by Fresh Start Tax | Nov 28, 2012 | IRS Tax Debt, New Jersey Tax, Tax Settlements
IRS Tax Debt Relief – Settle Tax Debt – New Jersey
We are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents and Managers.
We taught the Offer in Compromise Program at the IRS as former IRS agents.
We have over 206 years of professional tax experience and over 60 years working directly for the IRS in positions as agent, Managers and Appeals Agents. We are A plus rated.
Call us for a no cost professional tax consult and speak directly to a true Tax Professional. 1-866-700-1040.
Fresh Start Tax LLC – New Jersey
209 Cooper Ave,
Upper Montclair, NJ 07043
1-866-700-1040
How does IRS Settle your Tax Debt.
At least one of three conditions must be met to qualify a taxpayer for consideration of an Offer in Compromise or a tax debt settlement:
1. Doubt as to Liability of the Tax.
The taxpayer can show reason for doubt that the assessed tax liability or assessment is incorrect,
2. Doubt as to Collectibility.
The taxpayer can show that the tax debt is likely uncollectible in full by the IRS under any circumstances and wishes to compromise the tax debt.
3. Effective Tax Administration.
The taxpayer does not contest liability or collectibility but can demonstrate extenuating or special circumstances that the collection of the debt would create an economic hardship or would be unfair and inequitable.
This type of Offer in Compromise program is available for any taxpayer, but is primarily used by individuals that are elderly, disabled, have medical issues or have special extenuating circumstances. These are rarely accepted.
Doubt as to Collectibility
Doubt as to collectibility means that the taxpayer will never be able to fully pay the tax bill. The IRS will consider a settlement based on the following formula:
a. Settlement Amount = (monthly disposable income x a number of months) + the net realizable equity in the taxpayer’s assets.
b. Disposable income is monthly income minus allowable monthly expenses. It is important to recognize that the IRS will not allow all expenses the taxpayer may actually have.
With the New Fresh Start Program the IRS is allowing more in the way of necessary expenses.
c. The number of months over which disposable income must be calculated into the offer amount is based on the smaller of the number of months remaining until the Collection Statute Expiration Date for the tax debt OR either 12 or 24 months, depending on the payment option for the Offer in Compromise which the applicant is selecting.
d. Net realizable equity in assets is the quick sale value of the asset (often 80% of Fair Market Value minus any liabilities which are secured by the asset (e.g., a loan).
If a taxpayer believes he or she qualifies, the taxpayer completes a 433 OIC financial statement along with a 656 form to the IRS. At Fresh Start Tax LLC we qualify any offer before submission.
IRS can still proceed with collection.
Some of the actions we may take to collect taxes include:
1. Filing a Notice of Federal Tax Lien
2. Serving a Notice of Levy, or
3. Offsetting a refund to which you are entitled
The federal tax lien is a legal claim to your property, including property that you acquire after the lien arises.
The federal tax lien arises automatically when you fail to pay in full the taxes you owe within ten days after we send our first notice of taxes owed and demand for payment.
The government also may file a Notice of Federal Tax Lien in the public records.
The Notice of Federal Tax Lien publicly notifies your creditors that the IRS has a claim against all your property, including property acquired by you after the Notice of Federal Tax Lien is filed .
The filing of a Notice of Federal Tax Lien may appear on your credit report and may harm your credit rating.
Once a federal tax lien arises, the IRS generally cannot release the lien until the taxes, penalties, interest, and recording fees are paid in full or until the IRS may no longer legally collect the tax.
The IRS may withdraw a Notice of Federal Tax Lien if the IRS determines that
1. the Notice was filed too soon or not according to IRS procedures;
2.you enter into an installment agreement to satisfy the liability unless the installment agreement provides otherwise;
3.withdrawal will allow you to pay your taxes more quickly; or
4.withdrawal is in your best interest, as determined by the National Taxpayer Advocate, and the best interest of the government.
Call us today and hear the truth about your case 1-866-700-1040.
IRS Tax Debt Relief – Settle Tax Debt – Upper Montclair and other cities.
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 27, 2012 | Back Taxes, IRS Tax Debt, Tax Lawyer
File Back Tax Years – Settle with IRS – Former IRS, Attorneys, Lawyers – Fresh Start Tax LLC – A plus rated BBB
Have Former IRS Agents, Attorneys or Tax Lawyers file your back tax years and settle your case all at the same time.
Stop the worry today. That is what we are here for. 1-866-700-1040
We have over 205 years of professional tax experience and over 60 years of direct IRS work experience including working the offer in compromise program at the IRS.
We also taught Tax Law and settlements at the IRS.
Most of the clients we receive at our firm and taxpayers are those who have not filed multiple years and want to settle with the IRS to get their lives back in order.
This is the best time to settle your tax case only because of the new FRESH START PROGRAM of the IRS.
IRS thru the Commissioner, has let the public know it wants to deal and settle back tax debt through the Offer in Compromise Program.
This was not the case till this year. As a Former IRS Agent we tried not to accept offers because of the work required and the fact management never want us to put much time in them. Offers take over 20-30 hours to work.
Most taxpayers can now qualify through the Streamline Offer Process.
The 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 changes to financial analysis add more flexibility to the OIC process including:
a. Greater flexibility in determining the equity in assets,
b. Greater flexibility in determining the allowable living expenses,
c. Reducing the amount of future income included in the offer,
d. Decreased time frame to complete the OIC payment process to two years.
At Fresh Start Tax LLC we can file your back tax returns with little or no records. Being Former IRS Agents we have reconstructed thousands of back tax returns. We ill then review your case to see if you qualify for a IRS tax settlement. You must qualify to settle with the IRS.
You will received a free tax consults on the IRS settlement procedures. 1-866-700-1040.
You will need to complete a 433OIC to begin the process.
At some point you must start filing your back tax years because the IRS is taking a aggressive posture on non filers. IRS is instituting program to do so.
How IRS identifies non-fliers.
The IRS has existing data and programs that can assist in identifying such persons and businesses, such as:
1. Matching programs through 1099s and W-2s,
2. Whistle blower program,
3. Report of Foreign Bank and Financial Accounts (FBAR),
4. Currency transaction reports,
5. Estate tax returns,
6. K-1 reporting,
7. State sales tax and unemployment tax filings,
8. Credit card information,
9. Professional license renewals,
10. Loan applications,
11. Lists of membership in chambers of commerce or trade groups,
12. Spousal information.
Call us today and see how easy it is to file back taxes and settle with the IRS.
File Back Tax Returns – Settle with IRS – Former IRS, Attorneys, Lawyers
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 11, 2012 | Back Taxes, Expatriate Tax, FBAR, IRS Representation, IRS Tax Debt, IRS Tax Problem, Tax Lawyer, Tax Returns, Tax Settlements
Australia- FBAR, EXPAT – Attorney, Lawyers, Former IRS – Filing, Penalties, Settlement – Affordable Tax Experts
Do not be bullied by the IRS. Find out the truth about FBAR disclosures to the IRS.
You have options. We can file and settle your case.
Call us today, we are comprised of Board Certified Tax Attorneys, Tax Lawyers, CPA’s and Former IRS Agents, Managers and Instructors. 1-866-700-1040.
We have over 206 years of total tax experience and over 60 years of direct IRS experience in resolving IRS tax issues and tax problems. We are a full service tax firm with all work being done in house by true tax experts.
We are true Tax Experts of FBAR and Expatriate Tax Issues.
There is a great deal on the web and in press releases that has scared many FBAR filers and Expats into taking position on the filing of FBAR that makes one believe that everything must go through Criminal Investigation.
The reality is that few taxpayers are tax criminals. What is so sad it that the IRS has scared everyone to death regarding FBAR.
The truth be told you have the option of making a Silent Disclosure.
Some taxpayers have already made quiet disclosures by filing amended returns.
Before a decision is made on each case, a tax attorney or tax lawyer will use a set of facts particular to that case. There are no two cases the same, each has a unique set of circumstances.
With that said Quiet Disclosure are not for everyone that is why a careful review must be made on each case.
Taxpayers with unreported foreign bank accounts present themselves and their professional advisers with a bunch of very important important decisions they need to make.
These tax and filing decisions must be made based on a very careful review of all material, information, an understanding of the potential tax penalties and interest involved, and the exposure to any other financial crimes, criminal implications or tax penalties.
Regardless of how tempting under no circumstances should Attorneys or Lawyers and taxpayers ignore reporting tax and FBAR tax requirements simply because the IRS has not yet raised the issue in the client’s specific case.
Our rule of thumb, find IRS before they find you.
How the process works.
The IRS does review amended returns and could select any amended return for examination.
If a tax return is selected for examination, the 20 percent offshore penalty would not be available.
Criminal Behavior
When criminal behavior is evident and the disclosure does not meet the requirements of a voluntary disclosure under IRM 9.5.11.9, the IRS may recommend criminal prosecution to the Department of Justice.
Taxpayers who have already made quiet disclosures but have not yet been selected for examination may take advantage of the penalty framework applicable to voluntary disclosure requests regarding unreported offshore accounts and entities, provided they otherwise meet the criteria for voluntary disclosure set forth in IRM 9.5.11.9.
Call us for more detail. 1-866-700-1040. Privileged conversation with a tax attorney or tax lawyers.
What possible forms are needed to be Filed with the IRS ?
Besides federal income tax returns, what forms or other returns must be filed?
The following forms must be filed:
a. Copies of original and amended federal income tax returns for tax periods covered by the voluntary disclosure,
b. Complete and accurate amended federal income tax returns (or original returns, if not previously filed) of the taxpayer for all tax years covered by the voluntary disclosure;
c. An explanation of previously unreported or under reported income or incorrectly claimed deductions or credits related to undisclosed foreign accounts or undisclosed foreign entities, including the reason(s) for the error or omission,
d. If the taxpayer is a decedent’s estate, or is an individual who participated in the failure to report the foreign account or foreign entity in a required gift or estate tax return, either as executor or advisor, complete and accurate amended estate or gift tax returns (original returns, if not previously filed) necessary to correct the under reporting of assets held in or transferred through undisclosed foreign accounts or foreign entities;
Complete and accurate amended information returns required to be filed by the taxpayer, including, but not limited to,
a. Tax Forms 3520,
b. 3520-A,
c. 5471,
d. 5472,
e. 926 and
f. 8865 (or originals, if not previously filed) for all tax years covered by the voluntary disclosure, for which the taxpayer requests relief; and
Complete and accurate Form TD F 90.22-1, Report of Foreign Bank and Financial Accounts, for foreign accounts maintained during calendar years covered by the voluntary disclosure.
Call us today for more details and find you the truth. you do not have to be worried. 1-866-700-1040
by Fresh Start Tax | Nov 7, 2012 | IRS Tax Debt, Tax Help, Tax Lawyer, Tax Relief, Tax Settlements
Last year 56,000 offers in compromise/tax debt settlements were filed with the IRS and 27% were accepted. Most of those that were accepted were filed through professional tax firms.
With the advent of the NEW Fresh Start Program, the filing of Tax Debt Settlements will go through the roof. The back log right now is at 7,700.
I am a Former IRS Agent and Teaching Instructor with the IRS.
I have reviewed hundred and hundreds of offers in compromise while working at the IRS. Being in private practice for over 27 years I have seen the results of many failed offers in compromise due to the pure lack of understanding about the program itself.
With the new Fresh Start Program, the IRS is finally trying to help struggling taxpayers. The attitude prior to the new program was “deny the offer.” Because Offers in Compromise or Tax Debt Settlements take so long to work and they get reviewed by supervisors, the typical IRS Agent would reject the offer and any grounds. The taxpayer not knowing better would quit the process. The IRS lost billions of dollars in revenue because it failed to properly facilitate the program.
With the inception of the the new Fresh Start Program hopes are high that the taxpayers burdened by tax debt will be able to finally settle there cases.
As a side note.
Do not submit your offer in compromise unless a tax professional pre-qualifies the offer. You will be wasting your time and lots of money unless you know you got a good chance of acceptance. We will not submit an IRS tax debt Settlement at Fresh Start Tax LLC unless there is an excellent chance of acceptance. 1-866-700-1040.
Much is written about Offers in Compromise, but follow these tax offer tips and you will have a significant chance of the IRS accepting your tax debt settlement
Throughout the course of our representation for hundreds of clients, we find ourselves engaged in conversations with the IRS Agents who run the offer program in Holtsville, New York and other District and Regional Office. We queried many of them.
We would ask, “Why are most offers returned or rejected?”
Here are some points the IRS offer specialist agent made:
A. Most taxpayers simply do not understand the concept of the offer. They submit an offer in compromise or a tax debt settlement simply because the program is available, having no idea of the assets and income requirement. Partial blame is geared towards false advertising to be the cause of these rejections. “Pennies on the dollar” has caused a frenzy of “everybody can settle.” IRS has strict qualification rules.
B. Believe it or not, many individuals only have one spouse sign the offer when both spouses are required to sign. As a result the offer must be reject by the IRS.
C. Many taxpayers do not send in the 20% of the offer required along with the Offer in Compromise. Some offers require the 20% payment down with the OIC. If the IRS technician sees the 20% is not attached, they simply return the Offer in Compromise.
D. A number of taxpayers fill out the form 656 incorrectly. The 656 is a legally binding document. If it is all not filled out correctly, the IRS must return the Offer in Compromise. All required blocks must be appropriately completed.
E. Some do not apply the income and expense formulas correctly. Different offers require different formulas. Some use a 48 multiplier and some use a 60 multiplier. Therefore the offer calculations are incorrect and the offer cannot be processed. This is the most common error.
F. On periodic offers, some individuals only send in one periodic payment and fail to comply after the offer in compromise has been submitted. Periodic offers in compromise require the taxpayers to make continued payments until the offer is work and accepted. The IRS simply rejects the offer at this point.
G. Some individuals have filed for bankruptcy and the IRS cannot work the Offer in Compromise.
H. Some of the taxpayers did add the values of all their assets. The IRS technician stated that many did not include IRA or pension monies because taxpayers thought they were excluded.
I. The 433 OIC is a very complicated form to complete. With that said the Offers were rejected because the Financial statements were inaccurate and did not make sense.
J. Many taxpayers simply did not calculate the correct math for acceptance. Those that submitted the 433B did not explain the carry overs to the 433A properly.
Understanding the process of a IRS Tax Debt Settlement
While your offer is being evaluated:
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.
All accepted offers are a matter of public record and can be inspected in the Regional Office of the IRS. Appointment can be made to view those accepted cases.
Call us today for a free tax consult. 1-866-700-1040
IRS Tax Debt Settlement -Tax Attorneys, Lawyers – Get your Offer in Compromise Accepted
