by Fresh Start Tax | Apr 16, 2018 | Tax Help
As a former IRS agent and teaching instructors there is nothing more nerve-racking for taxpayers to walk into an IRS tax Audit and have no idea what to do.
Below is a list of things that you can do to help organize your records to make the Audit go quickly.
How to organize the requested records
Organizing the records you bring or send us will speed the process and prevent errors or misunderstandings.
Organize them by year and type of income or expense, and include a summary of transaction .
Examples of records we might request
Every Audit focuses on certain aspects of a return, but the kinds of records we request will most likely be on the following list.
No record can stand on its own. if your Audit is a correspondence Audit through the mail here is how to handle the documentation correspondence.
You must include the circumstances surrounding any document you send. Remember, only send us copies.
• Receipts – Present e by date with notes on what they were for and how the receipt relates to your business. In addition to providing the dollars paid or received for a service or product, certain kinds of receipts can prove mileage.
• Bills – Include the name of the person or organization receiving payment, the type of service and the dates you paid them.
• Cancelled checks – Group e with copies of the bills they paid and any applicable employer reimbursement.
• Legal papers – Include a description of what the case was about, when it happened and how it relates to your business, credit or deduction.
Examples include:
◦ Divorce settlement s including cus tody agreements
◦ Property acquisition
◦ Tax preparation or advice
• Loan agreements – Include a copy of the original loan with the following:
◦ Names of the borrowers
◦ Location of the property
◦ financial institution making the loan
◦ Amount borrowed
◦ Terms (the number of months to pay)
◦ Settlement sheet
◦ If the loan was from an institution, include an end of tax year statement indicating interest paid
◦ If the loan was not from an institution, provide a statement from the payee indicating the interest paid that year as well as the payee’s address and Social Security number
◦ Provide a break-down of how you used the money
• Logs or diaries – These might show the dates and locations of your travel as well as the business purpose and mileage. These might also show gambling winnings and losses as well as dates and locations. These might also show job-hunting activity and expenses.
• Tickets – Label travel tickets with the business purpose for the trip and group them with other receipts from the same trip. Lottery tickets help provide proof of profit or loss.
• Medical and Dental records
◦ Medical savings account statements
◦ A copy of a handbook or other statements showing benefit and reimbursement policies
◦ Physician statements
◦ Capital improvement records for medical purposes including appraisals of the property before and after the improvements
◦ Contract for attendant care
• Theft or loss documents
◦ Insurance reports detailing the nature of the loss or damage
◦ If not insured, copies of fire department or police reports on the loss, theft or accident
◦ Photos or video showing the extent of the damage (if available)
◦ Appraisal from a qualified adjustor showing fair market value of the property before and after as well as an estimate of the damage
◦ Brief explanation of the loss
• Employment documents – These might include uniform policies or dress codes, continued education requirements, W-2 reimbursement statements or policies.
• Schedule K-1 – These are used to report each shareholder’s share of income, losses, deductions and credits when an S corporation files its annual tax return.
Questionnaires
If the IRS conducts an Audit with you by mail, we may also require you to fill out a questionnaire.
Here are some of the more common forms.
• Schedule C – General Questionnaire
• Schedule C – Car and Truck Questionnaire
• Schedule C – Travel, Meals and Entertainment Expense Questionnaire
• Schedule C – Repairs and Maintenance Questionnaire
by Fresh Start Tax | Apr 16, 2018 | Tax Help
What Taxpayers Should do When They Need More Time to Pay
All taxpayers should file their taxes on time, even if they can’t pay what they owe.
This saves them from a potential failure-to-file penalty.this can be the largest of all IRS penalties.
While taxes are due by the original due date of the return, some taxpayers are unable to pay them by the deadline.
Here are some tips for those who can’t pay their taxes in full by the April 17 deadline:
• File on Time and Pay as Much as Possible.
• Get a Loan or Use a Credit Card to Pay the Tax.
The interest and fees charged by a bank or credit card company may be less that IRS interest and penalties.
• Use the Online Payment Agreement tool.
Taxpayers should not wait for the IRS to send a bill before setting up a payment plan.If you need help with the payment plan call us today
The best way to do this is to use the Online Payment Agreement tool.
Taxpayers can also file an installment Agreement request with their return and set up a direct debit agreement, eliminating the need to send a check each month.
• Don’t Ignore a Tax Bill.
The IRS may take collection action against taxpayers who don’t respond to notices.
by Fresh Start Tax | Apr 2, 2018 | Tax Help
If you underrepresented your income you are not alone?
If you need help contact former IRS agents and managers to find out the different type of relief available.
Below you will find the highlights of the 2017 data on under reporters.
The first two things that we will do is to examine whether the data is correct that you received and to find out if you have expenses against that income.
When you call us, we will review your file and determine whether the notices you received from Internal Revenue Service are correct.
Highlights of the Data
• In Fiscal Year (FY) 2017, the IRS received almost 3.6 billion third party information returns; 90.0 percent were filed electronically,
• The IRS closed almost 3.3 million cases under the Automated Underreporter Program, resulting in nearly $6.7 billion in additional assessments,
• For Tax Year 2016 individual income tax returns processed during FY 2017, IRS sent more that 2.0 million notices to taxpayers for about 2.5 million math errors identified on their returns.
Did You Under Report Your Income? Call Former IRS Agents
by Fresh Start Tax | Apr 2, 2018 | Tax Help
Los Angeles + There are DIFferent Tax Resolutions to Resolve Back IRS Problems if you owe Back Taxes, Since 1982, Former IRS Agents who Know the system.
There are multiple solutions that you may be eligible for.
We will review all examinations.
We will walk through all the programs to see what programs you qualify.
In one five-minute phone call to our firm you can find out exactly how to settle your tax debt to the various IRS programs.
FST, since 1982, Former IRS. “A NATIONWIDE TAX FIRM”
We are an Affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.
If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.
We have over 95 years of direct IRS work experience.
FST IRS Experience:
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS Experts in the area of IRS tax settlement services.
How does IRS dispose of Tax Debt Cases????
The 5 basic ways or programs for IRS Tax Debt.
1. By Payment in full,
2. By smoothly Payments,
3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)
4. By statue expiration. (this is how your completely eliminate the tax debt)
5. For those who cannot pay their debt IRS has a non-collectible or hardship program.
Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.
The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.
Your current documented financial statement determines all.
IRS uses a very simple formula to determine their settlement process.
It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.
IRS only allows certain expenses that are considered necessary living expenses.
There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.
A simple review of your current financial statement and we can let you know the different programs you may be eligible for.
You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.
It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.
IRS has a very specific formula that they use to compute the offer in compromise.
You must know the system to have success.
The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information everyone needs to know.
All your tax returns will have to be filed before IRS will work your offer in compromise.
If you need help with your tax preparation call us and we can have a staff of Experts accountants and tax preparers complete all returns with or without records.
Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.
Beware of IRS tax debt settlement services companies, and there are many.
We have been in this industry a long time there are many good companies in as many bad tax settlement service companies.
For you to evaluate an IRS tax settlement service company you must ask to speak directly to the person who will be working your case. Generally the first person you speak to is a salesperson who has limited knowledge of IRS procedures.
So when you call a tax services company, you are speaking to what is called a closer.
That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.
When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement .
All IRS tax settlement service firms and companies are different.
Check out the BBB rating and make sure you have a true tax professional working your case.
I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.
Other ways to Resolve Back IRS Taxes Debt or tax problems:
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
With e programs you will not pay less tax. These programs are designed to keep IRS off your back.
The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.
At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program.
There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.
Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt. At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlement s.
The Offer in Compromise and the New Fresh Start Tax Initiative
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20-40 hours working an accepted offer in compromise.
IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.
You want to make sure you are accurate and truthful on your financial statement.
The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.
This FS new policy does not apply to current year tax returns if there is a valid extension on file.
When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances: e are just some of the instructors,
• Ability to pay,
• Income,
• Expenses; and
• Asset equity. All assets including pensions an IRA’s
IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.
Right now that is appox. 9 months
Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer in compromise to settle your tax debt on back IRS taxes.
You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Select a payment option on an IRS offer a irs tax debt settlement
Your initial payment will vary based on your offer and the payment option you choose:
• Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• Periodic Payment:
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.
If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process to settle your tax debt on an IRS settlement .
While your offer to pay less taxes is being evaluated:
• 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);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Unfiled Tax Returns
Please keep in mind that any time you deal with IRS all federal tax returns must be current and sent to IRS before any negotiations closed. We could prepare all your back taxes with or without records. You have any questions about tax preparation without records call us today. Our former IRS agent and manager Auditors are Experts in tax reconstruction.
Call us today for a free tax consultation, 1-866-700-1040
Expert Tax Relief, Tax Resolution, Back Taxes, Unfiled Returns + Former IRS help + Los Angeles County
by Fresh Start Tax | Apr 2, 2018 | Tax Help
Los Angeles + There are DIFferent Tax Debt Examinations to Resolve Back IRS Problems if you owe Back Taxes, Since 1982, Former IRS Agents who Know the system.
There are multiple solutions that you may be eligible for. We will review all examinations. We will walk through all the programs to see what programs you qualify.
In one five-minute phone call to our firm you can find out exactly how to settle your tax debt to the various IRS programs.
FST, since 1982, Former IRS. “A NATIONWIDE TAX FIRM”
We are an Affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.
If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.
We have over 95 years of direct IRS work experience.
FST IRS Experience:
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS Experts in the area of IRS tax settlement services.
How does IRS dispose of Tax Debt Cases????
The 5 basic ways or programs for IRS Tax Debt.
1. By Payment in full,
2. By smoothly Payments,
3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)
4. By statue expiration. (this is how your completely eliminate the tax debt)
5. For those who cannot pay their debt IRS has a non-collectible or hardship program.
Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.
The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.
Your current documented financial statement determines all.
IRS uses a very simple formula to determine their settlement process.
It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.
IRS only allows certain expenses that are considered necessary living expenses.
There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.
A simple review of your current financial statement and we can let you know the different programs you may be eligible for.
You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.
It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.
IRS has a very specific formula that they use to compute the offer in compromise.
You must know the system to have success.
The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information everyone needs to know.
All your tax returns will have to be filed before IRS will work your offer in compromise.
If you need help with your tax preparation call us and we can have a staff of Experts accountants and tax preparers complete all returns with or without records.
Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.
Beware of IRS tax debt settlement services companies, and there are many.
We have been in this industry a long time there are many good companies in as many bad tax settlement service companies.
For you to evaluate an IRS tax settlement service company you must ask to speak directly to the person who will be working your case. Generally the first person you speak to is a salesperson who has limited knowledge of IRS procedures.
So when you call a tax services company, you are speaking to what is called a closer.
That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.
When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement .
All IRS tax settlement service firms and companies are different.
Check out the BBB rating and make sure you have a true tax professional working your case.
I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.
Other ways to Resolve Back IRS Taxes Debt or tax problems:
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
With e programs you will not pay less tax. These programs are designed to keep IRS off your back.
The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.
At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program.
There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.
Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt. At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlement s.
The Offer in Compromise and the New Fresh Start Tax Initiative
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20-40 hours working an accepted offer in compromise.
IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.
You want to make sure you are accurate and truthful on your financial statement.
The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.
This FS new policy does not apply to current year tax returns if there is a valid extension on file.
When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances: e are just some of the instructors,
• Ability to pay,
• Income,
• Expenses; and
• Asset equity. All assets including pensions an IRA’s
IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.
Right now that is appox. 9 months
Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer in compromise to settle your tax debt on back IRS taxes.
You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Select a payment option on an IRS offer a irs tax debt settlement
Your initial payment will vary based on your offer and the payment option you choose:
• Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• Periodic Payment:
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.
If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process to settle your tax debt on an IRS settlement .
While your offer to pay less taxes is being evaluated:
• 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);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Call us today for a free tax consultation, 1-866-700-1040
Find Out To settle IRS Tax Debt + The Tax help Center + Former IRS + Los Angeles County
by Fresh Start Tax | Mar 29, 2018 | Back Taxes, California Tax, Tax Help
There are different Examinations to resolve Back IRS Problems if you owe back taxes, Since 1982, Former IRS Agents who Know the system.
Tax Relief Specialists – IRS Tax Debt help – All Tax Services + Former IRS + Los Angeles County
There are multiple solutions that you may be eligible for. We will review all examinations. We will walk through all the programs to see what programs you qualify.
FST, since 1982, Former IRS Agents, A NATIONWIDE TAX FIRM
We are an Affordable professional tax firm that can offer you a free initial tax consultation and walk you through the process if you have a back balance due the Internal Revenue Service.
If you have balance due on back taxes and are looking to set up a payment agreement, file firm offer in compromise to settle your back tax debt or you need to file back tax returns call us today for a free initial tax consultation.
We have over 95 years of direct IRS work experience.
FST IRS Experience:
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We are true IRS Experts in the area of IRS tax settlement services.
How does IRS dispose of Tax Debt Cases????
The 5 basic ways or programs for IRS Tax Debt.
1. By Payment in full,
2. By smoothly Payments or installments,
3. By the Acceptance of an offer in compromise, (this is how your completely eliminate the tax debt)
4. By statue expiration. (this is how your completely eliminate the tax debt)
5. For those who cannot pay their debt IRS has a non-collectible or hardship program.
Upon your initial free tax consultation we will walk through the various programs and let you know the easiest way to resolve your back tax debt.
The most important aspect of working tax debt cases is completely dependent on the individual or business financial statements.It is the most important factor.
Your current documented financial statement determines all.
IRS uses a very simple formula to determine their settlement process.
It is all about your assets and your income and your current necessary living expenses. There is a very specific formula.
IRS only allows certain expenses that are considered necessary living expenses.
There are charts available on what IRS allows. Anything not on those charts are disallowed and this is what trips out most taxpayers.
A simple review of your current financial statement and we can let you know the different programs you may be eligible for.
You will need to complete form 433F or form 433A for us to make a current determination. IRS will only use their financial statements.
It is critically important to know that you cannot pay less taxes unless you qualify for the offer in compromise program.
IRS has a very specific formula that they use to compute the offer in compromise.
You must know the sy stem to have success.
The only way you can pay less tax is through the offer in compromise program. There is also an IRS pre-qualifier form.
I have over 40 years in this industry and it is critical if you want to settle your tax debt for the lowest possible amount you should go to true tax professionals.
Important information everyone needs to know.
All your tax returns will have to be filed before IRS will close any case, it is a must, we can complete all work in house.
If you need help with your tax preparation call us and we can have a staff of Experts accountants and tax preparers complete all returns with or without records.
Also beware that many times the Internal Revenue Service want to make sure you are current in your withholding tax or your estimate tax payments are they will not close your work your case until you become fully compliant.
Beware of IRS tax settlement services companies, and there are many.
We have been in this industry a long time there are many good companies in as many bad tax settlement service companies. For you to evaluate an IRS tax settlement service company you must ask to speak directly to the person who will be working your case. Generally the first person you speak to is a salesperson who has limited knowledge of IRS procedures.
So when you call a tax services company, you are speaking to what is called a closer.
That person is a salesman and will actually bill you and charge you for the services then your case gets passed down the line.
When you call fresh start tax, you will speak directly to the person who works your case and that person can give you a true evaluation on how and if IRS will accept an IRS tax settlement .
All IRS tax settlement service firms and companies are different.
Check out the BBB rating and make sure you have a true tax professional working your case.
I suggest you always hire someone who’s worked at the IRS because they are aware of the methodologies required to get your offer in compromise through the system.
Other ways to Resolve Back IRS Taxes Debt or tax problems:
As a general rule, you may apply for hardships, payment agreements or settle for an offer in compromise to settle your debt for pennies on the dollar.
We will review with you your financial statement and let you know what the lowest possible settlement IRS will accept. 40% of all persons that owe back taxes are issue into a hardship or are currently not collectible status and 6.5 million taxpayers enter into annual payment agreements.
With e programs you will not pay less tax. These programs are designed to keep IRS off your back.
The other way to pay less tax is for the ten-year statute of limitation to run out and your debt will be written off by the Internal Revenue Service.
If you want to file an offer in compromise I thought you’d like to know what the statistics are.
Last year over 78,000 offers in compromise/IRS tax debt settlement were filed by taxpayers and over 38% of those were accepted for average of $6500 per case. Approximately 40,000 taxpayers last year paid less tax.
At the current time there are 7500 cases in the offer queue. The average wait time is nine months. There are not enough IRS employees to work the current inventory.
Keep in mind this is a national average in your case is completely dependent on your individual financial statement.
We will not file for an offer in compromise unless you are a true candidate for the program.
There is a pre qualifier tool to find out if you are a settlement candidate for income or business tax debt.
Upon your initial tax consultation we’ll let you know if you are eligible to have an accepted offer in compromise by the Internal Revenue Service.
Due to the new fresh start tax initiative Internal Revenue Service had made it easier to file for the program. However this program is not for everybody.
Everyone wants to settle with IRS but there is a very specific format and methodology that must be followed.
There are many myths about the pennies on the dollar program so you need to hear the truth before spending any money.
There are many firms that take your money and then let you know after the fact you are not qualified. you need to know before hand whether you have a fighting chance.
Being a former IRS agent employee gives you a huge advantage of having the review your offer in compromise to settle your tax debt.
At our firm we will take no clients money until we are no they are a true candidate for the settlement program.
There are many myths about the offer in compromise so IRS in their great wisdom provides a pre-qualifier tool to find out if taxpayers are eligible for the offer in compromise program so taxpayers do not give their hard-earned money to unsuspecting tax firms promising tax settlement s.
The Offer in Compromise and the New Fresh Start Tax Initiative
If you have any questions or issues about the offer in compromise program to settle or negotiate your debt for pennies on the dollar, call us today and we will review your case to let you know if you are a qualified and suitable candidate.
The IRS spends a lot of due diligence before they accept an offer in compromise.
It is possible for the IRS to spend over 20-40 hours working an accepted offer in compromise.
IRS uses the Accuriant search engine, Google in a variety of other searches to check on assets and histories of taxpayers and businesses.
You want to make sure you are accurate and truthful on your financial statement.
The higher the dollar case the greater the due diligence. Many people ask why is this process not that simple. The answer is this, all accepted offers in compromise are a matter of public record for one year in the regional office where the offer was accepted.
The Internal Revenue Service does all that it can to make sure there is a matter of consistency within the offer in compromise program if not still be a tremendous public outcry.
One base rule for the offer in compromise program. IRS is only concerned about your income and assets. this includes your equity in your home, pension plans are IRA’s.
One nice thing about the IRS accepting your offer in compromise is that once you meet the terms of the settlement they will release your federal tax lien.
Below you will find out what you need to know about the offer in compromise program.
The IRS will return any newly filed Offer in Compromise application where the taxpayer has not filed all required tax returns. The internal revenue service will immediately reject your offer in compromise. Any fees included with the OIC will also be returned.
This FS new policy does not apply to current year tax returns if there is a valid extension on file.
When IRS determines that they will settle with you, IRS will consider your unique set of facts and circumstances:
• Ability to pay,
• Income,
• Expenses; and
• Asset equity. All assets including pension’s an IRA’s
IRS will generally approve an offer in compromise when the amount offered represents the most they can expect to collect within a reasonable period of time.
Right now that is appox. 9 months
Make sure you are eligible for the offer in compromise to settle your back IRS tax debt.
Before IRS can consider your offer, you must be current with all filing and payment requirements.
You are not eligible if you are in an open bankruptcy proceeding.
Use the Offer in Compromise Pre-Qualifier to confirm your eligibility and prepare a preliminary proposal.
Submit your offer in compromise to settle your tax debt on back IRS taxes.
You’ll find step-by-step instructors and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF). Your completed offer package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Select a payment option on an IRS offer settlement
Your initial payment will vary based on your offer and the payment option you choose:
• Lump Sum Cash:
Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• Periodic Payment:
Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer.
If accepted, continue to pay monthly until it is paid in full.
If you meet the Low Income Certification guidelines, you do not have to send the application fee or the initial payment and you will not need to make monthly installments during the evaluation of your offer.
Understand the process to settle your tax debt on an IRS settlement .
While your offer to pay less taxes is being evaluated:
• 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);
• A Notice of Federal Tax Lien may be filed;
• Other collection activities are suspended;
• The legal assessment and collection period is extended;
• Make all required payments associated with your offer;
• You are not required to make payments on an existing installment agreement; and
• Your offer is automatically accepted if the IRS does not make a determination within two years of the IRS receipt date.
Call us today for a free tax consultation, 1-866-700-1040
Tax Relief Specialists – IRS Tax Debt help – All Tax Services + Former IRS + Los Angeles County
