by Jim Magary | Mar 14, 2016 | Tax Help
We can get immediate release of IRS bank levy garnishments. Call us for immediate assistance, since 1982, former IRS agents who know the system. Affordable.
We are composed of former IRS agents, managers and teaching instructors who have over 65 years of direct IRS work experience.
We are the affordable professional tax firm that can get an IRS bank levy garnishment released and settle your case all at the same time.
As a general rule, the Internal Revenue Service sends out five notices to taxpayers before they seize.
They are set up on five-week billing cycles. Many times taxpayers have never received the IRS final notice.
When you call our firm and retainer our firm you’ll never have to speak to the Internal Revenue Service.
As a general rule, within 24 hours of receiving your current documented financial statement we can provide for you bank levy garnishment assistance and provide a tax levy relief for you. We will also settle your case at the same time.
Settlements include having your case put into:
1.currently not collectible,
2. making a monthly payment or
3.settling your tax debt for pennies on a dollar.
Your current financial statement will determine the course of action we take. the only way IRS can determine the final course of action is determining your assets and your income.
We will go over with you in detail the IRS formula to get your tax levy released and your case settled.
Information about Bank Levy Garnishments
The IRS generally uses Form 668–A(C)DO to levy other property that a third-party is holding. For example, this form is used to levy bank accounts and business receivables.
When the levy is on a bank, credit union or similar account, the Internal Revenue Code provides for a 21-day waiting period before the bank must comply with the levy. or a wage garnishment levy is an immediate tax seizure, the bank levy has a 21 day hold.
IRS gets their levy information from your tax return or third parties reporting to IRS on W-2s or 1099 information.
Generally, IRS bank levies are delivered via U.S. mail.
The date and time of delivery of the levy is the time when the levy is considered to have been made.
This means funds in the account are frozen as of the date and time the levy is received.
Normally, the levy does not affect funds deposited to the account after the date of the levy.
If a release of levy from the IRS is not received within 21 days of receipt of the levy, funds in the account as of the date and time the levy was received must be sent to the IRS.
If you are in need of IRS bank levy garnishment assistance call us today.
We are A+ rated by the better business and have been in private practice since 1982.
IRS Bank Garnishment Levy Assistance + Fast, Affordable + Release of Garnishment & Settlements
by Jim Magary | Mar 14, 2016 | Tax Help
We can get immediate release of IRS wage garnishments. Call us for immediate assistance, since 1982, former IRS agents who know the system.
We are a full service tax firm that specializes in the immediate releases of IRS wage garnishments.
We are composed of former IRS agents, managers and teaching instructors who have over 65 years of direct IRS work experience.
We are the affordable professional tax firm that can get an IRS wage garnishment released and settle your case all at the same time.
As a general rule, the IRS sends a wage garnishment out because a taxpayer has not responded to the final notice is for seizure.
As a general rule, the Internal Revenue Service sends out five notices to taxpayers before they seize.
They are set up on five-week billing cycles. Many times taxpayers have never received the IRS final notice.
When you call our firm and retainer our firm you’ll never have to speak to the Internal Revenue Service.
As a general rule, within 24 hours of receiving your current documented financial statement we can provide for you wage garnishment assistance and provide a tax levy relief for you. We will also settle your case at the same time.
Settlements include having your case put into currently not collectible, making a monthly payment or settling your tax debt for pennies on a dollar.
Your current financial statement will determine the course of action we take.
Information about Wage Garnishments
The IRS generally uses Form 668–W(ICS) or 668-W(C)DO to levy an individual’s wages, salary (including fees, bonuses, commissions, and similar items) or other income.
Form 668-W(ICS) and/or 668-W(C)(DO) also provides notice of levy on a taxpayer’s benefit or retirement income.
The IRS generally uses Form 668–A(C)DO to levy other property that a third-party is holding. For example, this form is used to levy bank accounts and business receivables.
Employers generally have at least one full pay period after receiving a Form 668-W(ICS) or 668-W(C)DO, Notice of Levy on Wages, Salary and Other Income (or other levy form) before they are required to send any funds from their employee’s wages to the IRS. Call us to get more details.
Employers should encourage your employees that have a levy placed on their wages to contact the IRS as soon as possible to discuss a release of levy and resolution of their tax liability.
IRS Wage garnishments levies are continuous
The Internal Revenue Code allows for continuous levies with respect to wages, salaries and certain other types of property.
This means that a levy on wages and salaries continuously attached until it is released. The quicker you call IRS with the current financial statement the sooner you will get your IRS wage garnishment levy released.
Examples of property continuously attached include:
1. Salary and wages, and
2. Deferred compensation payments, such as retirement or pension income
Amount owed to IRS
Levy forms include a “Total Amount Due.” This amount is calculated through the date shown below the total amount due. Interest and any applicable penalties will continue to accrue after the date shown.
To get an updated payoff figure, the person who owes the tax liability will need to contact the IRS. This information cannot be released to the employer.
A continuous wage levy may last for some time.
When all the tax shown on the levy is paid in full, the IRS will issue a Form 668-D, Release of Levy/Release of Property from Levy.
The IRS may also release a levy if the taxpayer makes other arrangements to pay their tax debt.
IRS Wage levy garnishments exempt amount
In the case of a levy on wages, the employer will pay the employee any amounts exempt from levy. The IRS calculates the exempt amount based on the standard deduction and the number of personal exemptions the employee is allowed.
IRS Publication 1494 (PDF), which is mailed with the Form 668-W(ICS) or 668-W(C)DO, explains to the employer how to compute the amount exempt from levy.
A levy includes a Statement of Exemptions and Filing Status.
The employer gives this statement to the employee to complete and return within three days.
If the employer does not receive the statement in three days, the exempt amount is figured as if the person is married filing separately with one exemption.
The IRS will notify the employer when the taxpayer is not entitled to levy exemptions.
If a wage levy continues from one calendar year to the next, the employee may submit a new Statement of Exemptions and Filing Status and ask their employer to re-compute the exempt amount.
IRS Bank and other levies
When the levy is on a bank, credit union or similar account, the Internal Revenue Code provides for a 21-day waiting period before the bank must comply with the levy. T
he waiting period allows the taxpayer time to contact the IRS and arrange to pay the tax or notify the IRS of errors in the levy.
Generally, IRS levies are delivered via U.S. mail.
The date and time of delivery of the levy is the time when the levy is considered to have been made.
This means funds in the account are frozen as of the date and time the levy is received. Normally, the levy does not affect funds deposited to the account after the date of the levy.
If a release of levy from the IRS is not received within 21 days of receipt of the levy, funds in the account as of the date and time the levy was received must be sent to the IRS.
If you are in need of IRS wage garnishment assistance call us today for a free initial tax consultation.
We are A+ rated by the better business and have been in private practice since 1982.
IRS Wage Garnishment Levy Assistance + Fast, Affordable + Release of Garnishment & Settlements
by Jim Magary | Mar 14, 2016 | Tax Help
We are an affordable full-service firm that specializes in immediate IRS tax relief, since 1982.
Since 1982 we have been providing tax relief for taxpayers and businesses that have received IRS notices to seize property.
We are composed of CPAs and former IRS agents, managers and teaching instructors who have worked out of the local, district, and regional tax offices of the Internal Revenue Service.
Besides being IRS agents we also taught new IRS agents their jobs.
We know the system inside and out and can stop Internal Revenue Service from the seizure of any property. We know the system and can force IRS to immediately cease and desist.
IRS Tax Notices
The Internal Revenue Service sends out a series of five notices to any taxpayers who owe back taxes. On the fourth and fifth notice, the IRS will let you know they intend to seize property. The final notice, the L 1058 letter gives you appeal rights to stop IRS dead in their tracks.
No matter where you are in the process we can help resolve this case because of our knowledge of the system.
Call us today for a free initial tax consultation and we will discuss with you different strategies to deal with the IRS notice to seize property letter. You will hear the truth about how we can resolve your case.
As a general rule when taxpayers owe back taxes the IRS will take your current financial statement and make a determination based on a taxpayer’s ability to pay.
As a general rule the IRS puts cases at the hardship, payment agreements or you can settle your tax debt through the offer in compromise if you’re a qualified candidate.
Call us today and will walk you through the processes. We call our office will speak to a true IRS tax expert.
When you retain our firm you will never have to speak to Internal Revenue Service.
Since 1982 we have been providing tax relief for taxpayers who received an IRS notice to seize property or have received tax levies are wage garnishments or federal tax liens.
We are a full service tax firm.
IRS Notice to Seize Property Letter + Immediate Tax Relief + Former IRS
by Jim Magary | Mar 14, 2016 | Tax Help
IRA Contribution for the 2015 Tax Year
Did you contribute to an Individual Retirement Arrangement last year?
Are you thinking about contributing to your IRA now? If so, you may have questions about IRAs and your taxes.
Here are some IRS tax tips about saving for retirement using an IRA:
Age Rules.
You must be under age 70½ at the end of the tax year in order to contribute to a traditional IRA.
There is no age limit to contribute to a Roth IRA.
Compensation Rules.
You must have taxable compensation to contribute to an IRA. This includes income from wages and salaries and net self-employment income.
It also includes tips, commissions, bonuses and alimony. I
f you are married and file a joint tax return, only one spouse needs to have compensation in most cases.
When to Contribute.
You can contribute to an IRA at any time during the year. To count for 2015, you must contribute by the due date of your tax return.
This does not include extensions. This means most people must contribute by April 18, 2016.
If you contribute between Jan. 1 and April 18, make sure your plan sponsor applies it to the year you choose (2015 or 2016).
Contribution Limits.
In general, the most you can contribute to your IRA for 2015 is the smaller of either your taxable compensation for the year or $5,500.
If you were age 50 or older at the end of 2015, the maximum you can contribute increases to $6,500. If you contribute more than these limits, an additional tax will apply.
The additional tax is six percent of the excess amount contributed that is in your account at the end of the year.
Taxability Rules.
You normally don’t pay income tax on funds in your traditional IRA until you start taking distributions from it.
Qualified distributions from a Roth IRA are tax-free.
Deductibility Rules.
You may be able to deduct some or all of your contributions to your traditional IRA.
Tax Saver’s Credit.
If you contribute to an IRA you may also qualify for the Saver’s Credit. It can reduce your taxes up to $2,000 if you file a joint return.
Use Form 8880, Credit for Qualified Retirement Savings Contributions, to claim the credit.
You can file Form 1040A or 1040 to claim the Saver’s Credit.
New myRA.
If your employer does not offer a retirement plan, you may want to consider myRA.
It is a new retirement savings plan offered by the U.S. Department of the Treasury.
It’s safe and affordable.
You can also direct deposit your entire refund or a portion of it into an existing myRA – Retirement Account.
by Jim Magary | Mar 10, 2016 | Tax Help
We are AFFORDABLE Former IRS agents and managers who know the system. We can file and settle your tax debt at the same time. Since 1982.
Being former IRS agents and managers we know the unique problem that being a truck operator has a filing your taxes and paying your back tax debt.
We have worked hundreds and hundreds of cases truck drivers and operators.
We have over 206 years of professional tax experience and over 65 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
We know the system inside and out and probably been no more than most companies would ever dream about.
Not only were we former IRS agents and managers, we were teaching instructors, supervisors, and train new IRS agents their jobs.
Call us today for a free initial tax consultation and we will walk you see the process of immediate and permanent IRS tax relief.
We are an affordable tax firm that can give you options.
So do not be worried about the result let us take care of that.
if you have not filed back tax returns and have little or no records we could prepare your return under reconstructive methods and make sure you pay the lowest amount of tax allowed by law.
We can file your back tax return and settle all at the same time.
Call us today to hear the truth about your case.
Since 1982 we have been serving the truck driver truck operator business.
10-4
OWE IRS Taxes + Debt Relief + Truck Drivers Operators + File & Settle Back Taxes At Same Time + Former IRS
by Jim Magary | Mar 10, 2016 | Tax Help
We’re affordable professional tax firm that specializes in those who owe back tax debt because of IRS divorce problems.
We have over 206 years of professional tax experience and over 65 years of working directly for the Internal Revenue Service and the local, district, and regional IRS offices.
As former IRS agents and managers we understand the unique problem that back tax causes because of being divorced. Some spouses may be able to file for innocent spouse tax relief.
They are emotional problem as well as psychological and financial.
As a general rule, one spouse completely ignores the problem while the other is trying to get rid of the issue and wants to move ahead in their life.
There are various solutions depending on your particular situation. after working at IRS for 65 years we have affordable solutions for any person that has back IRS tax debt or needs to file back tax returns. Do not let your ex spouse slow you down from settling with IRS.
Once we have an understanding of your unique and individual case we can go over various solutions to remedy your IRS tax problem that your divorce is caused.
We are a full service tax firm with all work being done in-house.
Since 1982 we have been practicing tax resolution for those who owe back taxes because of any and all problems.
Owe Back Taxes Because Of Divorce Problems + Former IRS
