IRS TAX DEBT SETTLEMENT – BACK TAXES – IRS EXPERTS – Alpharetta, Marrietta, Dunwoody, Sandy Springs, Roswell, Buckhead, Peachtree, Cummings, Woodstock – GEORGIA

by steve | Aug 22, 2011 | IRS Tax Advice, Tax News

Fresh Start Tax L.L.C.        Since 1982             A Professional Tax Firm          IRS Tax Experts          “A” Rated by the Better Business Bureau

Let former IRS Offer in Compromise tax specialists speak to you about settling your case for the lowest possible settlement from the IRS.

We are Former IRS Agents, Managers and Instructors who have over 60 years of direct work experience and taught at the IRS Regional Training Center in Atlanta Georgia. We know every tax settlement policy.

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
• Certified by the Internal Revenue Service
  
• Nationally Recognized Veteran Former IRS Agent
• Nationally Recognized Published EZINE Tax Expert
• As heard on  GRACE 90.3 FM Monthly Radio Show-Business Weekly

IRS Tax Debt Settlements ; How we Settle and Negotiate your case with the Internal Revenue Service:

1. We immediately send a power of attorney to the IRS letting them know we are now your tax representative. You will never have to speak to the IRS.

2. We will make sure all your tax returns are filed and current. If your tax returns are not up to date, the IRS will refuse to work your case. This is leverage that they use to get you compliant. We can pull tax transcripts, file and prepare your tax returns within days, even if you have lost your tax records.

3. The IRS requires a current financial statement. We will secure a required 433-A (IRS financial statement), verify the income and expenses and work out a settlement agreement. The IRS will require a closing settlement method for each case.

4. We review with our clients how they want to settle their case. We get them an agreement based on their current financial needs.

IRS Tax Settlement Agreements can be in different forms:

a. Hardship Settlements. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because you do not have the income coming in to meet your current expenses. The IRS will use the National Standards Program to assess hardship.

b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS. We will review the different programs the IRS uses for the lowest possible amount required.

c. IRS Offer in Compromise. There are three types of OICs:

The IRS may accept an Offer in Compromise based on three grounds:

1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.

2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include:

(1) the examiner made a mistake interpreting the law,

(2) the examiner failed to consider the taxpayer’s evidence or

(3) the taxpayer has new evidence.

3. Effective Tax Administration / Exceptional Circumstances – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.

See our home page for more details about Fresh Start Tax L.L.C.            Thank You

TAX TIPS – CHARITIBLE DONATIONS – FORMER IRS

by steve | Aug 22, 2011 | IRS Tax Advice, Tax News

FRESH START TAX LLC  informs their client base on valuable tips that the IRS Newswire puts out on various subjects. Here is the latest on Charitable Donations.

If you make a donation to a charity this year, you may be able to take a deduction for it on your 2011 tax return. Here are the top nine things the IRS wants every taxpayer to know before deducting charitable donations.

Make sure the organization qualifies Charitable contributions must be made to qualified organizations to be deductible. You can ask any organization whether it is a qualified organization or check IRS Publication 78, Cumulative List of Organizations. It is available at www.IRS.gov.

You must itemize Charitable contributions are deductible only if you itemize deductions using Form 1040, Schedule A.

What you can deduct You generally can deduct your cash contributions and the fair market value of most property you donate to a qualified organization. Special rules apply to several types of donated property, including clothing or household items, cars and boats.

When you receive something in return If your contribution entitles you to receive merchandise, goods, or services in return – such as admission to a charity banquet or sporting event – you can deduct only the amount that exceeds the fair market value of the benefit received.

Recordkeeping Keep good records of any contribution you make, regardless of the amount. For any cash contribution, you must maintain a record of the contribution, such as a cancelled check, bank or credit card statement, payroll deduction record or a written statement from the charity containing the date and amount of the contribution and the name of the organization.

Pledges and payments Only contributions actually made during the tax year are deductible. For example, if you pledged $500 in September but paid the charity only $200 by Dec. 31, you can only deduct $200.

Donations made near the end of the year Include credit card charges and payments by check in the year you give them to the charity, even though you may not pay the credit card bill or have your bank account debited until the next year.

Large donations For any contribution of $250 or more, you need more than a bank record. You must have a written acknowledgment from the organization. It must include the amount of cash and say whether the organization provided any goods or services in exchange for the gift. If you donated property, the acknowledgment must include a description of the items and a good faith estimate of its value. For items valued at $500 or more you must complete a Form 8283, Non-cash Charitable Contributions, and attach the form to your return. If you claim a deduction for a contribution of Non-cash property worth more than $5,000, you generally must obtain an appraisal and complete Section B of Form 8283 with your return.

Tax Exemption Revoked Approximately 275,000 organizations automatically lost their tax-exempt status recently because they did not file required annual reports for three consecutive years, as required by law. Donations made prior to an organization’s automatic revocation remain tax-deductible. Going forward, however, organizations that are on the auto-revocation list that do not receive reinstatement are no longer eligible to receive tax-deductible contributions.
For the list of organizations whose tax-exempt status was revoked, visit www.IRS.gov. For general information see IRS Publication 526, Charitable Contributions, and for information on determining value, refer to Publication 561, Determining the Value of Donated Property. These publications are available at www.IRS.gov or by calling 800-TAX-FORM (800-829-3676).