by Fresh Start Tax | Jul 30, 2019 | Tax Help
We are true AFFORDABLE IRS experts, since 1982 we have been practicing in South Florida A+ rated.
We have worked thousands of cases and our former IRS agents have logged more than 100 years of direct IRS work experience in the local, district, and regional tax offices of the Internal Revenue Service. We worked right here out of the local South Florida offices.
We are true IRS tax experts that can help you with any IRS debt. We are fully staffed with tax relief service experts. We are comprised of tax attorneys, tax lawyers, former IRS agents we know our business inside and out.
So how does IRS deal with tax debt?
IRS deals and tax debt in a very specific and methodical way.
IRS will take a current financial statement on a form 433 a or a 433f. You can find both of these forms on our website.
These forms are sent to IRS for review and the Internal Revenue Service wants full documentations of the form. They will want copies of the last six months bank statements, copy of all living expenses, a current pay stub and other documents that support that financial statement.
After IRS reviews the statement, IRS usually has three courses of action they will move forward to close or settle the case with an individual, business, or corporation.
1.Over 40% of all cases that IRS deals is placed into a current tax hardship.
A hardship means when the review your financial statement and your documentation supports the fact you cannot pay the debt and they have decided they cannot currently collect money. Basically, they put a freeze on your account and will review the case in about two or three years later. The good news is, IRS’s off your back but the bad news is IRS will review your case sometime down the road. These hardships are also called currently not collectible.
2. Next IRS may put your case into a payment agreement.
After a careful review of your income and expenses IRS will apply the national standards, the local standards, and the regional standards which allows what IRS will accept as appropriate monthly living expenses for a particular region in the US. If you make more income than the current necessary living expenses according to IRS and Department of Labor you will have a payment agreement or installment agreement with IRS.
6.5 million taxpayers a year enter into payment agreements with the Internal Revenue Service.
3. The next option is that IRS could accept an offer in compromise or you can settle your tax debt for pennies on a dollar.
As a former IRS agent I taught the offer in compromise program. The offer program is a very specific formula that must be used before one can submit the offer in compromise.
In all cases we work we try to qualify our clients to settle their debt for pennies on a dollar if they are qualified.
About 32% of people who submit offers in compromise finding IRS accepting for the settlement.
The average settlement is $9500. However that’s a matter of financial circumstances.
There are other ways that IRS can close your case one being the 10 year statute of limitation expires and the other the filing of a bankruptcy.
Filing of Tax Returns
Special note: all tax returns must be filed.
IRS will not close a case out in their inventory unless the taxpayer has filed all tax returns.
We can file all your tax returns and get you up-to-date with or without tax records.
Call us today to learn more about the various programs and how you can qualify.
Help With IRS Tax Debt + Tax Relief and Filing Tax Returns Service Experts + Tax Attorneys, Lawyers, Former IRS + Vero Beach, Fort Pierce, Port St. Lucie
by Fresh Start Tax | Jul 30, 2019 | Tax Help
We are the Affordable, Experienced Professional Tax Firm, since 1982. A plus rated. We know IRS & State Debt inside and out !!!
We are staffed with tax attorneys, tax lawyers and a plethora of other tax professionals who can deal with IRS debt.
We have worked thousands of cases since 1982 and have over 100 years of working directly for the Internal Revenue Service.
After five minutes of reviewing your case we can give you a complete exit strategy to get IRS out of your life once and for all.
We can help you with any IRS/State tax issue that you have, we have seasoned and veteran attorneys, CPAs and former IRS agents can help you with any IRS tax debt, IRS settlement called an offer compromise or offer you various types of IRS tax relief.
If you have any back IRS/State debt or filling issues contact us today and we can tell you exactly how to solve your problem. Affordable, since 1982.
Last year alone over 14 million people did not file or pay their taxes timely.
WE CAN HELP!
We are former IRS agents, managers and teaching instructors and know all the methodologies, settlement theories and negotiation strategies to resolve any tax debt that may be facing you.
Since 1982 we have been resolving tax debt issues for thousands of clients. we can solve any IRS tax matter or issue and review with you carefully weigh possible to solve any IRS problem.
We have worked thousands of cases and we have been former IRS agents, managers, supervisors and teaching instructors.
Within five minutes of hearing about your current situation we can give you an exact remedy to end your IRS tax problem file your back tax returns and settle your back tax problems.
Many of the taxpayers who call us need to file back tax returns and their variety of reasons why taxpayers have not who have not filed. The reason makes no difference.
The bottom line is, sooner or later you have to file back tax returns.
We have a very easy and simple process to file all your back tax returns and settle your debt all at the same time.
Filing your Back Taxes with IRS & State
With or without records we can complete all your tax returns due to our enormous amount of experience we have in filing back tax returns.
We can simply pull IRS transcripts and prepare all back tax returns or we can prepare back tax returns to the process of IRS reconstructions. As former IRS agents and auditors we know exactly how to file your back tax returns with no records.
Options for Settling IRS Tax Debt to IRS & State
There are three basic ways that taxpayers settle their current tax situation for back taxes with the Internal Revenue Service.
There are different ways to settle IRS tax debt and there are generally three programs that the taxpayer can qualify for.
The first is a hardship or currently non-collectible program.
There is good news and bad news about this program. After IRS takes a current documented financial statement, IRS may determine you are not collectible at the current time. IRS will suspend your case for a period of 1 to 3 years and put a freeze on it.
The good news is IRS’s off your back for a couple of years and the bad news is penalties and interest still run on it.
Taxpayer should also be aware that the case will come out every couple of years to be reviewed.
The second program is the installment agreement or monthly payment.
After IRS takes a current financial statement they will determine how much money they expect from you on a monthly basis. IRS has certain national standards test that they use to determine if the taxpayer will be placed into a payment agreement.
You can find the national standards on our site.
The third way to sell your debt is to qualify for an offer in compromise, this is where you can settle your debt for pennies on the dollar. it’s important for taxpayers to understand that not all are eligible for the offer in compromise program.
There is a pre-qualifier tool.
I suggest everyone who wants to go the route was the direction of the offer make sure they are truly qualified before wasting time and money.
As a former IRS agent I taught the offer in compromise program at the IRS. I can tell you within seconds of your settlement candidate.
After review of your current financial statement we will let you know which of the program to qualify for and start to remove IRS out of your life.
Call us today for free initial tax consultation and we will walk you through the process and tell you how many years you have to file and let you know the different tax strategies based on your current financial conditions.
You will never have to speak to the Internal Revenue Service, ever. We handle all the communication. Feel free to call us by voice or Skype us directly.
We are a full-service firm with all work being done in-house.
When you call our firm you not speak to salespeople but the actual persons working your case.
When you call our office you will speak to a true tax professional and not a salesperson. We know the system inside and out and have saved thousands of dollars for clients over the years.
Affordable IRS Tax Attorneys, IRS Tax Lawyer For All IRS & State Tax Problems + Vero Beach, Fort Pierce, Port St. Lucie
by Fresh Start Tax | Jul 30, 2019 | Tax Help
The Internal Revenue Service is warning more than 10,000 holders of cryptocurrency that they may be subject to penalties for skirting taxes on their virtual investments.
We are staffed with tax attorneys, lawyers, CPA’s, former IRS Agent and Managers who know IRS inside and out.
IRS is on the Loose
The IRS has begun sending letters to taxpayers who potentially failed to report income and pay taxes on cryptocurrency transactions, the agency said Friday. The IRS said it obtained the names of the taxpayers through “various ongoing IRS compliance efforts.”
The letters, which the agency began sending last week, represent one of the IRS’s broadest attempts to-date to rein in tax avoidance on virtual currency transactions. The IRS has struggled to enforce tax laws on digital currencies in recent years as crypto investments have gained popularity and value.
Last year, the IRS’s audit division identified cryptocurrencies as one of five areas where taxpayers could easily avoid taxes. IRS Criminal Investigations head Don Fort has said the agency will soon announce criminal tax evasion cases involving digital currencies.
Voluntary Disclosure
Taxpayers who receive the letters “generally won’t be eligible” for an IRS voluntary disclosure program, where taxpayers can come forward with undisclosed financial accounts in exchange for the potential to reduce penalties or avoid criminal prosecution.
However, taxpayers who haven’t been notified by the IRS and may have underpaid or avoided taxes for cryptocurrency transactions still could seek some relief by coming forward before the IRS finds them, she said. The IRS said all letters will be sent by the end of August.
The IRS in 2014 classified all virtual currencies as property for tax purposes, meaning the assets — much like a home — can be sold at a profit and trigger tax implications.
The agency served a summons against digital currency exchange Coinbase, seeking details about customers who traded digital currencies from 2013 to 2015.
Treasury Secretary Steven Mnuchin said on Wednesday that U.S. regulators are likely to soon issue new regulations on cryptocurrencies, so they don’t negatively impact the financial system.
IRS HELP + Receive IRS Notice/Letter 6174A + IRS Audit Cryptocurrency + Expert Tax Audit Representation Help, Former IRS
by Fresh Start Tax | Jul 30, 2019 | Tax Help
Income from virtual currency transactions is reportable on their income tax returns.
Virtual currency transactions are taxable by law just like transactions in any other property.
The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, also known as digital currency.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest.
In more extreme situations, taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions.
Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000.
Virtual currency, as generally defined, is a digital representation of value that functions in the same manner as a country’s traditional currency. There are currently more than 1,500 known virtual currencies. Because transactions in virtual currencies can be difficult to trace and have an inherently pseudo-anonymous aspect, some taxpayers may be tempted to hide taxable income from the IRS.
Notice 2014-21 provides that virtual currency is treated as property for U.S. federal tax purposes. General tax principles that apply to property transactions apply to transactions using virtual currency.
Among other things, this means that:
• A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property.
• Payments using virtual currency made to independent contractors and other service providers are taxable, and self-employment tax rules generally apply. Normally, payers must issue Form 1099-MISC.
• Wages paid to employees using virtual currency are taxable to the employee, must be reported by an employer on a Form W-2 and are subject to federal income tax withholding and payroll taxes.
• Certain third parties who settle payments made in virtual currency on behalf of merchants that accept virtual currency from their customers are required to report payments to those merchants on Form 1099-K, Payment Card and Third Party Network Transactions.
• The character of gain or loss from the sale or exchange of virtual currency depends on whether the virtual currency is a capital asset in the hands of the taxpayer.
by Fresh Start Tax | Jul 30, 2019 | Tax Help
Michael Sullivan Fresh Start Tax Expert
We are a team of tax attorneys, tax lawyers, CPAs and experienced former IRS agents, managers and instructors. We can help you if you are going through any IRS tax audit.
We have been in practice since 1982 on A+ rated. We have worked out a local, district and regional tax offices of the Internal Revenue Service. We are true experts for any IRS tax matters.
Our owner has been on FoxBusiness News and ABC, The Briefing Room
We have worked as former IRS auditors, revenue agents, revenue officers, appellate agents, supervisors and teaching instructors
We know all the IRS systems and closing theories.
What is now happening with the IRS
The Internal Revenue Service is auditing taxpayers who have accounts with virtual currency transactions and cryptocurrency.
This is not to be fooled around with, the Internal Revenue Service has two options:
1.to go after the taxpayer civilly or,
2.criminally if you have infractions.
Please call us today for a free initial tax consultation and let us review for you what your options are at no cost.
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
The IRS started sending the educational letters to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.
For taxpayers receiving an educational letter, there are three variations:
Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them.
Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers.
The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.
Virtual currency is an ongoing focus area for IRS Criminal Investigation.
IRS Notice 2014-21 (PDF) states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Compliance efforts follow these general tax principles.
The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts and future guidance.
The IRS anticipates issuing additional legal guidance in this area in the near future.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest.
In some cases, taxpayers could be subject to criminal prosecution.
Call us today for a free initial tax consultation and speak to a true IRS tax audit expert.
Los Angeles + IRS Tax Audit Representation Cryptocurrency Experts + Tax Attorney, Tax Lawyer, Former IRS Agents, Nationwide + Since 1982
by Fresh Start Tax | Jul 29, 2019 | Tax Help
We are a team of tax attorneys, tax lawyers, CPAs and experienced former IRS agents, managers and instructors. We can help you if you are going through any IRS tax audit.
We have been in practice since 1982 on A+ rated. We have worked out a local, district and regional tax offices of the Internal Revenue Service. We are true experts for any IRS tax matters.
We have worked as former IRS auditors, revenue agents, revenue officers, appellate agents, supervisors and teaching instructors
We know all the IRS systems and closing theories.
What is now happening with the IRS
The Internal Revenue Service is auditing taxpayers who have accounts with virtual currency transactions and cryptocurrency. This is not to be fooled around with, the Internal Revenue Service has two options:
1.to go after the taxpayer civilly or,
2.criminally if you have infractions.
Please call us today for a free initial tax consultation and let us review for you what your options are at no cost.
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
“Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past returns and pay back taxes, interest and penalties,” said IRS Commissioner Chuck Rettig. “The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations.”
The IRS started sending the educational letters to taxpayers last week. By the end of August, more than 10,000 taxpayers will receive these letters. The names of these taxpayers were obtained through various ongoing IRS compliance efforts.
For taxpayers receiving an educational letter, there are three variations:
Letter 6173, Letter 6174 or Letter 6174-A, all three versions strive to help taxpayers understand their tax and filing obligations and how to correct past errors.
Taxpayers are pointed to appropriate information on IRS.gov, including which forms and schedules to use and where to send them.
Last year the IRS announced a Virtual Currency Compliance campaign to address tax noncompliance related to the use of virtual currency through outreach and examinations of taxpayers.
The IRS will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.
Virtual currency is an ongoing focus area for IRS Criminal Investigation.
IRS Notice 2014-21 (PDF) states that virtual currency is property for federal tax purposes and provides guidance on how general federal tax principles apply to virtual currency transactions. Compliance efforts follow these general tax principles.
The IRS will continue to consider and solicit taxpayer and practitioner feedback in education efforts and future guidance.
The IRS anticipates issuing additional legal guidance in this area in the near future.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions are, when appropriate, liable for tax, penalties and interest.
In some cases, taxpayers could be subject to criminal prosecution.
Call us today for a free initial tax consultation and speak to a true IRS tax audit expert.
New York, Manhattan + IRS Tax Audit Cryptocurrency Experts + Tax Attorney, Tax Lawyer, Former IRS Agents, Since 1982
