by Fresh Start Tax | Mar 20, 2019 | Tax Help
We are former IRS agents and trust fund/payroll tax experts, since 1982. Since 1982 A+ rated by the BBB.
Whether you owe back payroll or trust fund taxes or you need to settle the tax debt, call us today for a free initial tax consultation and I can walk you through the process and answer all the questions you have.
We are experts for abatements for the trust fund recovery penalty.
Help For Trust Fund Recovery Penalty + Unpaid Employer Payroll Taxes * former irs agents
I have worked thousands and thousands of cases.
As former IRS agents I have set up hundreds and hundreds of trust fund cases on corporations that went defunct or companies that required the trust fund penalty. We know the system inside and out and understand all the methodologies and all the defenses to get you successful results.
Those trust fund penalties are set up to those responsible individuals that the IRS deems had the responsibility to pay the back taxes. Discussion below regarding those deemed responsible.
There are a whole series of standards in common-law fact that the IRS checks before they set the trust fund penalty up against those responsible.
There are generally two types of taxpayers and fall in this category. Those that signed and agreed to the penalty and those who disagreed and need to file an appeal.
Both cases are work differently.
If you owe back taxes result of the trust fund penalty, IRS will require a financial statement to make a determination on how they will collect the back taxes. The tax treatment you will receive from the IRS and/or revenue officer will be as though you owe individual taxes.
Your current financial statement will reflect to IRS your collectibility.
As a result of IRS reviewing your current financial statement, you are generally going to have your case closed by Internal Revenue Service in one of three ways.
They will either place your case into:
1. a currently not collectible or hardship status,
2 IRS will ask for a monthly payment plan,
3. You may be able to settle your debt pennies on the dollar though the offer in compromise programs.
For those of you who do not agree with the trust fund penalty, you can file an 843 claim form to have your case reopened or to file an offer in compromise, doubt as to liability case.
If you do not know what to do need a free tax consultation call us today.
What is the Trust Fund Tax or the 6672 penalty.
A trust fund tax is money withheld from an employee’s wages (income tax, Social Security, and Medicare taxes) by an employer and held in trust until paid to the Treasury.
When you pay your employees, you do not pay them all the money they earned. As their employer, you have the added responsibility of withholding taxes from their paychecks.
The income tax and employees’ share of FICA (Social Security and Medicare) that you withhold from your employees’ paychecks are part of their wages you pay to the Treasury instead of to your employees.
Your employees trust that you pay the withholding to the Treasury by making Federal Tax Deposits (FTD) (PDF). That is why they are called trust fund taxes.
Through this withholding, your employees pay their contributions toward retirement benefits (Social Security and Medicare) and the income taxes reported on their tax returns.
Your employees’ trust fund taxes, along with your matching share of FICA, are paid to the Treasury through the Federal Tax Deposit System.
For additional information, refer to Employment Taxes and the Trust Fund Recovery Penalty (TFRP).
Employment tax deposits are a current expense. Congress has established large penalties for delays in turning over your employment taxes to the Treasury.
So whether you owe trust fund taxes, back payroll taxes or need to file an appeal call us today and we can walk you through the process for free initial tax consultation. When you do you will speak to true IRS tax experts.
Expert trust fund recovery penalty abatement’s * former irs agents tax help
by Fresh Start Tax | Mar 20, 2019 | Tax Help
Federal law requires a person to report cash transactions of more than $10,000 by filing IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.
The information on the form helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities.
Who is covered
By law, a “person” is an individual, company, corporation, partnership, association, trust or estate.
For example, dealers in jewelry, furniture, boats, aircraft or automobiles; pawnbrokers; attorneys; real estate brokers; insurance companies and travel agencies are among those who typically need to file Form 8300.
Tax-exempt organizations are also “persons” and may need to report certain transactions. A tax-exempt organization doesn’t have to file Form 8300 for a charitable cash contribution.
Note, however, that under a separate requirement, a donor often must obtain a written acknowledgement of the contribution from the organization. See Publication 526, Charitable Contributions, for details. But the organization must report noncharitable cash payments on Form 8300. For example, an exempt organization that receives more than $10,000 in cash for renting part of its building must report the transaction.
What’s cash
For Form 8300 reporting, cash includes coins and currency of the United States or any foreign country.
It’s also a cashier’s check (sometimes called a treasurer’s check or bank check), bank draft, traveler’s check or money order with a face amount of $10,000 or less that a person receives for:
• A designated reporting transaction or
• Any transaction in which the person knows the payer is trying to avoid a report.
Note that under a separate reporting requirement, banks and other financial institutions report cash purchases of cashier’s checks, treasurer’s checks and/or bank checks, bank drafts, traveler’s checks and money orders with a face value of more than $10,000 by filing currency transaction reports.
A designated reporting transaction is the retail sale of tangible personal property that’s generally suited for personal use, expected to last at least one year and has a sales price of more than $10,000. Examples are sales of automobiles, jewelry, mobile homes and furniture.
A designated reporting transaction is also the sale of a collectible, such as a work of art, rug, antique, metal, stamp or coin. It is also the sale of travel and entertainment, if the total price of all items for the same trip or entertainment event is more than $10,000.
A person must file Form 8300 if they receive cash of more than $10,000 from the same payer or agent:
• In one lump sum.
• In two or more related payments within 24 hours. For example, a 24-hour period is 11 a.m. Tuesday to 11 a.m. Wednesday.
• As part of a single transaction or two or more related transactions within 12 months.
Examples of reporting situations
Automobile dealerships
• If a husband and wife purchased two cars at one time from the same dealer, and the dealer received a total of $10,200 in cash, the dealer can view the transaction as a single transaction or two related transactions. Either way, it calls for only one Form 8300.
• A dealership doesn’t file Form 8300 if a customer pays with a $7,000 wire transfer and a $4,000 cashier check. A wire transfer is not cash.
• A customer purchases a car for $9,000 cash. Within 12 months, the customer pays the dealership cash of $1,500 for accessories for that car. The dealer doesn’t need to file Form 8300, unless they knew or had reason to know the transactions were connected.
Taxi company
Weekly lease payments in cash from a taxi driver to a taxi company within 12 months is considered the same transaction. The taxi company needs to file Form 8300 when the total amount exceeds $10,000. Then, if the company receives more than $10,000 cash in additional payments from the driver within 12 months, the company must file another Form 8300.
Landlords
Landlords need to file Form 8300 once they’ve received more than $10,000 in cash for a lease during the year. But a person not in the trade or business of managing or leasing real property, such as someone who leases their vacation home for part of the year, doesn’t need to report a cash receipt of more than $10,000.
Bail-bonding agent
A bail-bonding agent must file Form 8300 when they receive more than $10,000 in cash from a person. This applies to payments from persons who have been arrested or anticipate arrest. The agent needs to file the form even though they haven’t provided a service when they received the cash.
Colleges and universities
Colleges and universities must file Form 8300, if they receive more than $10,000 in cash in one or more transactions within 12 months.
Home builders
Home builders and contractors need to file Form 8300 if they receive cash of more than $10,000 for building, renovating or remodeling.
When to file Form 8300
A business must file Form 8300 within 15 days after the date the business received the cash. If a business receives later payments toward a single transaction or two or more related transactions, the business should file Form 8300 when the total amount paid exceeds $10,000.
Each time payments aggregate more than $10,000, the business must file another Form 8300.
How to file
A person can file Form 8300 electronically using the Financial Crimes Enforcement Network’s BSA E-Filing System. E-filing is free, quick and secure. Filers will receive an electronic acknowledgement of each submission.
Those who prefer to mail Form 8300 can send it to Internal Revenue Service, Federal Building, P.O. Box 32621, Detroit, MI 48232. Filers can confirm the IRS received the form by sending it via certified mail with return receipt requested or calling the Detroit Federal Building at 866-270-0733.
Taxpayer identification number
Form 8300 requires the taxpayer identification number (TIN) of the person paying with cash. If they refuse to provide it, the business should inform the person that the IRS may assess a penalty.
If the business is unable to obtain the customer’s TIN, the business should file Form 8300 anyway. The business needs to include a statement with Form 8300 that explains why the form doesn’t have a TIN. The business should keep records showing it requested the customer’s TIN and give the records to the IRS upon request.
Informing customers about Form 8300 filing
The business must give a customer written notice by Jan. 31 of the year following the transaction that it filed Form 8300 to report the customer’s cash transaction.
• The government doesn’t offer a specific format for the customer statement, but it must:
• Be a single statement aggregating the value of the prior year’s transactions,
• Have the name, address and phone number of the person who needs to file the Form 8300 and
• Inform the customer the business is reporting the payment to the IRS.
A business can give a customer who only had one transaction during the year a copy of the invoice or Form 8300 as notification if it has the required information. The government doesn’t recommend using a copy of Form 8300 because of sensitive information on the form, such as the employer identification number or Social Security number of the person filing the Form 8300.
A business may voluntarily file Form 8300 to report a suspicious transaction below $10,000. In this situation, the business doesn’t let the customer know about the report. The law prohibits a business from informing a customer that it marked the suspicious transaction box on the form.
by Fresh Start Tax | Mar 11, 2019 | Tax Help
We are former IRS agents and trust fund/payroll tax experts, since 1982. Since 1982 A+ rated by the BBB.
Whether you owe back payroll or trust fund taxes or you need to settle the tax debt, call us today for a free initial tax consultation and I can walk you through the process and answer all the questions you have.
IRS Trust Fund Recovery Help, Tax Defense, Appeals, Settlements Former IRS Agents
As former IRS agents I have set up hundreds and hundreds of trust fund cases on corporations that went defunct or companies that required the trust fund penalty. We know the system inside and out and understand all the methodologies and all the defenses to get you successful results.
Those trust fund penalties are set up to those responsible individuals that the IRS deems had the responsibility to pay the back taxes. Discussion below regarding those deemed responsible.
There are a whole series of standards in common-law fact that the IRS checks before they set the trust fund penalty up against those responsible.
There are generally two types of taxpayers and fall in this category. Those that signed and agreed to the penalty and those who disagreed and need to file an appeal.
Both cases are work differently.
If you owe back taxes result of the trust fund penalty, IRS will require a financial statement to make a determination on how they will collect the back taxes. The tax treatment you will receive from the IRS and/or revenue officer will be as though you owe individual taxes.
Your current financial statement will reflect to IRS your collectibility.
As a result of IRS reviewing your current financial statement, you are generally going to have your case closed by Internal Revenue Service in one of three ways.
They will either place your case into:
1. a currently not collectible or hardship status,
2. IRS will ask for a monthly payment plan,
3. You may be able to settle your debt pennies on the dollar though the offer in compromise programs.
For those of you who do not agree with the trust fund penalty, you can file an 843 claim form to have your case reopened or to file an offer in compromise, doubt as to liability case.
If you do not know what to do need a free tax consultation call us today.
What is the Trust Fund Tax or the 6672 penalty.
A trust fund tax is money withheld from an employee’s wages (income tax, Social Security, and Medicare taxes) by an employer and held in trust until paid to the Treasury.
When you pay your employees, you do not pay them all the money they earned. As their employer, you have the added responsibility of withholding taxes from their paychecks.
The income tax and employees’ share of FICA (Social Security and Medicare) that you withhold from your employees’ paychecks are part of their wages you pay to the Treasury instead of to your employees.
Your employees trust that you pay the withholding to the Treasury by making Federal Tax Deposits (FTD) (PDF). That is why they are called trust fund taxes.
Through this withholding, your employees pay their contributions toward retirement benefits (Social Security and Medicare) and the income taxes reported on their tax returns.
Your employees’ trust fund taxes, along with your matching share of FICA, are paid to the Treasury through the Federal Tax Deposit System.
For additional information, refer to Employment Taxes and the Trust Fund Recovery Penalty (TFRP).
Employment tax deposits are a current expense. Congress has established large penalties for delays in turning over your employment taxes to the Treasury.
So whether you owe trust fund taxes, back payroll taxes or need to file an appeal call us today and we can walk you through the process for free initial tax consultation. When you do you will speak to true IRS tax experts.
We are the true tax experts.
Help For Trust Fund Recovery Penalty Appeals Process * former irs agent tax help
by Fresh Start Tax | Mar 6, 2019 | Tax Help
We are former IRS agents and trust fund/payroll tax experts, since 1982. Since 1982 A+ rated by the BBB.
Whether you owe back payroll or trust fund taxes or you need to settle the tax debt, call us today for a free initial tax consultation and I can walk you through the process and answer all the questions you have.
Help For Trust Fund Recovery Penalty + Unpaid Employer Payroll Taxes * former irs agents
I have worked thousands and thousands of cases.
As former IRS agents I have set up hundreds and hundreds of trust fund cases on corporations that went defunct or companies that required the trust fund penalty. We know the system inside and out and understand all the methodologies and all the defenses to get you successful results.
Those trust fund penalties are set up to those responsible individuals that the IRS deems had the responsibility to pay the back taxes. Discussion below regarding those deemed responsible.
There are a whole series of standards in common-law fact that the IRS checks before they set the trust fund penalty up against those responsible.
There are generally two types of taxpayers and fall in this category. Those that signed and agreed to the penalty and those who disagreed and need to file an appeal.
Both cases are work differently.
If you owe back taxes result of the trust fund penalty, IRS will require a financial statement to make a determination on how they will collect the back taxes. The tax treatment you will receive from the IRS and/or revenue officer will be as though you owe individual taxes.
Your current financial statement will reflect to IRS your collectibility.
As a result of IRS reviewing your current financial statement, you are generally going to have your case closed by Internal Revenue Service in one of three ways.
They will either place your case into:
1. a currently not collectible or hardship status,
2. IRS will ask for a monthly payment plan,
3. You may be able to settle your debt pennies on the dollar though the offer in compromise programs.
For those of you who do not agree with the trust fund penalty, you can file an 843 claim form to have your case reopened or to file an offer in compromise, doubt as to liability case.
If you do not know what to do need a free tax consultation call us today.
What is the Trust Fund Tax or the 6672 penalty.
A trust fund tax is money withheld from an employee’s wages (income tax, Social Security, and Medicare taxes) by an employer and held in trust until paid to the Treasury.
When you pay your employees, you do not pay them all the money they earned. As their employer, you have the added responsibility of withholding taxes from their paychecks.
The income tax and employees’ share of FICA (Social Security and Medicare) that you withhold from your employees’ paychecks are part of their wages you pay to the Treasury instead of to your employees.
Your employees trust that you pay the withholding to the Treasury by making Federal Tax Deposits (FTD) (PDF). That is why they are called trust fund taxes.
Through this withholding, your employees pay their contributions toward retirement benefits (Social Security and Medicare) and the income taxes reported on their tax returns.
Your employees’ trust fund taxes, along with your matching share of FICA, are paid to the Treasury through the Federal Tax Deposit System.
For additional information, refer to Employment Taxes and the Trust Fund Recovery Penalty (TFRP).
Employment tax deposits are a current expense. Congress has established large penalties for delays in turning over your employment taxes to the Treasury.
So whether you owe trust fund taxes, back payroll taxes or need to file an appeal call us today and we can walk you through the process for free initial tax consultation. When you do you will speak to true IRS tax experts.
We are the true tax experts.
Help For Trust Fund Recovery Penalty Appeals Process * former irs agent tax help
by Fresh Start Tax | Mar 5, 2019 | Tax Help
Many people feel that the Internal Revenue Service can never seize their Social Security benefits because they’re old and protected.
We are a local tax firm that specializes in immediate and permanent tax relief for an IRS tax levy or garnishment on Social Security benefits.
We have over 206 years of professional experience and have over 100 years of working directly for the Internal Revenue Service and the local, district, and regional tax offices of the local South Florida IRS offices.
The fact is, almost any asset you have can be levied or garnished under the Internal Revenue Service code including the Social Security benefit for him including disability.
Social Security Benefits Eligible for the Federal Payment Levy Program
• Government Entities
Beginning in February 2002, Social Security benefits paid under Title II – Federal Old-Age, Survivors and Disability Insurance Benefits will be subject to the 15-percent levy through the Federal Payment Levy Program (FPLP); to pay your delinquent tax debt.
As of October 5, 2015, IRS will no longer systemically levy the SSA Disability Insurance Benefits through the FPLP.
The Old Age and Survivors Benefits will continue to be levied at 15% through the FPLP to pay your delinquent tax debt.
The lump sum death benefits and benefits paid to children are not included in the FPLP. Additionally, Supplemental Security Income (SSI) payments, under Title XVI, and payments with partial withholding to repay a debt owed to Social Security are not levied through the FPLP.
Beginning February 2011, the FPLP excludes certain delinquent taxpayers who receive social security payments if their income falls at or below certain established levels, based on the Department of Health and Human Services poverty guidelines.
Before your Social Security benefits are included in the FPLP, we will send you a final notice of our intent to levy, with appeal rights, if one has not already been issued.
If we don’t hear from you, or if you have already received this notice, we will send you an additional notice CP 91 or CP 298, Final Notice Before Levy on Social Security Benefits, explaining that your Social Security benefits may be levied.
See Tax Information for Appeals for additional information about your appeal rights.
You have 30 days from the date of this notice to make arrangements to pay your tax debt before we begin deducting 15 percent from your monthly benefit. See Publication 594, The IRS Collection Process, and Publication 1, Your Rights as a Taxpayer, for additional information.
Because the FPLP is used to satisfy tax debts, the IRS may levy your Social Security benefits regardless of the amount.
This is different from the 1996 Debt Collection Improvement Act which states that the first $750 of monthly Social Security benefits is off-limits to satisfy non-tax debts.
Fifteen percent of the Social Security benefit will be levied through the FPLP regardless of whether or not the remaining benefit sent to you is less than $750.
Is Levy/Garnish Social Security + Get Relief NOW * former irs agents + Ft.Lauderdale , Miami, Hallandale, Aventura, Pompano, Palm Beaches
by Fresh Start Tax | Mar 5, 2019 | Tax Help
Many people feel that the Internal Revenue Service can never seize their Social Security benefits because they’re old and protected.
The fact is, almost any asset you have can be levied or garnished under the Internal Revenue Service code including the Social Security benefit for him including disability.
If you have need a former IRS agent who can get your levy or garnishment released call us today for a free initial tax consultation.
Social Security Benefits Eligible for the Federal Payment Levy Program
• Government Entities
Beginning in February 2002, Social Security benefits paid under Title II – Federal Old-Age, Survivors and Disability Insurance Benefits will be subject to the 15-percent levy through the Federal Payment Levy Program (FPLP); to pay your delinquent tax debt.
As of October 5, 2015, IRS will no longer systemically levy the SSA Disability Insurance Benefits through the FPLP.
The Old Age and Survivors Benefits will continue to be levied at 15% through the FPLP to pay your delinquent tax debt.
The lump sum death benefits and benefits paid to children are not included in the FPLP. Additionally, Supplemental Security Income (SSI) payments, under Title XVI, and payments with partial withholding to repay a debt owed to Social Security are not levied through the FPLP.
Beginning February 2011, the FPLP excludes certain delinquent taxpayers who receive social security payments if their income falls at or below certain established levels, based on the Department of Health and Human Services poverty guidelines.
Before your Social Security benefits are included in the FPLP, we will send you a final notice of our intent to levy, with appeal rights, if one has not already been issued.
If we don’t hear from you, or if you have already received this notice, we will send you an additional notice CP 91 or CP 298, Final Notice Before Levy on Social Security Benefits, explaining that your Social Security benefits may be levied.
See Tax Information for Appeals for additional information about your appeal rights.
You have 30 days from the date of this notice to make arrangements to pay your tax debt before we begin deducting 15 percent from your monthly benefit. See Publication 594, The IRS Collection Process, and Publication 1, Your Rights as a Taxpayer, for additional information.
Because the FPLP is used to satisfy tax debts, the IRS may levy your Social Security benefits regardless of the amount.
This is different from the 1996 Debt Collection Improvement Act which states that the first $750 of monthly Social Security benefits is off-limits to satisfy non-tax debts.
Fifteen percent of the Social Security benefit will be levied through the FPLP regardless of whether or not the remaining benefit sent to you is less than $750.
