by Jim Magary | Aug 21, 2015 | Tax Help
We are an “AFFORDABLE ” full service professional tax firm that specializes in IRS& New York State tax problems. Former IRS Agents, Since 1982. A plus Rated BBB. We are not a tax mill.
We have over 60 years of direct IRS work experience in the local, district, and regional tax offices of the Internal Revenue Service.
We are composed of tax attorneys, CPAs and former federal and state tax agents.
We know the system inside and out. Let our years of experience work for you.
If you need to file back tax returns or owe the IRS a tax debt, we can go ahead and work out an effective tax settlement for you.
IRS will require a current financial statement to close your case off of the collection computer.
Therefore your current financial statement is the key to closing your case.
IRS after reviewing your current financial statement will either put you into a current hardship, asking for a monthly payment agreement or will consider the filing of an offer in compromise. 99% of the time this is how the Internal Revenue Service will closure case.
IRS Case Closures:
At the current time over 40% of the cases are put into a currently not collectible file, 6.5 million taxpayers have current monthly or installment agreements and 38,000 taxpayer settled by the acceptance of an offer in compromise.
Do you have unfiled or not filed back tax returns?
Many people do not file back tax returns because they lost their records or because of fear. It is important to remember IRS just want you back in the system so don’t let fear or panic set in.
If this is your case, we can go ahead and pull IRS tax transcripts and secure enough information to file back tax returns.
If you have little or few tax records that is not a problem we can prepare your returns under reconstructive methods ensure you will pay the lowest amount allowed by law.
We can get you back in the system worry free.
Being a former IRS agents we understand all the techniques to get you back in the system worry free.
Beware : I caution those taxpayers who do not file to be very careful because IRS can file your tax return under 6020 B and you will pay the most amount allowed by law.
If you do not follow-up on the assessment IRS makes under 6020 B of the IRC code, the Internal Revenue Service will follow-up by the filing of a federal tax levy in a federal tax lien. It is important that you open up all IRS mail correspondence because there are deadline dates that must be followed and answered. Do not stick your head in the sand, IRS follows up on all-male.
We will give you a free evaluation or analysis on the best way to settle your case for the lowest possible dollar amount if you are a suitable candidate for an offer in compromise.
IRS + Unfiled Back Tax Returns + Remove Tax Garnishment Wages + Bank Levy + Stop Tax Liens + Set up Payment Plans + File Offer in Compromise Settlements + 10023, 10024, 10025, 10012, 10013, 10014
by Jim Magary | Aug 21, 2015 | Tax Help
We are an “AFFORDABLE” PROFESSIONAL ” IRS Tax Firm. 24 hours after receiving your current financial statement we can get an IRS Tax Levy, IRS Bank Levy, IRS Wage Garnishment levy released and your case closed by the IRS.
We are True IRS and New York State Tax Experts!
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We have over 60 years of direct IRS work experience.
We are comprised of tax attorneys, CPAs and former IRS & State agents who know the system inside and out.
We have worked as IRS supervisors, managers and teaching instructors.
Because of our years of experience working at Internal Revenue Service we know the system to get immediate releases of an IRS tax levy, IRS bank levy or IRS wage garnishment.
Not only can we get your tax levy released or removed we can also settle your case at the same time.
There is a very specific process to get these levees released and we can save you time and money because of our streamlined process of levy release.
We handle anything from a simple IRS notice or letter to going tax court if necessary. most cases are simple administrative matters.
All work is done in-house. We are a full-service professional IRS and State tax firm.
IRS Tax Levies:
As a general rule, if taxpayers do not respond to final notices that are sent by IRS, the Internal Revenue Service is required to send out a tax levy.
It is important to respond to all IRS requests by mail because IRS’s computer will do so.
As a general rule, no human hand touches IRS mail, it is all set out systemically by the IRS Cade 2 computer. It sends out close to 150 million pieces of mail a year.
IRS generally sends out five billing notices and then the important 1058 that lets you know an IRS tax levy is to follow.
IRS has the right to shorten the period of time depending on your tax situation and history.
The Internal Revenue Service sends out notices out notices on five-week billing cycles. Many times in the last notice IRS sends out a certified or registered mail.
To find out where you are in the system, look on the top right corner, it’ll let you know a code number and experienced tax professional can let you know where you are in the IRS billing system.
As a general rule, IRS sends out close to 1.9 million tax levies/garnishments each year.
There is a difference be between an IRS federal tax levy in the federal tax lien. A federal tax levy is a seizure a federal tax lien is a document to get placed at your courthouse.
A federal tax lien can stay on public court records for 10 years. they are generally released by full payment, statute expiration or accepted offer in compromise. The IRS filed 700,000 federal tax liens last year.
To get your IRS tax levy or wage garnishment released it will be necessary for you to give IRS a current documented financial statement along with making sure all your tax returns are filed in on IRS’s computer system.
It will be necessary for you to fully complete an IRS form 433F (an IRS financial statement) that you can find on our website along with supplying IRS with bank statements, pay stubs and copy of all monthly expenses.
The Internal Revenue Service does a thorough review of your current financial statement before closing your case. The internal revenue service will compare your expenses against that of the national, geographical, and localized standards that IRS has on their website.
When you call our office we were thoroughly review your case, give you a free tax assessment and let you know the necessary steps to completely remove your IRS problem including releasing an IRS tax levy, or wage levy garnishment and settling your case all at the same time.
IRS will generally close your case by putting it into a tax hardship or asking for a monthly payment plan.
40% of all cases are put in the tax hardship and 6.5 million cases are put into monthly installment agreements.
IRS Back Taxes + Offer in Compromise, IRS Tax Settlements, Pennies on a Dollar Settlements
Last year IRS accepted 38,000 offers in compromise for average settlement of $6500 per case. Please keep in mind that is only an average.
Please Note : Your individual financial statement will determine how IRS will close your case.
Please keep in mind if you have unfiled or back to tax returns, the IRS has the option of not releasing a federal tax levy because you are not in full compliance with tax laws. IRS also has the right to prepare your tax return under 6020 B of the Internal Revenue Code.
FST can prepare any and all back tax returns with little or no records. we are experts in tax reconstruction because of methods learned at the Internal Revenue Service.
If you do not prepare your back tax returns, the IRS can prepare them and make sure you pay the most amount allowed by law under code section 6020B.
If you’ve lost your tax records we can reconstruct them through methods we have learned at the Internal Revenue Service.
Don’t be in fear or panic if you have not filed back tax returns, we can get you back into the system worry free.
Remove IRS Tax Levy NOW + IRS Bank Levy + Wage Garnishment + Settle Back Tax Debt + Unfiled + Past Due Tax Returns + Offer in Compromise + 10023, 10024, 10025, 10012, 10013, 10014
by Jim Magary | Aug 21, 2015 | Tax Help
We are “AFFORDABLE” IRS specialist experts for the Offer in Compromise for those wishing to settle their IRS tax debt.
I am a former revenue officer with the IRS and am a tax expert for the offer in compromise.
FST is comprised of Former IRS Agents, since 1982. Former IRS OIC Specialist. Experts for NY Taxes. Also on staff, tax attorneys, CPAs and former state tax auditors
We are composed of former IRS agents and managers who were former employees of the Internal Revenue Service.
I am a former IRS agent and teaching instructor of the offer in compromise or tax debt settlement program along with other IRS programs and systems.
I can let you know after minutes of reviewing your current financial statement whether you are a true candidate for the offer in compromise program offered by the Internal Revenue Service.
You can call us today for free initial tax consultation and find out if you are a true offer in compromise tax debt settlement candidate.
Due to the IRS new fresh start initiative set out by the Internal Revenue Service many more taxpayers are eligible for the tax debt settlement.
Before a taxpayer or client thinks about the filing of an offer in compromise they should check out the IRS offer in compromise pre-qualifier tool first.
You can walk to the pre-qualifier tool on our site or call us today to learn more about it.
Our firm will not file an offer in compromise or accept any fee for any client unless we know they are qualified for the program.
It is important to know you will that all back tax returns will have to be filed, up-to-date and current on the IRS computer system before the Internal Revenue Service will accept an offer in compromise.
IRS Tax Statistics for the OIC/Tax Debt Settlements
Last year there were 78,000 offers in compromise were filed with the Internal Revenue Service, 38% of those were accepted for an average of $6500 per case.
Keep in mind this is a national average and varies from case to case is completely dependent on your current financial statement. IRS will conduct a thorough review of your financial statement before qualifying you for the offer in compromise program.
Make sure you are eligible for the OIC.
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.
Submitting your offer or OIC to the Internal Revenue Service.
You’ll find step-by-step instructions 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.
Selecting a payment option for the offer in compromise program based on your needs.
Your initial payment will vary based on your offer and the payment option you choose:
• IRS 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.
• IRS 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, you must continue to pay monthly until it is paid in full.
While your offer in compromise is being evaluated please keep these things in mind:
• 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.
As a side note, taxpayers should be aware that all tax returns must be filed before they can have an approved offer in compromise.If you submitted an offer in compromise and IRS finds your tax returns are not file they will return the offer to you.
Offer in Compromise IRS + Tax Debt Settlement Forgiveness + Settle & Reduce IRS Tax Debt + Unfiled Back Tax Returns + Former IRS + NYC + 10023, 10024, 10025, 10012, 10013, 10014
by Jim Magary | Aug 21, 2015 | Tax Help
We are an “AFFORDABLE” PROFESSIONAL ” IRS Tax Firm. 24 hours after receiving your current financial statement we can get an IRS Tax Levy, IRS Bank Levy, IRS Wage Garnishment levy released and your case closed.
We are True IRS and New York State Tax Experts, we know the system.
We have worked out of the local, district, and regional tax offices of the Internal Revenue Service. We have over 60 years of direct IRS work experience. We are comprised of tax attorneys, CPAs and former IRS & State agents who know the system inside and out.
Because of our years of experience working at Internal Revenue Service we know the system to get immediate releases of an IRS tax levy, IRS bank levy or IRS wage garnishment.
Not only can we get your tax levy released or removed we can also settle your case at the same time.
There is a very specific process to get these IRS tax levies and wag garnishments released and we can save you time and money because of our streamlined process of tax levy release.
We handle anything from a simple IRS notice or letter to going tax court if necessary.
All work is done in-house. We are a full-service professional tax firm.
IRS + Tax Levies + As a general rule, if taxpayers do not respond to final notice that are sent by IRS, the Internal Revenue Service is required to send out a tax levy.
It is important to respond to all IRS requests by mail because IRS’s computer will do so.
As a general rule, no human hand touches IRS mail, it is all set out systemically by the IRS Cade 2 computer. It sends out close to 150 million pieces of mail a year.
IRS generally sends out five billing notices and then the important 1058 that lets you know an IRS tax levy is to follow. IRS has the right to shorten the period of time depending on your tax situation and history.
The Internal Revenue Service sends out notices out notices on five-week billing cycles.
To find out where you are in the system, look on the top right corner, it’ll let you know a code number and experienced tax professional can let you know where you are in the IRS billing system.
As a general rule, IRS sends out close to 1.9 million tax levies/garnishments each year.
There is a difference be between an IRS federal tax levy in the federal tax lien.
A federal tax levy is a seizure a federal tax lien is a document to get placed at your courthouse. A federal tax lien can stay on public court records for 10 years. they are generally released by full payment, statute expiration or accepted offer in compromise.
The IRS filed 700,000 federal tax liens last year. If you have the opportunity to appeal the filing of the federal tax lien by all means act accordingly as the federal tax lien will destroy your credit
To get your IRS tax levy or wage garnishment released it will be necessary for you to give IRS a current documented financial statement along with making sure all your tax returns are filed in on IRS’s computer system.
It will be necessary for you to fully complete an IRS form 433F (an IRS financial statement) that you can find on our website along with supplying IRS with bank statements, pay stubs and copy of all monthly expenses.
The Internal Revenue Service does a thorough review of your current financial statement before closing your case. The internal revenue service will compare your expenses against that of the national, geographical, and localized standards that IRS has on their website.
When you call our office we were thoroughly review your case, give you a free tax assessment and let you know the necessary steps to completely remove your IRS problem including releasing an IRS tax levy, or wage levy garnishment and settling your case all at the same time.
IRS will generally close your case by putting it into a tax hardship or asking for a monthly payment plan.40% of all cases are put in the tax hardship and 6.5 million cases are put into monthly installment agreements.
Even though these numbers change from year to year these are pretty close to yearly averages.
IRS + Offer in Compromise, IRS Tax Settlements, Pennies on a Dollar Settlements
Last year IRS accepted 38,000 offers in compromise for average settlement of $6500 per case. Please keep in mind that is only an average.
Please Note : Your individual financial statement will determine how IRS will close your case.
Please keep in mind if you have unfiled or back to tax returns, the IRS has the option of not releasing a federal tax levy because you are not in full compliance with tax laws. IRS also has the right to prepare your tax return under 6020 B of the Internal Revenue Code.
We can prepare any and all back tax returns with little or no records. we are experts in tax reconstruction because of methods learned at the Internal Revenue Service.
If you do not prepare your back tax returns, the IRS can prepare them and make sure you pay the most amount allowed by law under code section 6020B.
If you’ve lost your tax records we can reconstruct them through methods we have learned at the Internal Revenue Service.
Please call us today for a free initial tax consultation, since 1982. We are a full-service professional tax firm.
Stop IRS Tax Levy & Wage Garnishments NOW + Settle IRS Tax Debt + Fast Affordable + Fix Back Taxes Problem + Former IRS + 10023, 10024, 10025, 10012, 10013, 10014
by Jim Magary | Aug 20, 2015 | Tax Help
Over 60 years with the IRS in the local, district and regional tax office of IRS. We know the System, let our knowledge work for you! ” The AFFORDABLE professional tax firm.”
We are A+ rated by the Better Business Bureau and have been in private practice since 1982. We have over 206 years of professional tax experience. We’re comprised of tax attorneys, CPAs, and former federal and state tax agents who know the system inside and out.
If you owe back taxes to the Internal Revenue Service and are looking for IRS tax debt relief on a federal, individual, business or payroll tax matter, call us today and hear the truth about your case. We can review the various options depending on your current financial condition.
Our former IRS agents have worked as managers, supervisors, and teaching IRS instructors.
We are the affordable solution if you owe back IRS tax debt on individual, business or payroll taxes.
We can handle anything from a simple notice or letter going to tax court.
In dealing with the IRS on back taxes it is important to know for any individual, business or payroll tax case that you be current in the tax year you are in. That is, IRS will want you current in your withholding, estimate or current payroll tax deposits up to date. The Internal Revenue Service may refuse to work with all clients who cannot keep up with current payment requirements.
FST will lay out a complete working system for you to cooperate with Internal Revenue Service to ensure that you will get to deal you are looking for with the IRS, one that you can live with.
Current financial statement. IRS Form433F IRS Form 433A
Your current financial statement will determine how the Internal Revenue Service will close your case. I cannot tell you the importance of your current documented financial statement.
This is applicable for all individual, business and corporate clients.
If you are dealing with the ACS unit you will need to use financial statement number 433F if you are dealing in the local office you will need financial statement form 433 a, both can be found on our website. If your case lands up in the local office you will have a more sophisticated and seasoned revenue officer working your case than in the ACS.
That financial statement will need to be completely verified and documented to support the numbers on it. IRS will do a thorough review on your financial statements so you want to make sure your accurate and honest.
IRS will want to verify your financial statement via bank statements, copy of monthly expenses and a copy of pay stubs to verify income.
After reviewing your financial statement we will give you a list of other documents the IRS may require. Each agent determines how thorough overview is necessary on your case.
IRS will compare your financial statement against that of the national, regional and localized standards. I
RS will analyze your statement come up with a closing procedure almost solely on this financial statement, that’s why it is important to season tax professional fill out your form.
When you call our office and know that all work is done in-house by a truly seasoned and professional tax staff.
We are the fast, friendly professional tax firm when it comes to dealing with those who all back IRS taxes and are seeking IRS tax debt relief, we can handle all federal and state tax cases.
Owe Back IRS Taxes + IRS Debt Relief = Federal, Individual, Business, Owe Back Payroll Taxes + Unfiled Tax Returns + Settle Back Tax Years + NYC + 10010, 10016, 10017, 10022
by Jim Magary | Aug 20, 2015 | Tax Help
Bartering is the exchange of goods or services.
Usually there is no exchange of cash.
An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist.
You must include in gross income in the year of receipt the fair market value of goods or services received from bartering.
Generally, you report this income on Form 1040, Schedule C (PDF), Profit or Loss from Business or Form 1040, Schedule C-EZ (PDF), Net Profit from Business.
If you failed to report this income, correct your return by filing a Form 1040X (PDF), Amended U.S. Individual Income Tax Return.
A barter exchange is an organization whose members contract with each other (or with the barter exchange) to exchange property or services.
The term does not include arrangements that provide solely for the informal exchange of similar services on a noncommercial basis.
The Internet has provided a medium for new growth in the bartering industry.
This growth prompts the following reminder: Barter exchanges are required to file Form 1099-B (PDF), Proceeds From Broker and Barter Exchange Transactions, for all transactions unless an exception applies. Refer to Bartering in Publication 525, Taxable and Nontaxable Income, and the Form 1099-B Instructions (PDF), for additional information on this subject.
Persons who do not contract with a barter exchange or who do not barter through a barter exchange but who trade services, are not required to file Form 1099-B.
However, they may be required to file Form 1099-MISC (PDF), Miscellaneous Income. Refer to the Form 1099-MISC Instructions (PDF) to determine if you have to file this form. If you exchange property or services through a barter exchange, you should receive a Form 1099-B.
The IRS also will receive the same information.
If you receive income from bartering, you may be required to make estimated tax payments.
Need help preparing your back tax returns ? Call us today, former IRS agents and managers who know the system.
