by Jim Magary | Oct 29, 2015 | Tax Help
As Former IRS agents, we can give you an exit strategy!
As a general rule the Internal Revenue Service sends out tax bill IRS notice CP 171 every year to taxpayers and businesses who owe back monies and are not currently on an installment payment or have been put into a hardship or currently non collectible.
This Cp171 Notice is a notice to let these taxpayers know they owe back taxes and that their case is soon will be active into the IRS enforcement computers.
As a former IRS agent and teaching instructor with the Internal Revenue Service, the taxpayer should plan to go into a professional representative and set up a plan of action exit strategy to deal with the day when IRS follows up.
At some point in time IRS is going to ask you to complete a financial statement and make a determination on how to deal with the tax liability
If you have received this notice the first thing you should do is to call a tax professional review the situation and come up with an exit strategy.
Taxpayers should beware that at any point in time the Internal Revenue Service can send these cases to the automatic collection systems or to local field offices for enforcement action.
Call us today for a free initial tax consultation.
by Fresh Start Tax | Oct 29, 2015 | Tax Help
As Former IRS agents, we can give you an exit strategy!
As a general rule the Internal Revenue Service sends out tax bill IRS notice CP 171 every year to taxpayers and businesses who owe back monies and are not currently on an installment payment or have been put into a hardship or currently non collectible.
This Cp171 Notice is a notice to let these taxpayers know they owe back taxes and that their case is soon will be active into the IRS enforcement computers.
As a former IRS agent and teaching instructor with the Internal Revenue Service, the taxpayer should plan to go into a professional representative and set up a plan of action exit strategy to deal with the day when IRS follows up.
At some point in time IRS is going to ask you to complete a financial statement and make a determination on how to deal with the tax liability
If you have received this notice the first thing you should do is to call a tax professional review the situation and come up with an exit strategy.
Taxpayers should beware that at any point in time the Internal Revenue Service can send these cases to the automatic collection systems or to local field offices for enforcement action.
Call us today for a free initial tax consultation.
by Jim Magary | Oct 29, 2015 | Tax Help
Recording Rules
Having well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or to prepare a response if you receive an IRS notice.
Records such as receipts, canceled checks and other documents that support an item of income or a deduction, or a credit appearing on a return must be kept so long as they may become material in the administration of any internal revenue law, which generally will be until the period of limitation expires for that return.
For assessment of tax you owe, this generally is 3 years from the date you filed the return. Returns filed before the due date are treated as filed on the due date.
There is no period of limitations to assess tax when a return is fraudulent or when no return is filed.
If income that you should have reported is not reported, and it is more than 25% of the gross income shown on the return, the time to assess is 6 years from when the return is filed.
For filing a claim for credit or refund, the period to make the claim generally is 3 years from the date the original return was filed (or the due date for filing the return if the return was filed before that date), or 2 years from the date the tax was paid, whichever is later.
For filing a claim for a overpayment resulting from a bad debt deduction or a loss from worthless securities, the time to make the claim is 7 years from when the return was due.
In tax years 2014 and later, you should keep records of your own and your family members’ health care insurance coverage, including records of employer-provided coverage or premiums paid and type of coverage for private coverage, so you can show that you and your family members had and maintained required minimum essential coverage.
If you are claiming the premium tax credit, you will need information about any advance credit payments you received through the Health Insurance Marketplace, the premiums you paid, and the type of coverage you obtained at the Marketplace.
If you or any of your family members are exempt from minimum essential coverage, you should retain certificates of exemption you may receive from the Marketplace or any other documentation to support an exemption claimed on your tax return.
If you have employees, you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later.
If you are in business, there is no particular method of bookkeeping you must use. However, you must use a method that clearly and accurately reflects your gross income and expenses.
The records should substantiate both your income and expenses. Publication 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses, provide additional information on required documentation for taxpayers with business expenses.
Publication 17, Your Federal Income Tax for Individuals, provides more information on record keeping requirements for individual
by Fresh Start Tax | Oct 29, 2015 | Tax Help
There are three options for receiving your federal individual income tax refund
1• The fastest way is by direct deposit (electronic funds transfer) into your checking or savings account, including an individual retirement arrangement (IRA);
2• By purchase of U.S. Series I Savings Bonds; or
3• By paper check sent to the address listed on your return.
If you choose to receive your refund by direct deposit, there is an option to split your refund into as many as three separate accounts.
In an effort to combat fraud and identity theft, the IRS limits the number of direct deposits into a single financial account or prepaid debit card to three refunds per year.
Taxpayers who exceed this limit will receive refund checks.
Refunds for electronically filed returns process within 21 days of the e-file acceptance date.
Refunds from mailed paper returns process within six to eight weeks from the date the IRS receives it.
Even though the IRS issues more than 9 out of 10 refunds in less than 21 days, incomplete or inaccurate tax returns may require further review and could take longer than the normal processing time.
IRS representatives can research the status of your return only if it has been:
• More than 21 days since you received your e-file acceptance notification,
• More than 6 weeks since you mailed your paper return, or
• If Where’s My Refund? directs you to contact us.
Where’s My Refund? IRS.Gov
Has the most up to date information available about your refund. Use it to get your personalized refund status.
The tool is updated once a day so you don’t need to check more often.
You can also download our free mobile app, IRS2Go, from an iPhone or Android device. Both are available 24 hours a day, 7 days a week.
You can start checking on the status of your return within 24 hours after we have received your e-filed return or 4 weeks after you mail a paper return.
Have your 2014 tax return handy so you can provide your Social Security number, your filing status and the exact whole dollar amount of your refund shown on your return.
If you don’t have Internet access, you may call the refund hotline at 800-829-1954. Where’s My Refund? includes information for the most recent tax year filed in the current year and does not include information about amended returns.
To check the status of an amended return, use Where’s My Amended Return? on IRS.gov.
The Where’s My Refund? tool includes a tracker that displays progress through 3 stages:
(1) Return Received,
(2) Refund Approved and
(3) Refund Sent. Where’s My Refund? will provide an actual personalized refund date as soon as the IRS processes your tax return and approves your refund.
Where’s My Refund? provides the most accurate and complete information we have. Unless Where’s My Refund? tells you to call, there’s no need. Updates to refund status are made no more than once a day – usually at night.
Processing times may take longer under the following circumstances:
• Refunds from amended returns, generally issued within 16 weeks.
• Injured spouse claims. Refer to Topic 203 for more information about injured spouse claims.
• Refund claims with an application for an individual taxpayer identification number (ITIN) attached. Refer to Topic 857 for more information about ITINs.
by Jim Magary | Oct 29, 2015 | Tax Help
The Affordable Professional Tax Firm that specialize in IRS & State Tax debt relief, Former IRS, Experts
Our principles have been in private practice since 1982 and now have a nationwide tax practice settling specializing in back tax settlements for individuals, businesses and companies that have back individual, business or payroll IRS tax debt.
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If you have back tax debt with the Internal Revenue Service we can go over of various solutions to any tax situation.
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Internet Shopping for Tax Resolutions firms, Beware, Beware
You should know that most of the companies you see on the Internet are lead generation companies that means marketing companies are selling your information to third parties.
Your information is worth $60 – $100 and people bid on the right to represent you. You have no idea who is getting your information.
With FST you are calling in true professional tax firm that understands and knows IRS tax debt relief.
On staff are tax attorneys, CPAs, and former IRS agents and managers who have over 60 years of working directly for the Internal Revenue Service in the local, regional and corporate offices of IRS.
IRS Tax Debt Settlements – OIC – Pennies on a Dollar
Please understand that with any possible IRS tax settlement with the Internal Revenue Service, you will need to provide IRS with the current documented financial statement.
We will analyze that and go over the best case scenario depending on your individual situation.
The IRS has a pre-qualifier tool where you can walk through the pre-qualifier yourself to find out if you’re a true candidate for an IRS tax debt settlement called an offer in compromise.
You should give no money to any firm unless they qualify you as an acceptable candidate for the offer in compromise.
The Internal Revenue Service will use the national standard expenses and apply it against your current financial statement to reach a determination on your case. You need to be familiar with these national standards if you owe back taxes and are wanting to deal with the IRS.
To ask for an IRS tax debt settlement call the offer in compromise, you’ll have to complete form 433 OIC and form 656.
To learn more about the offer in compromise program go on our website.
About 38% of all offers in compromise are accepted by the Internal Revenue Service for average of $6500 per case.
Whether you will owe individual or payroll taxes IRS basically works all cases the same for back tax debt.
IRS always takes detailed financial statements and does a careful analysis before coming up with their endgame strategy. IRS uses formulas to determine how they were close your case off the enforcement computer.
The reason it is wise to use a tax professional as we understand these formulas and regulations and can get you a far better settlement and you can get by yourself.
Call us today for a free initial tax consultation. Since 1982 A+ rated by the BBB.
Affordable IRS Taxes Debt Relief Help+ Former IRS + Back Tax Settlements + Not Filed Tax Returns + Owe Individual, Business, Payroll Tax Debt + Settle Now
by Jim Magary | Oct 29, 2015 | Tax Help
We are an “Affordable Professional Tax Firm” that specializes in IRS and state tax resolution. Former IRS, Experts
We are former IRS Agents & Managers who know the system, since 1982. A plus Rated.
We have been in private practice since 1982 and are true affordable tax experts in resolving individual, business and payroll taxes debt.
We have over 206 professional tax experience and are comprised of tax attorneys, CPAs and former IRS agents.
If you owe the Internal Revenue Service back taxes or back tax debt, it only makes sense to hire former IRS agents and managers who know the system inside and out.
We can help anyone who owes any federal, State, individual, business, or payroll taxes including those who have not filed back tax returns and those wishing to settle IRS tax debt.
We have over 60 years of direct work experience at the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
If you owe back taxes whether it be individual, business/corporate, back payroll taxes contact us today and we can review with you different tax solutions to go ahead and permanently and immediately remedy your problem from the Internal Revenue Service. As a general real there are three available options to resolve your debt. IRS as hardship options, payment options and settlement options.
Filing of Not Filed Back Tax Returns
If you have not file tax returns, our former IRS agents can prepare your back tax returns with little or no records and settle your tax debt at all at the same time. We are experts for tax reconstruction in preparation of old and back tax returns.
Make sure you file your back tax returns because IRS enjoys the privilege of filing your back tax returns under 6020 B of the code if you fail to file back taxes.
They will file your return to make sure you pay the highest amount allowed by law. If this is happened to you, you can file for an IRS audit reconsideration. When you call our office we will go over the process with you.
IRS Required Financials Statements to settle cases on back taxes + 433A. 433F, 433B
If you owe back taxes and as a general rule your financial statement will determine how IRS will close your settle your case. Form 433F.
If you owe individual, business or payroll taxes, we will take a current financial statement contact the IRS and work out an affordable individual or business payment plan and/or file and settle the tax if applicable.
It is critical that you understand the importance of your current financial statement because it will determine the outcome of your case.
Your last 3 to 6 months of your financial condition is IRS’s determining factor on your case resolution.
Most cases in which back tax debt is owed to Internal Revenue Service will require a current and verifiable financial statement. You can find those financial statements directly on our website. When you call us we will give you the financial statement applicable to your case.
As a general rule, when taxpayers or businesses owe back individual or payroll taxes, IRS closes case out by putting them into hardships, asking for payments or the settlement through the offer in compromise. These are the three most common ways that IRS close cases off their enforcement computer.
40% of all taxpayers that owe back taxes to the IRS get put in the tax hardships, 6.5 million people get put into payment plans and 38,000 people get offers in compromise accepted.
Since 1982 we have been resolving IRS tax debt for individuals, businesses and corporations that owe back federal taxes including payroll tax debt.
Call us today for a free initial tax consultation and you can speak to a true IRS tax expert.
Owe IRS Taxes Debt Help = Individual, Business, 941, Payroll Taxes + Not Filed Tax Returns + Settle with IRS + Trust Fund Taxes + Los Angeles
