRS Agent and Teaching Instructor with the Internal Revenue Service.
He not only worked the IRS Tax Debt Settlement Program called the Offer in Compromise he was a Instructor that taught the Program to new IRS agents in the local, district and regional offices of the IRS.
Fresh Start Tax L.L.C. is comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS agents.
We have over 206 years of total tax experience and over 60 years of direct work experience with the IRS.
Fresh Start Tax L.L.C. Local California Office
1901 Newport Boulevard
Suite 350
Costa Mesa, CA 92627
866-700-1040
In days past it was almost impossible to get an offer in compromise through to the IRS. IRS Tax Debt Settlement practice was almost obscure because IRS did not want to work the IRS Settlement Program. Thousands of Offers should have been accepted but due to the stubbornness of the IRS it lost millions of dollars in revenue because it failed to help suffering and struggling taxpayers.
The amount of work that goes into an accepted offer in compromise can be upward to 20 hours. It is far easier for an Agent to reject the offer than go through the task of accepting one. They are reviewed and approved to death.
Most practitioners would not even file Offers or tax settlements. The ones that did for the most part were preying on taxpayers claiming pennies on a dollar. Not all companies were part of this but it was sickening to see taxpayers paying thousands of dollars when they really never had a chance of getting a tax settlement given the financial facts of their cases.
The IRS would fight you on everything and the extent of the detail they wanted was outrageous.
With the Feds needing money and money in a hurry it finally decided to start settling back tax cases in which it would get instant dollars into the system.
The Commissioner and the powers to be came up with real guidelines that would help these struggling taxpayers final get some badly needed tax relief in the form of true pennies on a dollars settlement.
There are about 55,000 offers in compromise filed each and every year with about 25% of those offers be accepted. The average settlement on each case is about 14 cents on a dollar.
The New IRS Fresh Start Program is allowing taxpayers to settle there tax debt.
The Press Release sent out by the IRS called the Fresh Start Program. See modified version below.
In its latest effort to help struggling taxpayers, the Internal Revenue Service announced a series of new steps to help people get a Fresh Start with their tax liabilities and back tax debts.
The goal of the IRS is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers.
Understand the process the settlement or offer practice.
While your offer or settlement is being evaluated it is important to know what will, take place:
a. 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);
b. A Notice of Federal Tax Lien may be filed;
c. Other collection activities are suspended;
d. The legal assessment and collection period is extended;
e. Make all required payments associated with your offer;
f. You are not required to make payments on an existing installment agreement; and
g. Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
The New Federal Tax Lien Policy
The IRS is announcing new policies and programs to help taxpayers pay back taxes and avoid the filing of the Federal Tax Liens. this alone is a cause for great joy because the filing of a federal tax lien will crush the credit of a business and or an individual.
The IRS is making fundamental changes to our federal lien system and other collection tools that will help taxpayers and give them a fresh start, “These steps are good for people facing tough times, and they reflect a responsible approach for the tax system.”
IRS making important changes to its federal tax lien filing practices.
The changes include:
a. Significantly increasing the dollar threshold when liens are generally issued, resulting in fewer tax liens.
b. Making it easier for taxpayers to obtain lien withdrawals after paying a tax bill.
c. Withdrawing liens in most cases where a taxpayer enters into a Direct Debit Installment Agreement.
d. Creating easier access to Installment Agreements for more struggling small businesses.
e. Expanding a streamlined Offer in Compromise program to cover more taxpayers.
Call us to see if you qualify for an offer in compromise. Do not file an offer unless you qualify. Free consultations, 1-866-700-1040.
