by steve | Jul 21, 2011 | IRS Tax Advice, Tax News
Do you need professional tax help because the IRS is setting you up for the Trust Fund Recovery Penalty?
Call us today, we are Former IRS Agents , Managers and Instructors.
We use to set these penalties assessments up when we worked at the IRS and now we know how to get rid of them
The Trust Fund Penalty and things you should know:
The TFRP is based on IRC Section 6672 and is used to: Facilitate the collection of tax and enhance voluntary compliance
Serve as an alternative means of collecting unpaid trust fund taxes when taxes are not fully collectible from the company/business that failed to pay the taxes
Policy Statement P–5–14 (IRM 1.2..14.1.3, Trust Fund Recovery Penalty Assessments) gives IRS the right to sent up the penalty.
IRM 5.17.7, Legal Reference Guide for Revenue Officers, Liability of Third Parties for Unpaid Employment Taxes
Type of Taxes that IRS can impose the Penalties for:
The TFRP is a penalty provided by IRC 6672 against any person required to collect, account for, and pay over taxes held in trust who willfully fails to perform any of these activities. The penalty is equal to the total amount of tax evaded, not collected, or not accounted for and paid over. Assessments of the TFRP are possible based on liabilities for the following tax forms:
941, Employer’s QUARTERLY Federal Tax Return
720, Quarterly Federal Excise Tax Return (see IRM 5.7.3.1.1)
CT-1, Employer’s Annual Railroad Retirement and Unemployment Return
943, Employer’s Annual Federal Tax Return for Agricultural Employees
1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons
945, Annual Return of Withheld Federal Income Tax
944, Employer’s ANNUAL Federal Tax Return
8288, U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests
8804, Annual Return for Partnership Withholding Tax (Section 1446)
The TFRP may be imposed, with respect to the taxes described in (3) above for:
Willful failure to collect tax
Willful failure to account for and pay over tax
Willful attempt in any manner to evade or defeat tax or the payment thereof
Although the TFRP is normally applied to employment tax returns for withheld income tax, withheld Social Security tax, or withheld Railroad Retirement Tax, the TFRP provided by IRC 6672 also applies to those excise taxes which are commonly referred to as “collected excise taxes” . Collected excise taxes (see IRM 5.7.3.1.1, TFRP for Collected Excise Taxes) are those which are imposed on persons other than the person who is required by law to collect the tax and pay it over to the Government (a collecting agent).
The revenue officer will explore the possibility of asserting the TFRP against the collecting agent’s responsible persons and will follow the same procedures for investigation and recommendation of the TFRP on employment taxes or collected excise taxes.
The full unpaid trust fund amount will be collected only once in a particular case, whether it is collected from the employer/collecting agent, from one or more of its responsible persons, or from a combination of the employer/collecting agent and one or more of its responsible persons.
by steve | Jul 21, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC A Professional Tax Firm Since 1982 “A” Rated by the Better Business Bureau A Professional Tax Firm
Hear the truth from a true tax professional and not some salesperson!
If you owe Back IRS Taxes and you need the problem quickly resolved call us today to hear all of your options that are available to you. We know all the tax strategies, formulas and settlement strategies because we were Former IRS Agents, Mangers and Instructor who taught IRS tax Law.
We know every possible way to settle and close IRS cases in your best interest. We have saved our clients over millions of dollars since 1982.
We have over 205 years of professional tax experience and over 60 years of working directly for the IRS.On staff, Tax Attorneys, CPA’s and Former Agents.
We taught Tax Law at the IRS. We are true Tax Experts.
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 representative. You will never have to speak to them.
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.
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. 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 – 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.
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
See our home page for more details about Fresh Start Tax L.L.C. Thank You
by steve | Jul 21, 2011 | IRS Tax Advice, Tax News
Get your Bank Levy or Wage Garnishment Levy released immediately.
Fresh Start Tax L.L.C. IRS Tax Experts Since 1982 A Professional Tax Firm “A” Plus Rated by the Better Business Bureau
Hire a true Professional Tax Firm that can get results. On staff , Board Certified Tax Attorneys, Lawyers, CPA’s and Former IRS Agents, Managers and Instructors that have over 205 years of professional tax experience and over 60 years of working directly for the IRS in the local, district and regional training offices of the Internal Revenue Service.
We know all the settlement procedures, formulas and tactics to get your problem quickly resolve.We taught Tax Law at the IRS.
Not only will get your Levy released we will also close your case on the IRS enforcement computer.
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
How we immediately get Notices of Bank Levy and Bank Garnishment Released.
As former IRS Agents, Managers and Instructors we have issued thousands of IRS Wage/Garnishment and Bank Levies. We know exactly how to quickly get them released. We have what it takes.
1. We immediately send a power of attorney to the IRS letting them know we are now your representative. You will never have to speak to them.
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-F (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.
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. 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 – 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.
Remove Bank Levy, Wage Garnishment – Tax Attorneys, Former IRS Agents
by steve | Jul 21, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax LLC Since 1982 IRS Tax Experts A Professional Tax Firm “A” Rated by the Better Business Bureau
Yes it is right here in the IRM of the Internal Revenue Service. For those who are experiencing an economic hardship there is a tax procedure for IRS shelving your case for a certain length of time because of your current financial situation. Call us and find out how!
If you need to hire professional tax help, check us out today. We are the real deal.
The IRS IRM Manual Provisions:
5.16.1.2.9 (04-29-2011)
Hardship
Follow the procedures in IRM 5.15.1, Financial Analysis Handbook, to determine the correct resolution of the case based on the taxpayer’s assets and equity, income and expenses:
A hardship exists if a taxpayer is unable to pay reasonable basic living expenses.
The basis for a hardship determination is from information about the taxpayer’s financial condition provided on Form 433–A, Collection Information Statement for Wage Earners and Self-Employed Individuals or Form 433–B, Collection Information Statement for Businesses.
Generally, these cases involve no income or assets, no equity in assets or insufficient income to make any payment without causing hardship.
An account should not be reported as CNC if the taxpayer has income or equity in assets, and enforced collection of the income or assets would not cause hardship.
Hardship accounts are closed using cc 24 through 32. See Exhibit 5.16.1-2.
by steve | Jul 21, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax L.L.C. IRS Tax Experts Since 1982 A Professional Tax Firm “A” Rated by the Better Business Bureau
Hire a professional tax firm that have saved their clients millions of dollars since 1982.
Are you experiencing an Hardship Situation in your life?
IRS defines a current hardship as being that your current necessary living expenses exceed your present income. If you are experiencing that type of problem call us today to get immediate tax relief and help form Board Certified Tax Attorneys, Lawyers, Former IRS Agents, and Managers.
We taught Tax Law at the IRS.
We have over 205 years of professional tax experience and over 60 years of direct work experience with the IRS in the local, district and regional offices of the Internal Revenue Service.
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
Legal Basis for Releasing Levies
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IRC 6343(a)(1) requires levies to be released when the Service determines the circumstances in this section exist. Per Reg. 6343-1(a) the Service may require any supporting documentation as is reasonably necessary to determine whether a condition requiring release exists.
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Release the notice of levy as soon as one of the circumstances in this section is identified to prevent payments from being received after the notice of levy should have been released. This will avoid the need to return levied property and the inconvenience this may cause for the taxpayer.
IRS Tax Example:
After a notice of levy has been sent to a taxpayer’s employer, the taxpayer responds and shows that the notice of levy prevents her from paying for basic necessities for her family. Because the levy is causing an economic hardship, release it immediately, so the employer will not send a levy payment on the next pay day.
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Section 362(a) of the Bankruptcy Code (Title 11) prohibits levy on the property of a taxpayer in bankruptcy. A levy on this property is generally illegal and must be released. Contact Insolvency for advice if you inadvertently levy on property of a taxpayer in bankruptcy.
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Any notice of levy that violates the Internal Revenue Code or regulations must also be released, e.g., a levy issued while the taxpayer’s CDP hearing is pending.
by steve | Jul 21, 2011 | IRS Tax Advice, Tax News
Fresh Start Tax L.L.C. Since 1982 IRS Tax Experts A Professional Tax Firm “A” Rated by the Better Business Bureau
Did you receive a IRS Notice that needs immediate attention? Let Former IRS Agents, Managers and Instructors who taught Tax Law for over 60 years at the IRS in the local, district and regional offices take care of your situation and get you the best remedy possible.
We know all of the tax settlement strategies, formulas and techniques to get you very best possible solution to take care of your IRS Problems.
We have saved millions of dollars for our clients since 1982. On staff, Board Certified Tax Attorneys, CPA’s and Enrolled Agents.
We are one of the oldest, most trusted and experienced professional tax firms.
Areas of Tax Practice:
- Immediate IRS Tax Representation
- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”
- Fast, affordable, and economical
- Licensed to practice in all 50 States
- Certified by the Internal Revenue Service
- Nationally Recognized Veteran Former IRS Agent
- Nationally Recognized Published Tax Expert
- As heard on 90.3 FM Monthly Radio Show-Business Weekly
About Your Notice
If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply.
The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information.
